SilentNotary sell part of his tokens on the Byteball platform. Let's figure out why the Ethereum-based project took this pretty unique platform?
SilentNotary is a multi-platform notary service. Its diverse user interfaces (mobile applications, messenger integration via notary bots, e-mail, WEB-interface and API) allow users to record important events for them, save digital imprints in various crypto platforms and use the SilentNotary legal foundation to protect their interests in legal field.
But it turns out that one of the most important areas for SilentNotary – IoT – requires a special approach. The thing is that unlike ordinary users, IoT devices often create continuous data flows. These data can lead to legal consequences, and therefore it is important to record the fact of receipt of important information at a certain time: for example, to certify the moment of the alarm sensor activation, the time of receipt of the request for access to the rooms, the GPS device getting into a certain geo-zone.
But let's first understand how data flows are notarized.
The incoming signal from the sensor is a time series of data. The series of data are divided into portions corresponding to the required accuracy of the event time – for example, once every 10 seconds. Each such piece of data is processed and its unique individual fingerprint (hash-function) is calculated. Immediately after the calculation of the hash-function, it is recorded in the distributed ledger, creating a permanent and indestructible record with a timestamp.
The higher the accuracy of time determination is required, the more often it is necessary to record digital fingerprints. So, the usual sensor can generate hundreds, and even thousands of records per hour.
It is here that a collision occurs with the fundamental limitations of the crypto-platforms used. Platforms that use blockchain are limited in the speed of forming the next block. For example, Bitcoin -about 6 blocks per hour, for the Ethereum–about 240 blocks per hour. This means that currently on these platforms it is impossible to certify events with better accuracy of time of their occurrence.
Here it becomes interesting to use principally other decentralized platforms built on other algorithms.
For example, Byteball does not have datablocks; there is no blockchain and the accompanying fundamental limitations. All transactions are written to a directed acyclic graph (DAG), connecting with their predecessors. A similar effect occurs when you sculpt a snowball - each snowflake sticks to an array of snowflakes, forming an integral object. From this analogy, the name of the Byteball platform actually occurs. Add to this technology smart contracts (albeit somewhat simpler than the Ethereum) - and you get a very interesting tool.
SilentNotary uses not only the acyclic Byteball graph, but also tokens released on this platform. To do this, SilentNotary reserves part of the ERC20 tokens and issues the same amount on Byteball, providing a cross-platform 1: 1 conversion. ERC-20 tokens and Byteball tokens are utility tokens and are used to record data in the corresponding platforms. Interestingly, this is the first multi-platform ICO with common emissions and common circulation of tokens between the platforms.
The Silentnotary token sale on the Byteball platform will last until March 15, then continue on the Ethereum platform. The process of acquiring tokens is very simple and seems to be the most secure in comparison to other platforms. But this is already a topic for the next review.
Media Contact
Company Name: SilentNotary
Contact Person: Nate Flanders
Email: Send Email
Phone: 404-791-7517
Country: Panama
Website: http://www.silentnotary.com/
Source: www.abnewswire.com
