[ICO Watch] Yggdrash – TRUST-based Multi-dimensional Blockchains.
Yggdrash is trust-less multi-dimensional blockchains (branches) which originated from South Korea. It aims to connect any and every blockchain networks. It has begun with the vision “Digitize everything into reality”, i.e., the network aims to create and connect any assets ranging from cryptocurrency to brokerage service, to real estate to the stock market.
It recognizes the current problems in Bitcoin and Ethereum and offers solutions to them. It provides various services, such as Dapp (Decentralized Application) and DAO (Decentralized Autonomous Organization) for any individuals, industries, and corporations, where each user will own his own blockchain network on the platform. Yggdrash will use YEED as the internal cryptocurrency for transactions.
Problems in Current Blockchain Networks
In 2009, Bitcoin came up with the vision of a decentralized network, with instantaneous speed, good governance, a consensus system and an incentive-system based on reward. But the reality of blockchain is facing harsh reality now. Blockchain networks have become extremely centralized today. Because of block-size limitations, massive data traffic has chocked the speed on the network. In fact, the consensus system has further slowed down the networks.
Average transaction fee on Bitcoin has risen to $55 from nothing and each transaction now takes 51 minutes. The current size of the block is only 150 GB which takes a total number of 14 days to sync. While miners and users have thought to turn to Ethereum, but it faces the same bad fate. Last year, the coming up of Crytokitty (the virtual crypto game/asset) on Ethereum increased average transactions by 6 times per day, causing it to choke. The network is currently facing Gas fee issues, fee payments related to Dapp, etc. So the kings of blockchain are basically facing severe challenges.
However, a lot of cryptocurrencies have been coming up in the past to target these problems and provide a better architecture to resolve the issues.
What is Yggdrash?
Yggdrash is made up of Yggdrasil + Hash. “Yggdrasil is an enormous mythical tree that connects wells of the world and locations from the underground and to the heaven. Hash stands for the hashed values used in its blockchain transaction and network.”
So in the literary sense, Yggdrash aims to enhance inter-connectivity among different platforms in the virtual world. That is, this project seeks to connect all blockchains using a Trust-based Multi-dimensional blockchain. It aims to redesign all Internet-based services into a blockchain platform.
How does it work?
To connect the blockchains, it has two chains called stem chain and branch chain (yes the names are inspired from the Yaggdrasil tree).
The stem chain is the root of Yggdrash. It contains all the information of branch chains and is responsible for managing it. It is responsible for optimizing scalability and expandability of Yggdrash, for connecting each branch chains and managing the full life-cycle (creation, modification, and destruction) of each branch chain.
Each branch chain is an independent blockchain network. Being independent, each branch chain can form its own consensus algorithm and finally become a DOA (Decentralized Autonomous Organization). Some of the important branch chain networks are the internal cryptocurrency of the network – YEED, Reputation Score Evaluation Chain, called Sacred Water and Reputation Score Creation Chain, called Sacred Water Fountain.
The aim of Reputation Score Evaluation Chain is to incentivize users to perform beneficial activities on the network and prevent the malicious ones. This chain will measure reputation scores of users based on contribution and investment of time to benefit good users, to limit malicious users, important contributions towards a healthy ecosystem, etc. The higher the reputation score a user has, the more benefits he gets, such as a lower fee. It is like giving credit scores in financial markets.
The Benefits of Yaggdrash
Resolving the capacity limit issue of Smart Contracts
Smart contracts allow contracts to be digital, transparent and more efficient by automating their execution into self-execution. They add greater value to the blockchain. However, due to their limited capacity, the smart contracts are limited. Moreover, this limitation has caused the issues of traffic on blockchains as well.
Yaggdrash provides the solution by providing individual blockchain networks, which provides infinite capacity to users. Hence, by allowing transaction in smart contracts through another part of networks, the limit capacity issue can e resolved.
This is one of the major benefits of Yaggdrash, that it allows different blockchain networks to connect with each other.
Using Network Sharding
Yggdrash also provides the feature of sharding in branch chains. “Sharding is a type of database partitioning that separates very large databases into very smaller, faster, more easily managed parts called data shards.” Include sharding on the platform is to allow business services, which require numerous transactions as micro-payment, to carry out micro-payments on the YGGDRASH platform.
Improving Node Sync Speed
Most of the blockchain networks take lots of data and days to carry out the sync. Yaggdrash is introducing the Block Reassembling Algorithm (with the Akashic Record) to resolve this issue.
Since each blockchain has unique owner, the block would develop DPOA (Delegated Proof of Algorithm) for self-consensus to ensure fast performance than other traditional mechanisms. This consensus would be ensured by selecting the node with the highest reputation score as a representative through the reputation evaluation chain.
It is clearly visible that Yaggdrash has various innovative solutions to blockchain, which gives it a good backing. With blockchain networks on the profit-heights today, people are looking for projects with solid ground that will have actual value in future. Yaggrash is one of those networks. The platform is also having an ICO currently. So it seems like the right time to buy some YEED tokens!
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.