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Contractium network

03/13/2018 03:03:57

460-words | 2.3000000000000003 min read

A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. A blockchain can serve as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block can not be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

The first distributed blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.

Ethereum was initially described in a white paper by Vitalik Buterin, a programmer involved with Bitcoin Magazine, in late 2013 with a goal of building decentralized applications. Buterin had argued that Bitcoin needed a scripting language for application development. Failing to gain agreement, he proposed development of a new platform with a more general scripting language

Ethereum is an open-source, public, blockchain - based distributed computing  platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam  and allocate resources on the network.

Ethereum's blockchain technology based on the Proof-of-Work (PoW) algorithm and now it is planning to switch to Proof of Stake (PoS).

That is why we create Contractium, which is based on Ethereum with the Proof-of-Contract (PoC) algorithm. Aiming vision to change the fin-tech industry together with the other peers in Blockchain era.

Contractium changes the way 02 strange users creating smart contract and proceed the deal on internet for online/offline working to get send and/or receive payment from each other fast, easily and securely.

Contractium changes the way internet users consume all kinds of paid information that make them get credited. All Internet user can earn extra money with their buying and/or consuming.

Source: Internet