Fintech is the term used for any advances relating to banking, investment, cryptocurrencies, and financial education. To say that the business dynamics of Fintech is rapidly on an upward move is probably an understatement when it comes to the Blockchain uses.
Nowhere has there been such a revolution to global business, since the first introduction of the IoT (Internet of Things) or the world-wide-web (www)
The Bitcoin Generation
Bitcoin is the First Generation Blockchain as a Fintech protocol in 2009, and which led to a global phenomenon, has yet to prove as safe and secure as the original proponents had us believe.
Bear in mind that it came just after the 2008 crash, which left many people not only out of pocket but also out of work.
So, the technology was in the right place at the right time for the cryptocurrency as a form of making “easy money” (online ) where it was touted as being decentralized; no interference from central government or the major banks that had just scammed the world!
Decentralized “Freedom” leads to Vulnerability
By the third quarter of 2017, this magnum crypto, Bitcoin, began its meteoric rise, which climaxed in groundbreaking value for each coin of $19,783.06.
Given that the price of Bitcoin rose 1,824% from January to December in that same year, it is not surprising that this form of easy money investing, coined the term Bitcoin Millionaire for the people who had started out with coins worth less than $1000 each, mesmerized the world.
However, there were still scalability and hacking problems on a significant scale.
2.0 Generation to the Rescue
The second generation, Blockchain 2.0, took shape as open source platform, Ethereum. It followed right on the heels of Bitcoin, and its developers were able to take up the problems being encountered by Bitcoin, namely scalability and security.
The “selling point” for Blockchain 2.0 (second-generation blockchain) on the Ethereum platform, launched in 2015, is that it offers not only decentralized, open-ended software platform, but it also gives the additional layer enabling developers to publish ĐApps (Distributed Applications) and smart contracts, with the use of Turing Complete(programming language).
This additional layer makes it possible to trade cryptocurrency (digital currency) or assets (CriptoKitty) without interference or control from a third party. It is also meant to operate at a quicker rate (no downtime) and prevent fraud and hacking.
2.0 GenOverload Crash!
Too much of a good thing and it wasn’t long before Ethereum went into overload mode; due to not only to their own coin offering popularity but the growing interest in CryptoKitties (a high stakes online game developed by Axiom Zen).
3.0 Generation Blockchain Uses
Blockchain 3.0 (third generation) came about because of the delays and security issues experienced by users with both Bitcoin and Ethereum. Using the Merkel Tree from the Bitcoin blockchain and the Ethereum “Hash Tree” to enable better data accuracy EdenChain uses Namespace protocols to name group transactions with corresponding nodes to validate and process faster. The transaction time for each namespace is 1,000 per second!
The aim of the platform is to allow users to capitalize and trade both tangible and intangible assets. Using a (permission) protocol, without third party intervention, allowing assets to be tokenized and then exchanged as cryptocurrencies.
EdenChain gives businesses and corporations with sensitive data more control and a higher degree of security and privacy than that offered on public decentralized ledger technology.
To handle the reliability issue experienced in earlier generation blockchains, EdenChain has adopted the consensus algorithm MVT (Median Voter Theorem), which means that a voting system influences the outcome by selecting the most frequently used option by the median voter.
The implementation of Intel’s SGX (Software Guard Extension Enclave) gives EdenChain users better frontline security for both hardware and software attack to the program.
Making Money Online needs Security
Cardano, also 3.0 Generation, raised the bar, which set them apart by being the first platform designed with a collegiate approach by researchers and engineers.
One of the most reliable features of the Cardano blockchain is the use of “Ouroboros” POS protocol. Universally accepted as the only proven mathematically secure POS protocol, the function is a compelling selling point for users, given the growing number of cyber-attacks on cryptocurrency systems.
The designers of Cardano have introduced another innovative feature: ADA (Cardano Coin) holders can vote to have the network upgraded or modified. The risk of “forks” which have become prevalent in cryptocurrency networks is reduced.
Two Layers = Added Speed and Security
Cardano network / platform designed to cover all aspects of regulation and privacy is divided into two specific layers.
To safeguard the ADA cryptocurrency value and balance accounting, Cardano has introduced an authoritative code CSL (Cardano Settlement Layer).
The second layer, CCL (Cardano Control Layer) is a crucial feature to regulate the controls governing smart contracts. Therefore, the CCL operates as the “gatekeeper” of the CSL transaction offering more sustainable security to businesses with sensitive information using cryptocurrency as payment for goods and services.
Cardano Speed covered: It is quicker than Bitcoin and Ethereum with 257 transactions per second.
As we move into the fourth quarter of 2018, a significant player is offering much more than the blockchain innovators from 10 years ago.
The first Blockchain 4.0
The first time in the vast blockchain ecosystem where a platform provides a combination: Mobile Wallet integrated with Proof of Transaction and a Proof of Group Stake.
SOOM Tech has developed a secure (foolproof) blockchain where the combination of algorithms relying on time and space values give live positioning and time stamp. The transaction speed reduced to eight seconds allows for real-time payment.
Industries and businesses who want to add blockchain to their enterprises have the combined offer of a turnkey solution via the Blockchain-as-a-Service Platform. The platform provides companies with all the advantages of having a backend node network, without having the associated R&D, updates and maintenance costs.
SOOM TECH is working to create SOOM X-POS, SOOM Mobile Phone, and SOOM miner.
The introduction of smart-phone features allows for more flexible project operations, including banking services, real estate, and online payment systems and supply chain management, all with increased speed and security.
Blockchain is much more than a cryptocurrency ecosystem. Opportunities to earn money are endless and ever evolving.