In an era of technological transformations at every level of our day to day life, we are creating a distributed ledger solution to meet with today’s problems for most financial clients and users. In doing so, we explored all the possible solutions in the market in terms of financial services, Blockchain technologies, banking wallet and security solutions for all transactions and make it easy for our clients and partners.
Following detailed studies and being responsible for our clients’ financial matters, as well as the growth of the company and clients’ needs, we created our own blockchain, coin, token and digital wallet that will incorporate multiple bank accounts (both Fiat and Crypto), thinking of our modern necessities. When it comes to our finances, we all want to have security, fast transactions and pay lower or no fees than we currently do use traditional banking and even modern wallets, exchanges and payment solutions. In trying to achieve this, the problem and solution became a greater challenge, but you will be pleased to know that we never gave up the challenge. Our aim is building something that addressed the “financial vision and beyond”. Our mantra.
Flashmoni blockchain
The most popular way to release our DApp is on established blockchain platforms like Ethereum, BTC or EOS etc., but the problem is that every blockchain has technical trade-offs, bottlenecks, and constraints. What happens to a DApp that cannot perform due to the limitations of the blockchain they are using?
The Bitcoin and Ethereum blockchains are already struggling to meet the traffic, transaction speeds, block sizes and cost of the transaction. Hence, once again we evaluated most of the popular relevant blockchains versus our requirements. The key needs we had were scalability, cost of the transaction, the speed of transaction, security, stable pricing, efficiency, rewards systems, data structure, and consensus algorithm etc.
So our objective was to address how several of these existing solutions and applications would be suitable for the Flashmoni Ecosystem. In short, it didn’t cut it for us and our target key needs, as highlighted above. Building a custom blockchain, or forking a current one, could potentially be a solution to our problem.
However, nobody knows our business better than we do, so if we build a blockchain that can specifically fit our needs, it can help us be more effective and efficient in managing our business. We started this journey and decided to build our own blockchain due to the following reasons:
· Choice of the consensus algorithm
· Choice of programming language
· Control of codebase
· Ability to update how and whenever you want
· Ultimate true flexibility and speed at much-reduced costs and fees.
We are launching our own coin, as well as our own currency and investment platform. Why? Because the previous ERC20 was token and there is a huge difference between Coin and Token! Coin operates independently, while token has a specific use in the project’s ecosystem, so both have their own role and utility. We are an asset-pegged coin, which is a differentiator between us and majority of the cryptocurrencies existent at the present moment.
OZTG is a privacy gold-backed coin mined through our OZEETY Blockchain using proof-of-stake (PoS) and Zerocoin-proof-of-stake (ZPoS) hybrid consensus algorithm, allowing anonymous transactions.
OZEETY is extremely challenged, theoretically capable of transaction speeds of up to 175 TPS, with blocks processed approximately every 60 seconds.
OZTG is faster and suitable for a payment transaction with extreme privacy.
From the 2100 cryptocurrencies out there, there is barely 1% who claim to be stable coin or asset-backed. We, on the other hand, have put our money where our mouth is, or as we say “Gold where our mouth is”.We are extremely excited and dedicated to making this vision happen and will grow our community with your support.
Details of our blockchain comparison are outlined above.
Details of our Blockchain comparison versus the most popular
-Visa states it can handle 24,000 tps, based on IBM testing conducted in 2010. This figure is widely cited but has never actually been reached in real time. The company says that it can handle up to 56,000.
-PayPal can handle around 193 transactions per second. This figure is based off the total transactions processed per year and averaged out per second. The company has stated that it handled 450 tps on cyber Monday in 2015.
-Ripple can handle 1,500 tps and takes around 4 seconds to confirm. The team claims 50,000 tps.
-Stellar (a fork of ripple) can handle 1000 tps takes 2–5 seconds to confirm.
-Bitcoin Cash can handle 61 tps and takes 60 minutes to confirm.
-Litecoin can handle 56 tps with Segwit and takes 30 minutes to confirm.
-Bitcoin can handle 7 tps and takes 60 minutes to confirm. It currently averages 3 tps.
-Ethereum can handle 25 tps and takes 6 minutes to confirm. It currently averages around 15 tps.
-IOTA can handle 1500 tps and takes 2 minutes to confirm. However, real-time stress tests show it is currently handling 3 tps.
-Monero takes about 30 minutes to confirm as per Kraken. Transaction speeds are unknown, though estimated to be around 4 tps.
-DASH can handle 28 tps and takes 15 minutes to confirm. Average tps is about 10(a much lower figure is claimed by the DASH team in terms of confirmation times).
The OZblock Explorer will be live soon on HERE and on our Blockchain security test completion, the community will be able to exchange automatically their ERC20 token for OZTG Coin (mail will be sent to the community next week for the process) THEN start trades on our FlashXchanger and the 2 others Exchanges partners.
