Elementh - Blockchain for Ecommerce
Elementh's goal is to create an alternative protocol for the development of decentralized applications used by e-commerce, providing a standard quality nomenclature, guaranteeing ownership of a particular product and the ability to create specialized smart contracts for e-commerce.
Elementh will achieve this by creating a blockchain with a built-in Turing-complete programming language, allowing everyone to write smart contracts and decentralized applications, enabling the use of unified product cards, e-commerce transactions and the transfer of ownership.
Along with the system of tokens, Elementh has a system of goods, which can also be used in a large number of applications, such as tracking the movement of a particular item from its creation to the current owner, tracking original goods and detecting counterfeit goods. Unlike the system of tokens, the system of goods also provides for the ability to "issue" a particular product at a particular address, indicating all possible item's data (such as name, manufacturer, bar code, etc.). And if identical goods are already present in the blockchain, the issuer will receive a message about it, and he will have the opportunity to indicate how many items of goods he wants to "issue".
If an item has a serial number, it is possible to specify it when the transfer operation is being performed. To provide protection against data forging, only the hash of the serial number is fixed in the system, therefore only the person who knows the initial number has the ability to make a valid transaction. In the absence of a serial number at the moment of "issuing" goods, the system generates it randomly and the holder is able to use it to identify a particular item of goods by printing out the QR code on the package, writing it in an RFID tag or in any other convenient way.
Transactions and messages
Any action in the Elementh blockchain is called transaction. The most simple transactions is a transfer of EEE value between accounts and a define ownership for goods. Transaction can include structured message for receiver. Accounts may define scripts to handle messages when they are received. The combination of messages and automated scripts is a smart contract subsystem in Elementh.
Blockchain
Transactions in the chain of blocks must be safe, unambiguous and irreversible, and be carried out as quickly as possible to facilitate the reliability and decentralization of the system. In practice, the difficulties arise in two different aspects of this process: selecting a unique node for the production of the block and making the record irreversible.
DPOS Protocol
According to the concept of decentralized autonomous DAC companies, decentralization means that each shareholder has an influence proportional to the number of his shares and that the decision taken by voting of 51% of shareholders is irreversible and mandatory. The challenge is how to achieve 51% of the approving threshold in a timely and efficient manner.
To achieve this goal, each shareholder can delegate his right to vote to a delegate. 100 delegate with the largest number of votes delegated generate blocks according to a certain schedule. Each delegate is allocated a time frame for the production of the block. If he does not produce a block, then their turn is skipped, and the next delegate produces a block according to the list. All delegates receive a payment equal to 10% of the average size of the transaction commission. If the middle block contains a fee of 100 shares, the delegate will receive 1 share as payment.
It is possible that a delay in the network can lead to the fact that some delegates will not be able to generate their block in a timely manner, and this will lead to a split of the chain of blocks. However, in practice this is unlikely to happen, because a delegate can establish direct connections with other delegates preceding and following him in the chain. With this model, new blocks can be generated every 10-30 seconds and under normal network conditions, the splits of the chain of blocks are unlikely or can be corrected within a few minutes.
Reward for the Block
The blockchain that will use the Elementh software will be awarded with new tokens of the block manufacturer every time the unit is created. The Elementh software can be configured in such a way as to ensure that payment of the block manufacturers is restricted so that the total annual increase in the number of tokens does not exceed 5%.
The System of Tokens
The system of tokens can be used in a huge number of applications from binding to assets such as USD or gold to company shares. The system of tokens is easy to implement in the Elementh blockchain. In order to better understand what a token system is, you can imagine a database with only one operation: take X units from A and transfer them to B, under the following conditions, 1) A has at least X units before the transaction is made and 2) the transaction is confirmed by A. What is necessary to implement this system is the implementation of a smart contract with the above logic.
Decentralized Goods Data Storage
To store goods data, such as specifications, photos, EAN codes, serial numbers, and others, Elementh uses the IPFS protocol. IPFS (the InterPlanetary File System) is a content-addressable, peer-to-peer, hypermedia communication protocol. IPFS allows you to create fully distributed applications. It is aimed at making the World Wide Web faster, safer, and more open.
IPFS is a peer-to-peer distributed file system that connects all computing devices to a single file system. In a sense IPFS is similar to the World Wide Web. IPFS can be represented as a single bittorrent-swarm, which exchanges files of a single Git-repository [10]. IPFS is becoming a new important subsystem of the World Wide Web. Constructed correctly, it is able to complement or completely replace HTTP. It can also supplement or replace other systems.
Author by: familyforever
Comments
Post a Comment