“Build a simple Private Blockchain Protocol with a Non-Stable Coin, Wallet Connector, Marketplace and Trading Bot with Ability to Build Live Smart Contracts From a User Interface”.
We will be extending this concept to create value chains for banking, insurance, healthcare, supply chain, warehousing, construction, ecommerce, military and social markets.
The need to have our own protocol for enabling international payments using a relatively stable crypto currency supporting it, stems from the fact that the traditional fiat route of transferring the money using SWIFT and such archaic systems has become outdated and too expensive for the current millennium. In order to facilitate these transactions economically, we need to create our own block chain protocol that is robust, decentralized, secure and can scaleup to a global solution for interchange of value.
Protocol Design – Ideas:
1. Decentralized Distributed Ledger(DDL) as a Private Block Chain.
2. Ability to create one or more non-stable Algorithmic Coins. Algorithmic Coins are pretty stable now and their market share is increasing. Their tradability is cheap as they can be listed on any Defi. So we can have our own defi, without too many hassles of licensing. This is a quick option for us to fork DAO and Launch ours on any Defi and get into the crypto market quickly.
3. Ability to create suitable smart contracts for different use cases.
4. Wallet Connector to popular wallets
5. One Stop Portal to create Web3 Enabled Market Places(Ex: Sell Insurance)
6. A De-Centralized Exchange to trade the tokens developed on our Blockchain, with connections to many wallets with a familiar crypto trader interface.
7. A protocol that can scale with asynchronous parallelism to facilitate real world decentralized applications.
8. PAY2 chain is an aggregation of several account-chains existing in parallel.
See the Blog on the decentralized economy below:
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1. Transactions achieve consensus individually, allowing for asynchronous parallelism leading to very high scalability.
2. Account-chains on our Protocol are linked through unique tokens & tokenchain hashes.
3. Cryptographically strong, light weight challenge-response algorithms for transaction validation.
4. Use lightweight Proof of Work satisfying PBFT rule for consensus allowing full nodes to be run across all platforms (Server, NAS, VMs, PCs, Embedded Platforms, IoT's and Mobiles).
5. The platform shall leverage real world Distributed File System(DFS) based on content-based addressing for data storage.
6. It shall have primarily two types of tokens that can be built:
a. Utility tokens generated with strong mathematical proofs that are mined by nodes working to secure the network by storing proofs (capped under 100 million)
b. Asset tokens that can represent any underlying asset or contract including NFTs.
The Olympus DAO Option:
Another option is to fork Olympus and build a coin similar to OHM on top of it. In simple words, OHM is an algorithmic stablecoin that maintains a floating market-driven price without the 1:1 dollar collateral backing. OHM is different from other stablecoins as it is not directly pegged to the US dollar. Instead, each OHM token is backed by 1 DAI unit in their treasury.
We need to define:
• bond list
• Instant Confirmation and Finality of Transaction
• Asynchronous Parallelism
• Proof of Pledge (PoP)
• Double Spending and Fork Resolution
• Hard capped native tokens with publicly verifiable , immutable mathematical proofs
• Non-Linear Secret Sharing (NLSS)
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