Blockchain Just Became Obsolete. Why the Future of traceable ownership can be 1trueID®,
considered the 1trueID® infrastructure Blockchain looks obsolete. 1trueID® show a software app, platform, DDNA that develop the social consensus algorithm: an entirely new distributed “own it℗” patented ledger technology, (when public), that is much more cost-effective (no proof-of-work), faster (like a credit card transaction), safer (similar standards of a digital passport or a contactless card), more efficient (no stale blocks) and mathematically fairer than the classic blockchain.
This is most probably the future of the ownership in a decentralized technology.
What about Blockchain Technology?
Considered the greatest technological innovation since the internet: Blockchain technology emerged in response to the collapse of several banking institutions in 2008 with the release of a whitepaper by Satoshi Nakamoto titled: “Bitcoin: A Peer-to-Peer Electronic Cash System.”
“…blockchain technology facilitates peer-to-peer transactions without any intermediary such as a bank or governing body …”
Blockchain is simply a database that is public (no one owns it), distributed (no centralized server), is continuously updated, and is secured by the art of cryptography.
What is 1trueid® and Why is it Better?
1trueid® is a different way to distributed ledger technology system that eliminates the need for massive computation and unsustainable energy consumption like those of Bitcoin.
Most importantly, it is able to reach a social consensus, thanks to his ”own it℗” patented feature
Why we call it blockchain and beyond:
Our Bitcoin is the DDNA
Our Node are smartphones
Our Miners are the makers
Our validators is the community of the owners
Ok our platform is not open source purists may be right, but who would like to give up his ownership in an open context?
- So our platform is simply the regulator, non the validator, therefore cannot be open, at the same time, the transactions are distributed and public.
Why it is better?
- Faster: limited only by bandwidth, as of now Bitcoin is limited to 7 transactions per second.
- More Fair: mathematically proven fairness (via ownership social consensus) meaning no individual can manipulate it, you could duplicate the code, (as you can do with a contact less credit card), but the social ownership validation reveal the fake to the system and the community.
In the blockchain world, a miner can choose the order for which transactions occur in a block, can delay orders by placing them in future blocks, even stop them entirely from entering the system.
In the 1trueid® social consensus scheme, time ownership prevents an individual from affecting the ‘’own it’’ order of transactions.
Once an event occurs, everyone knows about it practically in real time. Only the effects of the transaction are necessary in storing, everything else can be discarded. This shrinks the huge amount of storage currently needed (Bitcoin: 60GB) to a infinitesimal fraction, allowing smartphones to act as a node.
- Improved Security:The NSA‘s Skipjack algorithm used in its Fortezza program employs 80-bit keys, 1trueid use 128-bit keys: No member can prevent the community from reaching a consensus, nor can they change the consensus once it has been reached. The Advanced Encryption Standard published in 2001 uses a key sizes of 128 bits, 192 or 256 bits. Many observers consider 128 bits sufficient for the foreseeable future for symmetric algorithms of AES‘s quality until quantum computers become available
- 100% Efficient: No mined block ever becomes stale. In the blockchain, transactions are put into containers (blocks) that form a single, long chain. If two miners create two blocks at the same time, the community will eventually choose one and discard the other. In 1trueid®, every digital DNA when used become social none are discarded.
- Inexpensive: avoids proof-of-work (PoW), meaning it does not have to waste computations to slow itself down, therefore the expensive, custom hardware is no longer necessary. In the blockchain, if new blocks arrive too quickly they can be discarded. This is why Bitcoin is currently PoW, as this artificially slows down the mining process – hence the expensive hardware needed to mine. With 1trueid® , every member can create a digital DNA whenever they want.
- Updated: The social community work as our own consensus stamp. While Ethereum is looking at PoS with Casper, our social platform share the ownership. 1trueid® uses a protocol called “Own it℗” to achieve the ownership. The own it feature act with a Smartphone as a track and trace validation, which can be defined as calling any random DDNA and telling that node that it is a valid code. In distributed ledger technology the “baseline” or minimum bandwidth required is that the transactions go to every node. 1trueid® attach a small additional amount of information, which contains the last person that interacted with the code,
What happens if the server crash: plain and simple, our system has the encrypted information resident on the object and the validation on secure encrypted servers constantly backed up. The coding space is minimal therefore redundancy security system creates trust. If you lose your personal computer what happens to your valuable bitcoins? With 1trueid® having the code on a physical object and the validation on secure servers you are always safe, so we can consider 1trueid® the perfect mix among a virtual and a physical currency.
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