Hello there!
This is my first post here on the Forum. I hope that it will be intersting or useful for somebody.
I have to start from something and I decided to make several notes about coming new cryptocurrency GRAM from one of the most famous sensational (in some countries) Telegram messenger.
The first speciality which should be highlighted and very important one a personal wallet will be connected to you telegrams exsisting account, i.e. you wont need to create one more new account on a third-party resource.
And since Telegram already has 200 000 000+ active users that means it will appear the same qauntity potential users of this innovative cryptocurrency.
Why this is innovative cryptocurrency? The first I can think promised speed of transaction conducting which is based on new technology that will be able to be competetive with such world centralized paying systems like Visa/Master Card, wherein staying decentralized and good encrypted.
But over encryption it is not clear all. It is written that for full use they will have to pass ID verification ( passport demonstration ) But they write: All private data (such as passport scans) will eventually be stored end-to-end encrypted with a key known only to the owners. Telegrams distributed servers (and later the TON Blockchain) will have no access to this information, but will instead store a hash of the value to be able to confirm that the data was verified when the user obtained their secure ID. Third parties will be able to add further verifications to these virtual passports.
Now something about techology itself. What makes this speed?
TON Blockchain consists of the main chain and up to 292 accompanying blockchains. Such a design allows making millions operations per second. New blocks will be creating very fast that eliminate queues. We will be able to exchange money instantly.
GRAM will not nave mining. Unlike miners processing nodes will be providing transactions (validators).
A bit about the validator system. I am not sure that GRAM will be using the same system, but I think that it will be similar.
The key role on creating consensus algoritm for token transfering will play the validators network members who maintain its work efficiency, participate in voting and form new blocks in the blockchain. They will being awarded for new block creation. Unlike of PoW mining, where the right to create new block depends on computing power of the node, validators choose new block which will be added into the blockchane during multi-stage voting. The right to add a block gained by validator will belong to one whose block has been voted for by certain number of other validators.
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How to become the validator I will try to tell in my next post.