It is an undeniable fact that the emergence of the blockchain technology has paved the way for immense innovation. This is due to the fact that people are willing to move from a centralized world to a decentralized one. Centralization has played its part well as it has been able to manage security, safety and management, but in order to constantly improve these, a lot of costs are incurred. Moreover, centralization gives a lot of power to the person controlling the data, which at the same time, makes it vulnerable to attack all at once. This is an immense structural problem that also explains the move towards decentralization. Notable decentralization examples are ICO’s, as instead of funding a project with investment from profit groups and obtaining a license, entrepreneurs can raise their funds from the general public and publicize the results to everyone. This is one of the ways, in which the blockchain technology is proving its innovative aspect. In regards to solving the centralization structure problem, companies such as Locus Chain, are working towards innovative ways to do this.
So, what is Locus Chain?
Locus Chain is an integrated blockchain, that uses the same structure of supporting various dApps in one platform coin. The biggest difference is that, it will allow various transactions/authentications on a single blockchain. In essence, it is “the most scalable, flexible integration blockchain platform”, as rightly mentioned in its website.
What is so special about this integrated blockchain platform?
If I were to ask you how many altcoins you know, you’d probably tell me over a thousand, or even 2000 if you’re following the trends. The existence of so many of them is due to the fact that multitude platforms and projects want to use their own particular coins, so they all differ technically according to their industry and use-cases. At this point in time, no single company can control the whole blockchain industry thus the emergence of these coins constantly increases the scale of blockchain-related businesses.
Now, if I were to also ask which Operating System your phone has, one would say Android Os and another would say Apple iOs. In regards to the smartphone industry, this has worked very well as both operating systems have managed to keep us happy, to a point where Android supporters and iOS supporters are clashing as each one works well for its particular fans. This business development model has worked really well for such businesses, but should we really go ahead and use it for new technology such as blockchain? It is undeniable that separate payment/authenticity methods are required for separate business goals, thus connecting them would be a very critical issue to all stakeholders involved. In order for the connection to happen between different blockchains, a reliable relay system is needed. If a reliable system is not implemented, this could raise concerns in regards to businesses and technology in regards to cost and security vulnerability.
Currently, it’s very difficult to create an organic protocol that can work with various coins that were initially developed for different use-cases. This is because all of them have been created independently.
However, Locus Chain aims to go beyond boundaries and create the most flexible blockchain, that can be integrated as one unit. Moreover, in order to ensure that the blockchain technology adopts a new business development model of connecting blockchain, Locus Chain believes that it can reduce the risks of relaying other systems by developing this integrated, homogeneous and universal advanced blockchain structure. If this is successful, Locus Chain can truly be used as an actual currency in the market, beyond making simple transactions.
What is Locus Chain’s Competitive Advantage? Why does it truly believe it can be used as a digital currency for the whole market?
Partnerships are a key factor in Locus Chain’s vision. Currently, the company has partnered with various energy, resource, communication and electronic companies in Africa, Middle East and Asia. Moreover, it has also signed strategic partnerships with various charity organizations. This means that, when the Main Net of Locus Chain has been developed, it will support many applications and therefore be used aggressively in each project. This will organically grow the Locus Chain immensely.
What about countries and companies that are already creating their own integrated blockchain ecosystems?
It is no secret that G20 countries and big multinationals are carrying out R&D regarding blockchain integrated ecosystems of their own. However, instead of competing with them, Locus Chain aims to create partnerships with diverse corporations in Asia, Middle East, Africa and Europe. This is aimed at ensuring that Locus Chain becomes the strongest and most efficient digital currency in diverse business areas. Hopefully, more partners will come on board and increase the strength of the digital currency. The main goal is to ensure that Locus Chain becomes a major payment tool and cryptocurrency that all global companies and governments use.
An exciting piece of information to share is that the Tunisia economic city is going to apply the Locus Chain blockchain platform. The partnership benefits are already being seen so keep a lookout for Locus. Who knows, at this speed, it might be coming to your country very soon.
This all sounds like a great vision but, which project fully shows this vision in full effect?
The Smart City project can truly enable the realization of Locus Chain’s vision. The Smart City project requires several highly advanced technologies and reformation for various transactions. At this point, if you follow the media, you definitely know that Smart Cities will provide all services ranging administration, transportation, shopping, entertainment and legal services. If a smart city implements a central solution at the core of these services, there will be high costs, technical dependence to a central power resulting in security and vulnerability problems.
Locus Chain intends to become stable and consistent so as to maintain huge Smart City transactions in a decentralized manner. The aim is for their cryptocurrency to be used for every smart city for every type of transaction ranging to B2B, B2C, M2M and C2C. Online and offline transactions will expand to different industries while every single transaction will be connected by one currency within the Locus ecosystem. Locus Chain will be used to authenticate and record every service resulting in transparency, accuracy and an increased level of trust within the city.
What are the challenges faced by Locus Chain?
Currently in the payment ecosystem, there are multitudes of issues. These range from transaction costs, fees, structural flexibility, security, scalability and many others. In order to even implement Locus Chain as a payment method, Locus Chain has to focus on solving these problems. This will enable them to become the ultimate blockchain platform that can be used in industries such as IoT, energy, communications, medical, gaming and so on. If you are in any industry, keep an eye out for Locus Chain.
What technology will make this possible?
Currently in the blockchain ecosystem, scalability is an issue, thus Locus Chain will heavily focus on that aspect. In order to do this, they will be using Dynamic State Sharding. They will adopt per-account blockchain ledger data structure and VRF-PBFT + dPOS consensus algorithm. This approach will surely help them in regards to flexible block-ledger sharding and will support smart contracts better.
- AWTC(Account-Wise Transaction Chain): AWTC is a type of Directed Acyclic Graph (DAG), meaning it’s a programming tool that represents relationships between objects and data. The AWTC has a separate Blockchain Ledger per account and can improve the whole Blockchain ecosystem as it can handle an increase in nodes and not affect transaction speed. Speed is one of Locus Chain’s goals.
- VRF-PBFT + dPoS consensus: The Locus Chain consensus works in a way that does not branch the ledger data so as to ease transaction process under sharding. When a transaction is added, each node selects a committee based on Verifiable Random Function (VRF) and stakes so as to reach Practical Byzantine Fault Tolerance Algorithm (PBFT) consensus, which is consensus without mining.
- Dynamic State Sharding: This is to lower the upper limit of ledger size per node.
- Gas use: In order to facilitate smooth transaction, Locus Chain will use Gas. Gas is a sub currency which is earned when verifying a transaction and spent when creating a transaction.
- Gradual issuance and incentives: In cases of smaller nodes and in early years, Locus Chain will periodically issue and distribute a number of issuable coins in order to encourage transactions for the stability of the network.
So, what’s the ultimate goal with all this, and what should be look out for?
- Transaction speed
- Little or no fee at all for processing small-scale transactions
- Ledger state storage
Locus Chain intends to ensure secure interoperability between consumers, business and industries with their cutting edge technology. Driven by partnerships, they are set to reach the goals they have set for themselves. However, the Locus Chain team is only at the beginning of their project, thus they will face some challenges in their journey. The most notable one is the fact that they want to implement their solution in third-world countries, where they might face challenges with different governments. Even with that, it is still one company that is worth looking out for in the near future.
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