reap the benefits of blockchain, without the risks commonly associated with cryptocurrencies
Yosemite X, a blockchain technology company, today announced the release of its open-source public blockchain that operates without a native cryptocurrency, giving developers and businesses the ability to build solutions and reduce costs, without the price volatility of crypto.
This approach enables companies to reap the benefits of blockchain – greater transparency, enhanced security, increased efficiency, speed of transactions at scale – and pay for their network usage with more stable fiat currencies.
While the idea of using the blockchain
technology to cut down the cost of operation has intrigued many businesses, few
have proved to be practical due to the technology’s reliance on volatile native
cryptocurrency. Even those that have been implemented in enterprises are often based on permissioned blockchains, which are really a glorified
centralized server system with shared access to the control room amongst
agreed/pre-determined partners. With Yosemite Public Blockchain,
which is designed to operate and transact with fiat-backed stablecoin,
businesses can – for the first time on a public blockchain – accurately project
their operating costs, which are expected to be significantly lower than other
financial transaction systems.
“Blockchain technology has great potential
to innovate the financial network system currently built on old
technologies,” said YT Kim, the Founder of Yosemite X. “However, the
existing public blockchains are impractical for business entities to implement
their blockchain-based services, due to the high price volatility and unfair
distribution of cryptocurrencies, and blockchain scalability issue. Yosemite X
has implemented a new way of designing a scalable public blockchain for
enterprises, without needing a native cryptocurrency. “
Unlike other public blockchains that issue
native tokens to sell through an initial coin offering (ICO) Yosemite has
developed a validation algorithm that can enable any token generated by any
account to be used as the network’s transaction fee. Yosemite has also resolved
the price volatility issue of cryptocurrencies by designing transaction fees to
be paid with tokens that have an equivalent amount of fiat currency reserved –
effectively backing their values.
On the Yosemite Blockchain, anyone can
participate in the process of reaching consensus. The Yosemite Blockchain’s
Proof-of-Transaction consensus mechanism allows the service providers that
generate the most number of transactions and are the most active participants
of the network, to participate in block production. This not only guarantees
the fairness on how to reach consensus, but also promote sustainable growth of
the ecosystem that is operated by and for the participants of the network.
The ability to increase transparency and to
significantly lower the cost of data security measurements and operations,
combined with open accessibility, makes Yosemite Blockchain a viable solution
for many businesses.
Yosemite X plans to announce a new product in March
2019 that demonstrates the power of the Yosemite Blockchain for a wide range of
business services including financial, retail, energy trading, digital
contracts, and education.