Digital assets

Digital assets are the foundation of the new economy. They represent stakes in services like prediction markets, micro-payments, smart contracts, remittance, games, distributed computing and others. Digital assets with the largest market capitalisation include Bitcoin, Ethereum, Monero, Dash, MaidSafeCoin, and of course ICONOMI.

What is a blockchain?

A blockchain is a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way, without the need for a central authority. The blockchain format was first used for bitcoin, as a solution to the problem of making a database both secure and widely distributed. Blockchain technology currently backs up Bitcoin, but there has been a recent groundswell of interest from a variety of industries in making distributed ledger technology work. A blockchain is the structure of data that represents a financial ledger entry, or a record of a transaction. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity. Once a block of data is recorded on the blockchain ledger, it’s extremely difficult to change or remove. When someone wants to add to it, participants in the network, all of which have copies of the existing blockchain, run algorithms to evaluate and verify the proposed transaction. If a majority of nodes agree that the transaction looks valid - that is, the identifying information matches the blockchain’s history - then the new transaction will be approved and a new block added to the chain.

A blockchain’s network can include anyone with a computer or a small group of known entities that agree to participate. Each computer in a particular network is called a node. In its ideal state, each node has a copy of the entire ledger, similar to a local database, and works with other nodes to maintain the ledger’s consistency. That creates fault tolerance, so if one node disappears or goes down, all is not lost. The network protocol governs how those nodes communicate with one another. The blockchain architecture allows a distributed network of computers to reach consensus without the need for a central authority or middleman. A good example is in financial services, where trades are often verified by a central clearing house that maintains its own central ledger. Using that process, it can take days to settle a transaction, and the clearing house typically collects some kind of fee. Blockchain technology could eliminate the need for a clearing house by giving each bank in the network its own copy of the ledger. A common network protocol and consensus mechanism would allow the participants to communicate with one another. Using this method, transactions could be approved automatically in seconds or minutes, significantly cutting costs and boosting efficiency.
Source: WSJ.

Digital assets on ICONOMI

ICONOMI is the first and currently the only platform where four generations of digital assets are available. Going beyond Bitcoin (first generation), alt-coins (second generation) and application tokens (third generation) - the Digital Asset Arrays™ (DAA) represent the fourth generation, one that combines the properties of all underlying digital assets.

Bitcoin

Bitcoin (BTC) is the original value token that still represents over 80% of tokenised digital assets’ market capitalisation.

Ether

Ether (ETH) is a value token of a distributed platform that allows developers to create distributed applications and smart contracts.

Monero

Monero (XMR) is a privacy-centric value token that uses advanced transaction cloaking techniques.

MaidSafecoin

MaidSafecoin (MAID) is the token used on the Maidsafe Network, which is a distributed data storage network.

GameCredits

GameCredits (GAME) is a gaming value token based on Bitcoin that aims to replace existing in-game purchasing options and mechanisms.

Steem

Steem (STEEM) is building distributed content and media distribution platform, promising to disrupt publishing and distribution businesses. Community building and social interaction are rewarded.

Digital Cash

Digital Cash (DASH) is a digital value token based on Bitcoin that provides for faster transactions and enhanced financial privacy.

Augur

Augur (REP) is a distributed prediction market to exchange value when forecasting event outcomes based on the ‘wisdom of the crowd’ principle.

Factom

Factom (FCT) provides a data layer for blockchain applications featuring real-time audits and instant data verification.

Lisk

Lisk (LSK) is a public blockchain platform that provides distributed blockchain apps with their own separate blockchain, solving challenges around scalability.

Zcash

ZCASH (ZEC) is a value token focused on privacy and anonymity that features untraceable transactions.