Hello, friends. I want to briefly tell you about this project. I think that this is quite promising and inetersistent. It is worth considering the possibility of investing in the long term.
Knowchain is a 2-layer block-chain that provides decentralized applications using Smart Con-
interpretations and additional information of users on the chain.
blockchain enriches the transaction along a chain of blocks, it stores relevant data relating to the information of senders, recipients. The additional information in the second layer helps the transaction in Knowchain, as well as in the real world.
Take an example to understand this: A can attach encrypted Identifying yourself as a transaction on B, where B also attaches your encrypted Define and observe the conditions M, N, P required by the intellectual contract C, which must be is considered valid to get X from A. In the real world, this is equivalent to (A) for the signature contract (C) with (B) with both (A) and (B) in the knowledge of each other's identity and contractual obligations in which the terms of the contract M, N, P in the contract are concluded (C) must be executed for payment (X Know), which must be paid.
Besides being able to attach information onto blockchain (the second layer of Know), repeat users can re-use the information they attached to Knowchain previously. Take this use case example: A signs a contract with B on Knowchain with the Smart Contract as follows: B is contractually obligated to issue a Promissory Note P to A, in which A is contractually obligated to pay X Know to B and B will only receive X Know when the Promissory Note P attachment’s upload for A to the second layer of Knowchain is completed, A and B both have to sign to the Smart Contract by attaching their Identification proofs. If A and B had in previous occasion attach their identification proofs onto Knowchain before, they can simply re-use them by linking to them on second layer and then execute the Smart Contract. That is how Knowchain brings its unique blockchain design into the real world to power any kind of transactions: banking transactions, medical transaction, educational transactions, etc.
Cryptocurrencies and blockchains evolved with decentralization and anonymity as the main notion. Having known the major problems and issues faced with most blockchain designs, Knowchain bridges and eliminate these issues by enabling centralized organizations the ability to reap the advantages of blockchain technology; decentralize some processes of the operations onto Knowchain and let the customers to be the real owners of their information. With the ability to have more information on-chain, users have the right to be anonymous or identified, to be private or public, and the transactions on blockchains are as close to the real world more than ever before.
Based on current blockchain designs available, users and organizations (applications, businesses, etc.) cannot interact on-chain other than just transferring tokens (coins) because the current transaction systems of blockchain networks do not support sufficient information. Not limited to only the problems of enriching transactions to re-use data, there are also the problems of privacy and duplication of users’ data in centralized services and applications. Traditional pplications require users to tradeoff between their privacy and utilities. Let’s take Facebook as the best example: users lose their data to Facebook to get the best contents and services advertised to them. The problem is that: Facebook monetizes the data of users by selling advertising services to businesses. We believe it will be better if businesses directly pay the users to reach them without the involvement of third parties like Facebook. Secondly, the data of users are stored in different places: medical data in hospitals; activity logs in applications like Facebook, Google; identity in many KYC of ICOs; etc. The fragmentation of user’s data in many places leads to the understandable behaviors of data storing organizations: they exploit the data stored with them by selling them or by offering services to other organizations without the permission of the owners (users). Thirdly, many organizations usually store the same parts of user’s data. An example is that KYC data of many ICOs store the same information of users. That leads to repeated processes and wasting resources and efforts of both organizations and users. Knowchain solves those problems by bringing the mutual information of users from all over the world into blockchain first, allowing users to re-use their data and control the privacy of them. Knowchain also helps in protecting user’s rights to their own data. Organizations cannot exploit users’ data if the users do not give the permission. That leads to the ability for users to get rewards by exchanging their data for service offers from organizations on Knowchain network: businesses and organizations can pay users in return for access to certain specific users’ data to advertise and promote their products or services directly to users instead of paying the advertisers or third parties like Facebook and Google. Organizations can not exploit the users’ data illegally with Knowchain. Knowchain enables organizations the chance to approach a huge data of potential customers by creating a reward system that gives incentives to users for sharing their own data publicly. When a user shares the data publicly, a certain amount of Know will be rewarded to that user. The reward system encourages users to share their data to receive Know or service offers from organizations and businesses. Organizations can also be rewarded by becoming Ultranodes or Service Ultranodes (will be described in detail below) as the keepers of the network. Organizations can not exploit the users’ data illegally with Knowchain. However, Knowchain enables the chance to approach a huge data of potential customers for organizations by creating a rewards system that gives incentives to users to share their own data as public. When a user shares the data as public, a certain amount of Know will be rewarded to that user. That rewards system encourages users to share their data to get back Know or service offers from organizations and businesses. Organizations can also be rewarded by becoming Ultranodes or Service Ultranodes (will be described in detail below) as the keepers of the network.
Different from Ethereum and Bitcoin, Knowchain has 2 blockchain layers that connect together: the Know value ettlement layer and the Ano layer (“anything” – information layer). The 2-layered architect helps Knowchain to attach more information to a transaction. With Bitcoin, you cannot attach much information to the transaction. A typical itcoin transaction stores only 4 things: the sender’s address, the receiver’s address, the amount of Bitcoin and the time of transaction. Ethereum allows accounts to attach smart contracts to the transaction and make “smart contract” become an independent object (as accounts). Knowchain Ano layer helps users to attach anything they want along with their ransaction by designing Ano unit: a unit that can be “anything” – a smart contract, an additional information (a egree or a certificate), the encrypted identities of the sender and the receiver, etc. Each transaction from the Value settlement layer can be attached with multiple Ano units in the Ano layers by the Smart Bridge Protocol. Each Ano unit an also be linked to other Ano units. Knowchain uses the consensus mechanism that combines delegated Proof of Stake and Proof of Authority. An UltraNode system will be formed to help in accelerating the process of building Ano layer – the blockchain of information attached to the transactions in Value settlement layer. UltraNode network is similar with he MasterNode network of Dash (a privacy-focused cryptocurrency). Apart from the work of MasterNode system in Dash blockchain, Knowchain Ultranodes oversee the correctness and integrity of the Ano layer to make sure it is not stuck and then cause the transaction in the Value settlement layer to be pending). Ultranodes can also provide additional services on the network including Instant transactions, Confirmation services, Information attaching, etc. An Ultranodes can be set up by organizations that have to prove their authorities to provide the services for Knowchain network. An no
an be (as the most important case) a smart contract with a Turing complete language running on Know Virtual achine. The ability of Knowchain smart contracts is far more powerful because multiple Ano units can be attached into one ransaction along with the Ano-smart contract: the identities of the parties who made and participate in the smart сontracts, the additional information that can be used in smart contract terms and conditions. Imagine that ICOs on nowchain can immediately get the information of investors (currently it comes from a separate KYC process) because hey are stored in Ano units of the buyers and the smart contract for ICO requires buyers to attach their Ano-info units hen joining the ICO. With the ability to attach “anything” to a transaction on Knowchain, users have the options to nrich heir transaction, by attaching their identities (to power real life businesses), important information IDs/Degree/Medical Data). Governments, banks, education institutions and enterprises support Knowchain because it powers them to ntegrate every real-life process onto the blockchain: transactions can allow full information from the parties.
Knowchain – The blockchain solution for closing the gap between the crypto world and the real world.
We identify the lack of real world applications in the current blockchains and cryptocurrencies because of their anonymity. In real world, companies and customers are working on visible contracts with their identities certified to ensure each fulfil their obligations to each other as stipulated in contract governed by contract laws of a specific country agreed upon; employees use their real names and profiles to apply for job vacancies; patients use real information in hospitals and users use their real data to access applications. Because of that, there are still limitations in how blockchain can power the real life of people around the world. In the crypto world, in the 1st generation blockchains; senders and receivers do not know much about one another except for the amount of cryptocurrency and the time that transaction is made: A send to B an amount equivalent to X BTC at time Y. That leads to the facts that 1st gen blockchains started powering the transactions in deep (& dark) web – the anonymity is guaranteed here. 2nd generation blockchains enriches the transaction by allowing people to use smart contract to manage the contract’s information: Why is the transaction made? What are the terms & conditions of the transaction? Example: A send X ETH to B at time Y if A and B satisfy the terms & conditions Z. With the “Smart Contract” concept that allows users to control the transaction conditionally, 2nd gen blockchains have been powering the startup of dApps and ICOs that comprise of large combinations of complicated Smart Contracts in which many parties participate. The anonymity is still guaranteed here, and the transactions are manageable. 3rd generation blockchains try to unify the crypto world by connecting housands of blockchains together and connect them to the real world. A can send X ETH to B at time Y and B can immediately exchange that X ETH to M EOS at time Z and send that M EOS to C at time T. The crypto world is on its way to be connected in this manner. However, currently there are major issues in connecting the crypto world with the real world: The nature of transactions in the crypto world is the anonymity but the transactions in real world need to be identified: from the identification of senders and receivers to the terms and conditions of the transactions. In the real world, banks require their clients to provide full information about themselves when using their services.
The vision of Know is to bring blockchain technology into daily life by building a new blockchain from ground up - A blockchain with transactions that is attached with people’s information. Through Knowchain, the real world and the blockchain world are connected seamlessly by its users.
Knowchain aims to connect the world through both the transactions as well as the information of users. The information that can be attached onto the blockchain can be Personal Information, Certification and Qualification, Work Projects, Medical Data, Financial Data, etc. Imagine a new world where people’s information are stored onto Knowchain securely, owned and managed by the users themselves: Users can establish Smart Contract with real names and information to attain legal conformity with whichever agreed upon legal system in whichever country; Hospitals can be connected and patients can be treated anywhere around the world without bringing or sending their Medical Data to the new hospitals; Companies can hire employees with Smart Contracts on Knowchain and thereafter, these employees can use these Smart Contracts to find a new workplace (new companies can query Knowchain and get information of the Smart Contracts); dApps can be built to attract users with real information.
This project opens up new opportunities for using blockchain technology. It is worth to carefully read the white paper, which would better understand the essence of the whole platform. Join social networks and watch out for information. Soon I will make another article about this project.
Official site https://knownetwork.io/
Twitter https://twitter.com/knownetwork_io
Telegram https://t.me/KnowGlobalCommunity
My BTT https://bitcointalk.org/index.php?action=profile;u=1300560
