Trust-based ecosystem combining blockchains into multi-dimensional structure
Mar. 19, 2018
Mar. 23, 2018
ICO is over
Yggdrash is aiming to create a blockchain ecosystem that consists of branches and multi-dimensional blockchains connected with each other in order to make a blockchain base for Internet services.
The main features:
– The Yggdrash platform
The platform consists of the main blockchain called Stem Chain and side chains called Branch Chains. The main chain stores minimum information about all side chains connected to the platform. This makes the main chain scalable and expandable. Branch Chains communicate with each other, but work as independent blockchains to eliminate transaction failures and overloading of other Branch Chains. This way each Dapp (decentralized application) working on a side blockchain is completely independent.
– Decentralized exchange (DEX) and remittance
Yggdrash is currently focusing on creating a fast and secure cryptocurrency exchange that will allow investors to use it without necessity to move funds to a third party platform. All cryptocurrency trading operations will be performed within the Yggdrash wallet connected to the blockchain. Thanks to the partnership with Bluepan company, Yggdrash will improve remittance environment in the ecosystem to provide international remittance service.
– Delegated Proof of Authority (DPOA)
Yggdrash is planning to provide a reputational system that measures time spent by a user on a network and their beneficial activities. The higher the reputation the lower the transaction fees. This way the system ensures fast performance by selecting nodes with higher reputation scores.
Yggdrash native ERC-20 token called YEED is the currency used for all payments on the Yggdrash platform. A total supply is 10 billion tokens. 50% will be sold on the upcoming ICO, 21% will be reserved for investment, 15% go to the team, 10% to foundation, 2% to advisors, and 2% to community.
The team is built from 12 specialists in blockchain, management, finance, with background from Icon, CoinOne, and Bithumb. Yggdrash CEO David Seo is a Co-Founder of and CEO of R2V, previously COO of CoinOne and Co-Founder of BluePanNet. Most team members have mentioned Yggdrash on their LinkedIn profiles. Yggdrash also has 8 advisors, all of them are top managers in a numerous companies (to name some of them – Hyundai, HSBC, Citibank, Samsung). The team looks really experienced and strong.
The idea is quite ambitious, and being developed to the necessary level it may turn Yggdrash into a serious player in the blockchain world. At the same time, according to their roadmap the test net is only scheduled for Q3 2018 and main net is for Q2 2019, which means the development is still on the first stages. In addition, take into account their competitors that can likely build a product faster. From investment point of view, the short-term perspective is very good due to the hype around this ICO, and the long-term will depend on the progress, and if successful, it will be far more than positive.
The name is actually self-describing. Yggdrash = Yggdrasil + Hash. Yggdrasil is a huge mythical tree that connects wells of the world and locations from the underground and to the heaven; and the hash for blockchain transaction and network.
Our future will become ever more complex, and more transactions and data will be created. As it has been and always will be, data management is one of the most important tools to navigate this complexity.
What will happen if we maintain the current system where we keep all the data in one place and manage all the points that are linked to each other? It means all the risks are concentrated in one place. If people keep choosing central points where all their personal data is stored in order to use services and to maintain their lives, is this the right decision or the best choice?
What if such a central point stops to operate? Or what if people or centralized organizations use our valuable information for the wrong reasons? Will we still be able to trust the system after all? It is questionable whether we should continue to trust current centralized systems in which the safety and integrity of our data is not guaranteed.
Even if we cannot transfer all of the internet, which is a sea of information, into the blockchain world, we shall address the necessity of this blockchain platform as a first step heading toward the future.
All blockchains have their own governance. While blockchains such as Bitcoin and Ethereum are different, each has its own goal and direction and presents different solutions.
YGGDRASH acknowledges such difference in thinking and is pursuing a platform which will enable different methods to solve these issues together.
The ideology of blockchain has changed. There are still difficulties in how each blockchain project resolves issues and problems in reality. Users who use the network are concentrated on one blockchain, so all transaction data is concentrated in one block, causing negative effects on applications in the real world. This might cause another centralization of the decentralized information of networks, showing the limits of blockchain performance. If too many people try to register in a block at the same time, a bottleneck will occur which is an essential task for the P2P network to tackle, no matter how fast the speed of a blockchain connection is made.
Many blockchain projects are still trying to resolve these problems. The YGGDRASH project will contribute to solve them and subsequently make the blockchain ecosystem much healthier. Our future will become more complex, and more transaction and data will be created. As it has been and always will be, the data management is one of the most important factors.
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