Contributor_ Anton Sobor
- Ventureon Managing Partner, Chief Business Development Officer of Blockchain
- Current Technological Development in Cryptocurrency and Blockchain
- Brief Overview on Ventureon
- Blockchain/Smart Contract Innovation via New Technology and Projects
Such terms as cryptocurrency and blockchain are often used together. They are sometimes confused, but blockchain and cryptocurrency are completely different things. Blockchain is a technology, technical support of any cryptocurrency. A cryptocurrency is a virtual coin or a mean of payment that turns over into a blockchain, but not vice versa. If you understand it once, you will never forget it.
The difference between blockchain and the usual Internet banking, for example, is that the first is absolutely transparent. Information about all transactions within the system is open to any user. The blockchain is actually one large database that stores information about all transactions – from the first to the last, stored by blocks in the same chain. The whole history of any wallet can be tracked by day. Another difference is that online banking allows you operate with currencies from different countries, but blockchain supposes only one cryptocurrency in turnover. Thus, Bitcoin turns over in its system, Litecoin in its own, Ethereum in its own, etc. This is one of disadvantages of Blockchain being technology, which provides the turnover of cryptocurrency.
Mining is used to maintain the efficiency and issue of coins within the blockchain. Mining supposes using special equipment, namely “feature-packed” computers that are not used for any other purposes – the so-called farms.
Enthusiasts collect mining farms based on usual computers, installing 4, 6, 8 or more video cards there to increase their computing power. Despite the high cost of such equipment, there are miners that fill large workshops of factories with such farms. Thousands of square meters are filled with them! Bitcoin mining now consumes as much electricity as the average European country. By the way, the production of 1 kW of energy requires burning 370 grams of high-quality coal, or 1.5 kg of brown coal, or 300 gr of diesel fuel. The point, of course, is not about the social responsibility of mining and not about the impending ecological catastrophe, but it is important to understand that the increase in complexity leads directly to an increase in energy costs. And the complexity of mining the most popular cryptocurrencies is growing exponentially.
This information is enough for the uninitiated person to understand how the blockchain works and where the cryptocurrency is taken from.
Now let’s talk about what we offer. The Ventureon project is the creation of a new cryptocurrency. Ventureon Ecomining does not require complicated calculations, which may be used in Bitcoin case, and thus does not require powerful equipment. Most of the calculations are made on the servers. The server software complex (pool) and the mining farm do the same – they maintain the workability of the blockchain, process transactions, form blocks and mine new coins. Server-side mining requires less energy than video card mining. Servers use broadband access to communication lines. The speed of data exchange between the pools is calculated in Gigabit / sec. In this regard, the Ventureon blockchain can process much more transactions per unit of time than any currently existing blockchain – at least 32768 per second. And this amount can still be increased.
Why do we dare to state that Ventureon is a new phase in the development of blockchain technology? Isn’t it too ambitious? While Ventureon was developing, I asked myself this question every day. For the whole year, studies were carried out. We communicated with representatives of the community – traders, miners, initiators of the ICO. The collected information helped us to form the top of the most significant problems and tasks that we have to deal with every day when interacting with the blockchain. In other words, we tried to satisfy the real needs of market participants. It’s up to you to decide, what the result is and whether it is useful. Here are a few points for you.
The first one was mentioned by everyone who had a cryptocurrency wallet. Atomic swaps – the ability to transfer funds from one blockchain to another. That is, having funds in the VNN wallet, you can instantly send the sum of money to the ETH wallet holder, for example. Or, bypassing exchanges and exchange services, send money from ETH to the BTC wallet. This is a convenient service that develops the infrastructure of the blockchain.
The second issue is smart contracts, which are often used by startups for ICO. Any contract, including a smart one, is a fixed sequence of counterparty actions and responsibility of the parties, which cannot be changed after the end of negotiations. Smart contract is a programmed road map, an automated sequence of steps in financing a start-up. It also gives some kind of guarantee to the ICO participants that the conditions mentioned in the contract will be fulfilled, excluding the human factor. In Ventureon, you don’t need to study programming and attract expensive programmers, if you want to create a smart contract.
Blockchain notary. This is a new concept, which makes blockchain integration with real business world easier. Ventureon notary is a trusted member of the network, who can commit notarial actions. Voluntary account verification is a process which increases the trust of both participants. Trusted certificate from Notary will mean that his owner has nothing to hide, he is open and ready to do business with you in good faith.
Fourth point is about safety.In connection with the frequent cases of cryptocurrency embazzling, we added a basic and emergency password. If the user transfers funds under constraint, he can indicate an emergency password. The emergency password instructs the systems to collect information – coins are marked and all information associated with this transaction is recorded. The system collects a “dossier” in which all transactions of marked coins will be tracked – from which addresses, at what time, how much and where funds are sent … All those who will contact with such money will see that they are probably stolen and will understand that they can be frozen at any time (in case it is proved that the coins are really stolen).Subsequently, when the user is safe again, it is possible to obtain this information and transmit it to the competent authorities for investigation.
Infrastructural blockchain projects like ours have grown more than 100 times today. I think that Ventureon has the right to expect such growth.
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