Birth of the first Blockchain ever. Millions of euro invested later, a touch of speculation and zero application. It is very hard to admit for Blockchain enthusiasts, but Bitcoin brought no business case.
Birth of the first smart contracts ever. Ethereum allowed something the Bitcoin creators chose not to apply: Turing completeness. This property allows the creation of any type of object, ranging from a form to a dinosaur. Bitcoin creators did not want the network to be saturated. Indeed, every time an application is used too frequently, the network suffers dramatically.
Current limitations of Blockchains are well-known:
– Limited protocol usage : only peer to peer
– Heavy distributed ledger.
– Used protocols draws back IT technology to cave age. Brute force only allow to validate a transaction. Validation takes minutes to hours
– Consensus is costly to obtain. People animate vivid meetings to implements their view over others’.
– Smart contracts distribution is to improve
Indeed, the only true progress is the distributed ledger, which is not that far from a Sharepoint or Google Drive.
There is definitely something wrong going with the industry. Nearly every ICO (initial coin offering) observed is launched on top of these two Blockchains.
However, true professionals started launching innovating ideas, among which we can cite Tezos, Filecoin or Neurochain. Let’s focus on the last one.
On a technical background:
– Neurochain supports multiple protocol
– Lighten up the distributed ledger
– Changes the consensus process so that transactions scales from 10 min to expected 5 seconds per transactions block
– Protocols are revisited to select scientifically the best nodes and algorithms
– Smart contracts are replaced by intelligent applications so as to learn dynamically from operations
On a business background, it implies:
– Traceability and transparency : any application requiring such elements are greatly improved (e.g.: food transportation, public contracts choice, tax payments)
– Smooth, fast protected transactions: any applications requiring quick, yet unread documents may be validated (e.g.: in Law departments, when one has to verify a document was written at a certain date, but is forbidden to read it)
– Cross business information exchange : any business willing to keep secret particular information but want to trade with other companies on selected data quickly (e.g.: electric vehicle companies looking for charging stations)
– Dynamic context adaptation : Artificial Intelligence and Machine Learning algorithms allow dynamic aggregate calculation and tendencies detection without costly market studies (e.g., impact of a news on product expected consumption, marketing proposition based on customer consumption without third party analysis)
– Signal detection and information capture: the nature of Neurochain allows to send algorithms to small devices rather than raw data or process large quantities of small data sets (e.g., particularly useful for IoT or autonomous cars with critical customer data).
In other words, the single limitation to Neurochain is the challenge you may face in your daily business.
The funding team however, require people to believe in the project. Therefore we proceed to an ICO, or initial coin offering.
The ICO is a fund leverage mechanism. The idea is simple: people read the website and the whitepaper, the team composition and the various required information. If they believe in the project, they go on a crypto-currency dealer (e., Kraken, Coinbase, etc.). They buy bitcoins or ethers, the respective tokens for Bitcoin and Ethereum platforms. On the website, they collect the address where to send the funds they wish to invest in the project. They send the fund thanks to their crypto-currency wallet they created with their favorite dealer. Soon, they receive NCC (NeuroChainClausius), which are the tokens of this new Blockchain. They may trade or speculate at ease. As soon as the Neurochain is made available: they can build up apps designed for their need, or create their own algorithms and get paid for it, once used.
Birth of the first production grade Blockchain: Neurochain.