Despite growing awareness about blockchain and cryptocurrency across the globe, the current blockchain technology is facing a number of issues which have slowed down the growth rate in recent times. Some of the popular ones include limited operational speed, restricted practical applications and enormous amounts of energy utilization. In order to address these issues, SOOM Foundation established in Switzerland and SOOM Tech, its R&D center established in Singapore, are building an end to end blockchain ecosystem for enterprises and individuals seeking better scalability, higher security and above all, more practical applications of blockchain’s tremendous potential.
SOOM Foundation will provide blockchain and information technology to develop banking system which is planned to be operated base on blockchain. Diplomacy & Cultural Exchange Center will provide public support including diplomatic services using their public diplomacy platform.
Features
The most outstanding features of this new ecosystem include grouping algorithms, multi-bloc structure and mobile phone mining enable the services to support an array of real world use cases. The blockchain will support projects from the financial industry, the supply chain, telecommunications and so on. In addition, this platform will also have significantly higher speeds, enhanced security features and affordable transaction costs.
Additionally, SOOM has integrated two unique consensus algorithms that will facilitate mobile mining. The two known as Proof-of-Group-Stake (POGS) and Proof-of-Transaction (POT), are aimed at giving the ultimate blockchain experience to all smartphone users worldwide.
Furthermore, the smartphones are protected from possible hacking attempts by the extra security layer that is added to the standard dual security mechanism. This is done suing the generation of a unique Group Private Key that is reconfigured after a block is successfully mined.
By introducing the 4th blockchain, SOOM Tech will positively transform the global blockchain sectors, especially for corporate enterprises.
SOOMPAY
SOOMPAY is a mobile payment company providing merchant across Asia comprehensive solutions to support the major Chinese mobile payment services; Alipay, Wechatpay, and Union Quickpass. SOOMPAY aims at bringing cohesion among the multitude of mobile payment services and finally cryptocurrencies. By integrating various mobile payment services, SOOMPAY will provide store oriented and customer friendly environment.
Unique Team
Soom, have ambitious goals which will enable them to set new standards for the Market. To achieve this goal a strong Team is built with all the necessary skills, talents and long-time experience needed for the project. Most of the team members on Soom have verified profiles. This is all good because the more transparency a company have in regard to their team, the more trustworthy they typically are.
Distribution
Conclusion
SOOM Foundation is looking for ways how to easily provide payment licenses to providers in various countries because there are a lot of people who prefer to use not only Alipay or WechatPay, but also other payment systems. The market is very huge and I believe this project will be a success.
NOTE: This article is just a guide to potential clients, stakeholders and everybody itching for a snip of this wonderful project and its published regarding bounty campaign. I am not a project team member or its representative but a supporter of this incredible project. The whitepaper will provide an in-depth and thorough analysis of this wonderful project. You can click on the link below and find out more about this wonderful project.
