well, times have changed. And it has happened quite quickly. Several years ago lots of Bitcoin
early followers had difficulties with their funds, but they held onto their beliefs and their coins,
thuswise they are feeling like nobody’s business now,- the experts in Crypto Industry say, - we still
need Bitcoin and Ethereum to work on a larger scale, so businesses need to decentralize data and
ensure their privacy concerns. Now we face a new challenge: considering the huge amount of
money invested, it remains to be seen how many old-timers and newcomers will remain faithful to
the industry and will strive to change the world with the help of technologies that have already
changed them.
Nowadays, Blockchain technology is experiencing a huge boom. New Blockchain schemes
are created daily, including the largest technical corporations. For example, Microsoft offers his
clients tools for experimenting with crypto currency in Azure cloud. IBM, Intel and so forth are
collaborating with the Hyperledger hub, an open platform for developing business-centric
Blockchains. The major banks, the very ones that the creators of the cryptocurrency wanted to
oust, came up with their version of technology, trying to outrun the trends.
Even Bitcoin, which works on the premier and the most successful Blockchain, is being
upgraded for apps whereof its creators have never dreamed of.
Nevertheless, there has already appeared a potential funding mechanism for the Blockchains -
Initial coin offering or ICO. It turned out to be extremely lucrative, although legally dubious.
For example, a person decided to use the app, but he cannot make payment using common
currency, he needs to buy special coins for this app, which were previously released to the market,
and pay them off. In the real world, it would work like this: someone has opened the laundry and
issued tickets, which can be paid for washing. The owner beforehand sells all tickets to people,
and then they resell them to others, if it’s necessary.
Currently, more than half a billion dollars invested in the tokens sale and recently these
numbers are only growing. For example, in July the Tezos Blockchain set a record collecting more
than $ 200 million through the ICO.
Blockchain technology can be useful not only for making transactions. Almost straightly after
Bitcoin emerging, people began to think about how to use this technology in other fields. When
miners check the transactions, they run small programs that process and provide the data
necessary for the transaction. But what if we run more complex programs? Software for social
networks? Or use Blockchain to provide data for online forums?
These ideas emerged right along after the creation of Bitcoin, but only a few years later a
nineteen-year-old student from Toronto contributed to their development. In 2013 Vitalik Buterin
developed a completely new technology called Ethereum. Because of Ethereum Blockchain can be
used not only for making transactions.
Unlike Bitcoin, Ethereum uses mini-programs called smart contracts, which can be written with
an unlimited level of complexity. Users can interact with programs by sending them guided
transactions that are then processed by the miners.
It means that everyone can embed a program in transaction and be sure that it will remain
unchanged and accessible to the Blockchain. Hypothetically Ethereum can replace Facebook,
Twitter, Uber and any other digital service with new versions that are transparent, invulnerable to
censors and do not require human intervention.
What is an Yoc platform?
Yoc is a fully decentralized platform. Its main function is an opportunity to create and place smart contracts and the decentralized applications on its basis.
It is difficult to overestimate the advantages of these applications since they minimize any risks connected with different types of activity.
The management of finance when the ICO is carried out, service insurance, trade, logistics, the creation of partner programs, the creation of new platforms for gamblings are the most popular spheres of use of these contracts and applications nowadays.
It is an incomplete list of potential opportunities of the blockchain technology use.
The Yoc platforms allow involving in a simple and convenient way to use the full resources of the most modern and advanced technologies existing nowadays.
Cryptocurrency and wallet
The cryptocurrency is one of the components of the blockchain technology. The special wallet which allows storing safely the currency assets is developed for its use, and also it allows to keep and use the products developed with the help of smart contracts.
You can design and issue your personal cryptocurrency
Solidity is a modern language which allows to create and use own digital tokens. Today there are many kinds of tokens, such as tokens certificates, tokens actions, credit tokens. The operability of these tokens is provided with our platform since they are created by means of the identical standard. They become automatically executed by any purse. The contract or the application uses the same standard.
During the creation of tokens, you can put any logic of their most efficient use. You can regulate the tokens issue making it fixed or changed by certain rules. You can give to tokens owners additional authority, for example, an opportunity to vote or act as the arbitrator whose opinion will be apprehended according to a share of his possession in a total of the released tokens. Anyway, the use of the present possibilities is limited only to the imagination of the creator of a digital asset.
New opportunities for crowdfunding
The new platform provides an absolutely new approach to crowdfunding. By means of the YOC platform, you have an opportunity to exclude a trust component between you as a future supplier of goods or service and the investor, to which whether it is peculiar to doubt decision-making to invest own money in the realization of your idea.
You have an opportunity to create such conditions, having provided their smart with the contract which will allow storing money of the investor, the conditions stipulated in him won't be satisfied yet.
In case of your success money will surely pass to you, and in case of your failure they will return to the investor, at the same time terms of the contract won't be able to be changed after the start of the contract in any way. At the same time, you can avoid the need to have the centralized arbitrator, the center of exchange of information or any other tool which needs to trust. In the same way, you can control the distribution of remunerations to investors who have supported your project at his early stage, and now have to receive all that is due to them.
How to create a democratically autonomous organization?
Imagine how any centralized organization works. There are people responsible for the adoption of strategic and vital decisions works. People who create a huge number of documents and reports, accountants who are engaged in the accounting of material values, etc. So, all of them can be mistaken as there are no people who are able to commit now mistakes. Their opinion can be prejudiced or represent the interests of any certain group of people, infringing upon the interests of other participants in the process given business.
The YOC platform gives an opportunity to avoid it. It’s possible to give the management of all these processes to the robot which is impartial and will carry out all necessary actions according to the conditions which are written down in a smart contract. It would absolutely commit no mistakes. Allocate with an opportunity to vote for acceptance of important questions of the organization life of all participants according to a share of their general participation.
It will be able to receive an absolutely transparent and honest adoption of this decision. When all of this is provided with the decentralized network, you will always provide smoothly working service.
The development of decentralized applications
The use of decentralized applications opens many opportunities for our lives, new business advantages, and competitive profit. There are several very important and useful properties such as cryptographic safety, protection against unauthorized access and data storage decentralization.
If these properties can help you to build and develop your business, then you’re welcome. You can get acquainted with many examples of the created decentralized applications. There is an opportunity to independently develop similar applications which become more and more demanded today. It would be quite easy to look for somebody who is interested in it.
Pressure on miners
The gas price in Ethereum is set by miners. Some people expect that they will abate the gas
price. Some of this decision supporters espousing point that if the miners do not do this, then
fewer people will use the network and pay commission fees. However, the gas price is still
constant.
The gas price occasionally hesitates, as shown on the Etherscan chart, but recently it is mainly
in the range 22-23 GWei (this is 0.000000000000000022 ETH or less than one cent).
Thus, the current situation can be changed by reducing the commission fees by the miners.
Some users have even launched a campaign to force the mining pools lower the gas price.
Considering this, the reasons to worry about the price increase become less. As far as the
blocks remain blank and many of them are generally empty, then users do not compete for the
transaction to hit the block offering higher commissions. The gas price does not decrease yet the
blocks are not filled so everyone loses from this. Essentially, it happens due to the developers'
refusal to act. Developers must establish a dynamic gas price, which will depend on the fullness of
the blocks in particular.
On that basis, we offer a solution that significantly reduces the gas cost at the platform level
and consequently all transaction expenses.
GAS AND REWARDS
For any transaction, the sender must set a gas limit, as well as gas price. The gas price as well
as gas limit is the maximum amount of Wei, which the sender is willing to pay for the transaction.
Let’s imagine the sender sets a gas limit of 50,000 GWei, and the gas price is set at 20 GWei. It
means that the sender is ready to spend up to 50,000x20 GWei = 1,000,000,000,000,000 Wei or 0,001
yoc for this transaction.
By so doing, gas limit – is max amount of gas that the sender is willing to pay. The sender can
execute transactions as long as balance of his account there is enough aether to cover this
maximum. Furthermore, the sender will be compensated for any losses associated with incomplete
use of the gas at the end of the transaction, with the gas being exchanged at the original rate.
In case when the sender has not sent the required amount of gas for the transaction, the
transaction will be carried out “without gas” and will be considered invalid. That is why the
transaction is terminated and any state changes are canceled, so the Yocoin system returns the
transaction participants to their genesis state. It bears noting, that the information about failed
transaction is recorded into the system so that you can track which transactions were performed
and at what stage the failure occurred. And what is also critically: before the time the sender has
run out of gas, a certain amount of effort has already been spent on the machine to perform the
computing, it would be logical to assume that the losses associated with the gas consumption will
no longer be reimbursed to the sender.
Where exactly we send the gas? Thus, all the money that was spent on the purchase by the gas
sender is sent to the beneficiary address, which in most cases is the miner address. Because
miners perform computations and check transaction, they are actually receiving a gas fee as a
reward.
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