Here you can find the technical aspects of the Giracoin 2.0
Staying at the forefront of technology is what puts us where we are, so adapting to technological change is one of our priorities. It is time to tell you that GIRACOIN has created its newest version of its blockchain and launched his "Genesis Block" already. This is extremely important, because it means that the final configuration has been achieved and is up and running with the latest technological advances. The technology of blockchain is very volatile and is evolving constantly, which makes being ahead of these advances a top priority for us. The enhancement of our existing blockchain shows our capabilities to adapt in time and form to the constant new demands of the market. We are proud to announce that our new genesis block not only incorporates scalabilities aptitudes, it´s also an extendable blockchain, meaning that its available for different use cases like the KYC solution, Smart Contracting and payments services, which is a huge step forward compared to the older technology.
Dear partners and community, as you can tell by now our main focus is on getting better and keep up with market pace. In this kind of industry if you don´t evolve you lose, and we are not here to lose.
But going back to the specific news from today, what does “Genesis Block” actually means? is the name given to the very first block in a Blockchain. The Genesis Block forms the basis of the whole system and is the prototype for all other blocks in the blockchain, it has to be thought as the heart of it.
But this is not the end of the good news. In addition to the final configuration of the Genesis block, we are also able to ensure, that our blockchain is highly performant and available, leveraging the capabilities of Kubernetes containers on cloud infrastructure.
Let us explain a little more what that actually means. The main value of being highly scalable lies in the ability to grow as the number of users grow, because it ensures that each user will have the same experience, independent from increasing load on the blockchain. This aspect is fundamental for Tramac S.A. because it will provide an immediate response to immense demands for data processing capacity. We achieve this scalability using Kubernetes containers, taking the Genesis block configuration as main image and scale thanks to the extensive infrastructure capacity that cloud computing provides.
But without going into technicalities, we will try to explain it now, with the following example: Let's say we have a bench that can hold 3 people sitting, if only 3 people want to use it there would be no problem, but this bench has a great view of the sunset and is becoming super famous, therefore many people want to be able to sit and contemplate the view. So, with such a high demand we will add new benches with the same features as the first one (as many as necessary) so that everyone can sit and contemplate the views without differences. In this example, we can think of that first bench as the genesis block, and all the others will be an exact copy of that bench, with the same angle at the same height so that everyone can contemplate that view without changes, ensuring the same experiences and sensations that this first bench provides, but without having to take turns and wait for one of those 3 original seats to be vacated. Of course, to create so many benches so quickly we must have a factory that has the capacity to generate as many as we ask for and install them almost immediately, without losing quality or shape or materials, just like the first one. We decide to use public cloud for GIRACOIN serving as this immense factory.
Because if we look at the example given before and we applied it to GIRACOIN, we can see that the community of our cryptocurrency today has a few hundred thousand users, all of whom are comfortably seated, but this will increase from thousands to millions from one moment to the next (in other words, today we have enough benches to satisfy people, but soon we will need millions more). So, for every user to have a satisfactory experience, there needs to be immense processing capacity and infrastructure behind the scenes to support all that demand (our benches factory). And this is achieved through the use of the cloud, which, in very reduced and simplified terms, provides the necessary processing capacity as soon as it is required. An additional benefit, is the pay as you go model of the cloud, which enables us, to really just pay for what we are actually using, which is optimizing our costs immensely, win win right?
We hope that this explanation will serve to measure the technical advances that have been achieved and their potential. These are fundamental pillars and crucial aspects that must be developed in detail so that all subsequent developments and advances respond accordingly.
We will soon have news for you, dear partners. Thank you very much.- The Tramac S.A. team.
Dear partners and community of Tramac S.A., we continue to advance in the process of integrating KYC in our GIRAPAY portal. Each user will be able to enter and carry out the corresponding verification during the first days of next week.
As many of you already know, this implies an advanced user experience and a leap in the quality of our products, offering great security to users, and responds to the demands that regulatory bodies make of companies working in the financial sector.
Our goal is clear, and so are our steps, we will make and develop all our products and services always responding to the legal requirements of government agencies, as only then we will reach the goal. Tramac S.A. maintains its commitment to always advance side by side with the law. With this procedure, the company prevents all types of possible fraud and other crimes.
The steps for carrying out KYC verification at GIRAPAY couldn´t be simpler from the user's perspective. But first, you have to be verified on the portal. If you are not verified yet, you won´t have any restrictions or disadvantages for any activity until the platform is launched, once it is, everyone will need to be verified.
Once you have entered your GIRAPAY portal, you will be informed that you must carry out your KYC verification. By clicking on the button that will appear there, you will go to another screen where you will be asked to upload your verification documents, again with a simple click, you will be able to upload files, once you have uploaded them you will click on the verify button and that's it, the files will be analysed and if they are correct, your verification will be approved.- The Tramac S.A. team.
As we had anticipated in our latest news of last week, we are now integrating the KYC process with our products and also in our portal.
Today we are pleased to announce that the integration of the KYC at Girapay will be completed next week and within the Giracoin portal by the end of this month.
We have all our technical team focused on this, as it will mean a very important step in our relationship with our African partners, within the agreements signed last year in which we committed to deliver products in beta and finished versions so that all the advantages and qualities of the services and products based on our blockchain can be understood in a practical way.
But the specific advantages of the integration process of this recognition technology in all our products is that we will only need to log in once to have the whole ecosystem of products and services within our platform, making it much more user-friendly and secure in its entirety.
In any case, next week we will be informing you of the technical details of the integration of KYC in Girapay so that you can understand the complexity of the work done behind the scenes and so that you can test the operation of this development.
It is worth remembering that the relationship with our African partners could not be in better position. The contact is continuous and they are very satisfied with the steps that we at Tramac S.A. have been taking, delivering our latest developments in time and manner. Anyway, as soon as the sanitary conditions allow it, we will be travelling continuously to the continent to continue with all the necessary formal steps that require a closer contact and that we have been unable to have due to the sanitary circumstances of public knowledge.- The Tramac S.A. team.
Why has Tramac S.A. devoted so much time and resources to incorporating smart contract technology into our products and services?
Currently, the development of Smart contracts technology has reached the point where it can be classified as an intelligent virtual assistant, it has far surpassed the function of a simple contract in the traditional sense of the term. This constantly evolving technology has the ability to manage and make decisions based on information sources in an agile and objective manner. It can be thought of as an agreement between parties, but without the need for a third party to intermediate or verify it, because it has the capacity to be self-executing. The contract knows if the pre-agreed clauses were fulfilled or not. It should be thought of as a digital document immersed in the blockchain that supplant the intermediaries because the verification is carried out by the very nature of the operation of the blockchain. This introduces numerous advantages, such as minimum waiting times, lower costs and greater security thanks to the immutability of the technology that guarantees better execution.
As it is decentralized, immutable and transparent (since it is visible to all), it provides validity without having to submit to the scrutiny of traditional regulatory authorities.
But the capabilities of using Smart Contracts far exceed financial transactions. They can be applied to copyright management, transfers of rights and obligations, automation of inheritance and donations, logistics and many, many more. They have an undeniable revolutionary potential that clearly marks the path that will come and that will establish those who stay in the race and those who fall by the wayside by not adapting in time.
From Tramac S.A. we noticed this some time ago, and since then we have not stopped incorporating the latest advances in the application of this technology, that is why our technical team does not rest in the development of these technologies for our company and for our Africans partners.
Next week, we will have new news for the whole community.
Thank you very much.- The Tramac S.A. team.
Summary of the characteristics and advantages of the consensus and analysis algorithm of the delegated participation test (DPOS)
What makes DPoS so robust and work so well? Transactions operate on deterministic state machines, that is: Blockchains, to prevent a failure in consensus. Transactions are filtered as valid or invalid through previously agreed consensus mechanisms where a deterministic order is given to those transactions.
There are different consensus algorithms, but through the years DPoS has proved to be reliable, robust and efficient in many Blockchains.
The greatest danger faced by a consensus algorithm is the possibility of being censored. Censoring could be initiated by the block producers, because according to the deterministic logic of the open source machine, all blocks must be validated. For this reason, the DPoS algorithm consists of two parts: on one hand the choice of a group of block producers, and on the other hand the production scheduling. This ensures that the stakeholders, who are the most at risk, have control over any malfunctioning of the network.
Why DPoS before PoW?
Performance and high levels of scalability: This type of consensus algorithm optimises the computational capacities of the network, favouring scalability without the need for high-powered equipment and reducing consumption. At the same time, it increases the block generation capacity per second.- The Tramac S.A. team.
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