Getting to know the decentralized applications featured in the Smilo applications

Applications, security and the Smilo ecosystem

Smilo offers you with a platform that has a wide range of possibilities in some areas. These include the following:

Industry applications

The industrial sector has already shown the interest in many advantages of blockchain technology. Smilo provides this big market with a productive ecosystem together with guidance and support for developing their application run on the Smilo platform.

Financial applications

By using the industrial applications, Smilo is able to narrow its focus to financial applications. Financial applications are created to offer you as a user with effective ways of controlling and managing smart contracts using your own cryptocurrency.

Semi-financial applications

Unlike financial applications, semi-financial applications are not built to manage money totally. Semi-financial applications combine the monetary side of financial applications along with the information outside of the blockchain. Contracts that rely on an outside weather feed are good examples of semi-financial applications.

Governance applications

These applications are intended specifically for purposes such as online voting as well as autonomous organizations. With governance applications, it will be possible to have a kind of leaderless companies.

Examples of dApps:

• Token systems

• Financial derivatives

• Decentralized file storage

• Decentralized autonomous organizations

Smilo aims in creating an intelligent blockchain based platform which uses smart contracts and decentralized applications. It is very important to have an excellent ecosystem that will offer developers the ability to construct their application on it. Smilo will make sure that developers have all the necessary tools, detailed tutorials, training as well as financial support.

Development of decentralized applications

The Smilo platform aims at developing several decentralized applications, which include the following:

• A decentralized exchange

• Social funding solutions

• Product tracking solutions

• Public sector solutions

• Insurance sector solutions

• Medical sector solutions

• Escrow arrangement solutions

• Logistics sector solutions

Community decentralized applications

Despite the decentralized applications developed by the Smilo team, the community is encouraged to develop its own decentralized applications. There are no special requirements for you as a developer to start developing a decentralized application on the Smilo platform. Also, the Smilo platform will provide you with an SDK development kit that will enable you to develop decentralized applications. Smilo offer support via Java, Python, Solidity, and JavaScript.

Consensus mechanism

After conducting research and studying the crypto industry as well as the blockchain technologies, Smilo decided to use the Byzantine fault tolerance (BFT) mechanism for its blockchain application. But remember the BFT mechanism is not perfect, and Smilo opted to improve the standard BFT mechanism by creating its own improved version which is known as the Byzantine fault tolerance mechanism (SBFT).

Byzantine fault tolerance mechanism (SBFT)

The SBFT mechanism offers fast transaction verification times demotivates most attack vectors as well as upholds in a single blockchain version without the risk of folks or alternative blockchain records that emerge regardless of how much computing power or coins an attacker possesses. The SBFT is a consensus mechanism which enables large-scale participation in a consensus via proof of elapsed time (PoET).

PoET

At a higher level, PoET automatically elects individual peers to execute requests at a given target rate. Individual peers sample exponentially distributed random variables then awaits for an amount of time which is dictated by the sample. The peer which has the smallest sample is the one that wins the election. Cheating is prohibited by using a trusted execution environment, blacklisting as well as identity verification based on symmetric key cryptography and an additional set of election policies.

Smilo platform aims at allowing everyone to digitize the real-world assets such as escrow agreements and medical records. So long as Smilo platform is a blockchain based platform with SBFT mechanism census, attacks on the blockchain are absolutely impossible.

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