The novelty and spread of the blockchain are determined by the idea of storing encrypted data in a chain of sequential blocks. Every block in the system has a timestamp and a link to the previous block as well.
Why is the blockchain considered to be an innovative discovery?
The system is absolutely secure. Its main peculiarity is the lack of a single center which means no one can get full control over the chain. As a result, user information cannot be lost.
Proof of Importance (PoI)
Considers users’ productivity in the network. The algorithm ensures the safety of blockchain by granting privileges to create a block for participants with the best reputation.
The probability of getting the right to form a block is affected by the number of cryptocurrencies on the balance, account activity, account time online.
Proof of Stake (PoS)
In fact, focuses on the property of users. It is another method of protection in cryptocurrencies. In this case, next block formation probability is proportional to the share of settlement units of this cryptocurrency belonging to the participant from their total number.
Thus, the more coins or transactions users have and perform the more they gain.
Proof of Work (PoW)
Operates through a complex of mathematical problems. Verification the legality of transaction provides the creation of new currency units.
The main principle is network systems protection from abuse of services.
Touching upon the subject of the blockchain, it is critical to mention the process of mining. Within the context, mining is a technology for creating new structures - blocks, to ensure the functioning of cryptocurrency platforms. As a rule, mining is reduced to a series of calculations with the search parameters to find the hash with the specified properties.
Different cryptocurrencies use different calculation models. This type of calculations is used by cryptocurrency algorithms to provide protection against spending the same units repeatedly. In the meantime, reward encourages people to spend their computing power and maintain networks.
Our team works in both directions encompassing private and public blockchain. The public blockchain technology is ETHEREUM. It makes possible to register any transactions with any assets based on blockchain contracts.
Every transaction of the system is conducted using a computer program. It checks transactions terms and the obligations between the sender and the recipient.
Since the observance of all points is monitored by machines it ensures honesty and impartiality. The platform of "smart contracts" is a cryptocurrency though it can be used in various areas of Finance as well.
The sides sign a smart contract using methods similar to sending funds signing in existing cryptocurrency networks. For ensuring automatic execution of the contract obligations it is required to have an environment that allows to automate the execution of the clauses completely.
Smart contracts exist only within the environment with unhindered access of executable code to the smart objects of the contract. All terms of the contract must have a mathematical description and clear logic of execution. Having unimpeded access to the objects, the smart contract monitors conditions of achievement or violation and makes independent decisions based on the programmed algorithm.
Thus, the basic principle of the smart contract is full automation and reliability of performance of the contractual relations.
An option contact betweet parties
is written as code into the
blockchain. the individuais invoived
are anonymous, but the contact is
the public ledger.
A triggering event like an expiration date and strike price is hit and the contract executes itself according to the coded terms.
Regulators can use the blockchain to understand the aktivity in the market while maintaining the privacy of indvidual actors positions.
The existence of open,
the human factor.
The decentralization of the
environment of smart
contracts (Ethereum, Codius,
Data source reliability
Our team works in both directions encompassing private and public blockchain.
The public blockchain technology is ETHEREUM. It makes possible to register any transactions with any assets based on blockchain contracts. Every transaction of the system is conducted using a computer program. It checks transactions terms and the obligations between the sender and the recipient. Since the observance of all points is monitored by machines it ensures honesty and impartiality. The platform of "smart contracts" is a cryptocurrency though it can be used in various areas of Finance as well.
Another platform is HYPERLEDGER FABRIC . That is a permissioned blockchain. It’s not designed to be open to the world but there’s a possibility to add as many entities as you want. Written in a chaincode (smart contract code), it supports smart contracts in document circulation.
Variety of spheres exuding from Blockchain integration
Finance and banking
Blockchain solutions allow to avoid heavy financial systems. Since transactions in the blockchain operate without intermediaries and a central authority, it allows to create a direct payment flow between the participants of the operation.
Transactions are carried out with a minimum commission and at a high speed, encouraging accelerating deals, ensuring transaction safety and data security.
Blockchain applications is integrated as a credit sponsor between two companies making improvements in their insurance services.
Blockchain brings more confidence in the area, providing security of operations and transparency. It contributes to the emergence of new insurance models, becoming a significant assistant for insurance companies.
Blockchain-based services work in the field of identification and confirmation of access rights.
They create a digital equivalent of an identity card.
The technology is implemented for a safe and transparent operation monitoring. Blockchain helps to track goods movements in the decentralized database, reducing time delays and general expenses.
A system with reporting, storage of data on the budget can be created, combining legal and economic services.
Blockchain technology, which allows you to track every transaction, can help medical organizations build Secure and reliable data channels.
Accurate information and improved collaboration between different institutions lead to better diagnosis and treatment.
Votes are recorded as transactions executed in a decentralised ledger and can be verified by anyone.
In this way fraudulent calculations and problems associated with emissions and destruction of ballots can be avoided.
Stock trading is becoming more efficient. The system of issue, sale and purchase of securities via blockchain does not require the approval of regulatory authorities.
The company can integrate a blockchain application for fast and secure processing of B2B payments. Another example is the decision to distribute shares of public companies.
Registration, monitoring and acceleration of transactions such as the assignment of leases and the transfer of property rights are carried out by the technology.
Companies are able to speed up the closing of transactions and ensure the security of data and transactions.
Complementing the registry, so artists, musicians, inventors can store the copyright of the encrypted identifiers.
The task set by the client was creating an application arranging meals including a variety of restaurants, dishes, chefs.
The project required an opportunity to pay not only cash but to create a new currency valid in the app called Youmeecoin. Youmee demonstrates how the token is used to conduct economic operations within the ecosystem.
Interest calculation according to a scheme when a person invites a friend and gets interest for his friend’s purchases.
Waves which provide accrual of additional interest
Wallet blocking for a certain period of time
A possibility of funds return by investors
Simplifying and speeding up the trading process
Storage and transfer security
No need in intermediaries
Another project is a social network Melanin.
The idea of a client was to develop a website based on the technology of blockchain. Decentralized networks like this one can create value. By utilizing blockchain technology content-creators, advertisers and end-users are paid a share of network value called tokens. Since the value is redistributed throughout a network all stakeholders have their interest in it.
As the result, our client gets a strong and competitive platform comparing to existing social networks.