What is Blockchain Benefit?
According to Deloitte research, Blockchain has 3 main benefits :
- Value transfer (Low cost, near real time, beyond “money”)
- Smart contract (Software protocol, based on ledger content, execute when conditions are met)
- Record keeping (Create immutable record, under agreed consensus protocol, without reliance on a third party)
What is Blockchain Potential?
Blockchain specific benefits mentioned above has the potential to rewrite existing business model, disrupting existing industries also creating a lot of new job opportunities. In the future, blockchain will also change how business operate and structured.
What is “Smart Contract”?
Smart contract is a self executable code running in the blockchain based on agreement between parties. The code is stored in distributed and decentralized blockchain database. With the format of money that is already digital native, the smart contract allows transactions and agreements to be carried out between parties who do not know each other, do not trust each other, without central authority / external enforcement mechanism / middlemen . Smart contract makes transactions become traceable, transparent, and irreversible.
Why Build Decentralized Application ? (DAPP)
Blockchain & decentralized application is a new trend that will (and already) disrupt the future of industries because it provides new ways to store data, more security, the smart contract allows transactions and agreements to be carried out between parties who do not know each other, it eliminates the middleman and enables whole new business models.
Based on that core values that blockchain provides, these are some categorizations of the blockchain startups ideas (but not limited to) :
- Industries that need a faster value (example : money) transfer than traditional fiat money. Example : remittance, clearing and settlement of securities.
- Industries that involved many stakeholders that do not trust each other - or stakeholder are competing with each other but in some situation also cooperate with each other. Example : Ports, Supply Chain
- Industries that are before blockchain need big money commitment to do transaction and because of it faced liquidity problem. For example to buy property or car need a lot of money. Using blockchain, the property can be tokenized so buyer can buy the token with lower money commitment. This increase liquidity in the market. This is called “fractional ownership”.
- Industries that needs blockchain database character that can not be changed, and the database can be accessed by all stakeholders. Example : public sector that deals with land registrations, education sector that deals with certificate, voting.
- Technology startup industries (example .social media, ecommerce marketplace, search engine) where the stakeholders think that they think they have a problem with the intermediary or middleman.
- The product they use have middleman with bargaining power that is too high, because this middleman got a lot of user data and sell it to advertisers (sometimes, illegally and without profit sharing with the users).
- Middlemen that take fees too high, from the users or merchants. And this fees can be reduced using blockchain & smart contracts - it reduced the cost of verification.
- Startups that need blockchain to secure their data. Example : in game virtual items, chat security.
- Industries that have silo data sharing problem - sometimes before blockchain, the data is stored in various different institutions. Example : medical records, land registrations.
Why Build Dapp on Vexanium ?
In short, Vexanium uses C++ programming language that already familiar to many programmers and has a lot of libraries, it provides fast transaction speed (more than 2000 Transaction per Seconds), Free transaction fees. Vexanium also has a growing community of developers, entrepreneurs and investors that support it applications.
How can the transaction Fee is Free on Vexanium network?
Vexanium use stake based system to protect the system from spam, you must stake your Vex token to guarantee that your account get network bandwidth proportional with numbers of Vex token that you stake. Doing staking means committing your resource to Vexanium network.
When you stopped using the resource (network bandwidth) you will get your token back. The transaction costs are paid by the inflation cost and Vexanium is not charging per transaction.
What are Block Producers?
Block Producers are 21 delegates elected by all Vexanium token holders that have the function of confirming transaction and generate the new chain that will be seen by the rest of the network