Hi guyz!! I hereby introduce CoolBitX’s as a revolutionary mobile cold storage hardware wallet for your Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, and ERC20 Tokens. Users will be able to exchange and add any ERC20 they own directly onto cold storage. The future of payment begins with this Bluetooth wallet!
Blockchain technology provides a means of carrying out online transactions in a secure environment which is untraceable for any hacker.
Ethereum on its part opened the eyes of the world to the possibility of Smart Contracts and Decentralized Applications (DApps). Where smart contracts are self-executing contracts by which the terms of agreement between two parties (buyers and sellers) is directly written into lines of codes which exists across a distributed, decentralized Blockchain network, totally eliminating the involvement of centralized third parties.
DApps, on the other hand, are server-less peer to peer (P2P) applications, meaning, they don’t run on a single system. DApps run on Blockchain like Ethereum or use traditional P2P network like BitTorrent. They use smart contracts to execute commands and retrieve information from the Blockchain.
Blockchain has allowed the society to be autonomous and secured in its transactions but it is appalling to know that this great technology still lacks in some areas like performance efficiency, has poor scalability and high technical threshold which has limited it to only be applied in cryptocurrency trading and exchange
This means that transactions carried out on blockchain are fool-proof. Although the internet provides a way of carrying out transactions between sellers and buyers, these transactions are made possible with the help mobile cold storage.
Trading activities on this platform are also automated which means trades can be carried in seconds and the platform is secured with blockchain technology
Introduction
CoolBitx is a revolutionary decentralized programmable economy mobile cold storage that aims to provide high-performance processing speeds for online transactions.
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The aim of this platform is to proffer solutions to the technical issues that faces the current blockchain networks e.g. Bitcoin and Ethereum. The coolbitx mobile wallet comes with truly innovative architecture and protocols that aims to provide automated services leveraging the power of smart contracts, and also providing an avenue to securely connect to external systems.
Traditional blockchain networks can be insecure when it comes to connecting to external systems which expose these networks to malicious hackers. But Coolbitx has implemented an E-bridge layer that retrieves data from multiple data sources when the cold storgae interacts with external systems.
This data is also encrypted with a fool-proof Median Voter Theorem (MVT) that protects the data from malicious attacks from hackers.
Coolbitx provides the following solutions to the existing Hardware blockchain problems:
Increased Scalability/Performance
Secured Connectivity
Increased Scalability/Performance
One of the areas in which Coolbitx has improved the ecosystem is in terms of increased performance. Coolbitx combines the use of Namespaces and Merkle Tree which isolates transactions based on a particular namespace thereby ensuring increased performance and scalability.
The execution of smart contracts on this platform is based on parallel processing by the namespace. This ensures that the coolbitx platform is able to carry out a vast number of transactions simultaneously in parallel. It is worthy of note that coolbitx is a permissioned blockchain which enables smart contracts to run quickly and efficiently in a trusted environment.
A permissioned blockchain enables smart contract transactions to be carried out on some selected nodes rather than all the nodes in the system. Current blockchain networks like bitcoin and ethereum uses permissionless blockchain which means smart contracts run on all the nodes in the ecosystem but coolbitx deviates from this to use a protocol which refuses to burden the whole nodes in the ecosystem thereby improving performance and scalability.
Secured Connectivity
Connecting to external systems is also an area in which the current blockchain networks are less efficient in terms of providing a secure protocol that connects to external systems. Coolbitx solves this seemingly huge problem by implementing the E-Bridge layer.
The E-Bridge layer is a core protocol that acts as a secured software bridge connecting the on-chain with the off-chain. Transferring of data within a blockchain network can be secured with the use of consensus algorithm but the transmission of data between on-chain and off-chain networks could be prone to attacks by hackers if not done in a secured manner.
Low Transaction Cost
Coolbitx provides a peer-to-peer decentralized sharing network that connects investors and users of services together without the need for a third party. Transactions are settled between the parties involved. This automatically removes the transaction cost charged by centralized third parties. This process has been estimated to reduce transaction cost.
Elimination of Risk
Another major breakthrough that coolbitx has been able to make in the sharing ecosystem is solving the concerns about trust from both parties in a sharing network. The whole transaction on the coolbitx wallet will be handled by smart contracts and cross-chain hosting technology to ensure the authenticity and compliance with the terms of agreement.
For more information
Website: https://coolwallet.io
Reddit: https://www.reddit.com/r/CoolWallet/
Telegram: https://t.me/CoolWalletS
Twitter: https://twitter.com/coolwallet
Facebook: https://www.facebook.com/coolwallet