Introduction
Blockchain is gradually establishing its presence in the global market /economy as well as different field of life endeavours. Many conglomerates are beginning to see and welcome the prospect that is available in this ground breaking technology. It is not restricted but vast to cover all or any imagination or creativity. As a result of this, investments are pouring in beyond expectation especially in support or in favour of Token Sales/ Initial Coin offering. Using Tezos Blockchain as an example who collected over the sum total of Two Hundred Million U.S Dollars during their Initial Coin offering. Now, the emergence of Bitcoin brought about so many other cryptocurrencies to include Ethereum, which also fetched the introduction of smart contract to further strengthened the crypto community and introduces a new way of bringing trust into transaction. Thanks to a teenager known as Vitalik Buterin, who in the year 2013, made it possible to use Blockchain technology in other field.
Introducing Yocoin (YOC):
Yocoin in the simplest term is all about management and awarding of contracts. It is a Blockchain platform with the ingenious and prescient to revolutionize contracts issuance especially for assets. Truth be told, Yocoin Blockchain is a transaction state system. A system that processes input data and on its premise change into a new state. It was established and flung up in 2016 and since then has enjoy incredible increase. Yocoin is introducing recommendable smart contracts suitable for precise or specific types of businesses.
Such businesses includes Securities processing where smart contract can be to automated for bonuses, extra share and voting processes during investors meeting, and moderate the rates and threats that is linked with wasteful paper documentation and presence of counterparties.
For Trade Finance: where execution conditions of letter credit registered will be checked robotically via smart contract to increase decent organization and reduce time wastage during trading.
For Mortgage: for elimination of payment and withdrawal of mortgage legal claim after payments is made. Etc.
For Supply Chain Management: with the provision of smart contracts, tracking of deliveries of single chain productions, logistics, retails and parties involved in the transaction will be easier.
For Vehicle insurance: Smart contracts will help to speed up the validation procedures, Insurance companies will now have the capacity to lessen essentially the document collections and checking the genuineness of different reports thanks to this smart contract. It will contain the terms supporting and forthcoming car sensors to crop the total of insurance payments.
But why smart contracts?
Time rate and updates progressively – via mechanizing assignments that are frequently performed physically smart contracts can altogether accelerate work process.
Unwavering quality: other than decreasing the danger of mechanical mistake, the decentralized idea of the Blockchain guarantees that information can be recouped if lost. Hacking is completely sidestepped due to cryptographic protection present on the platform.
The decentralized idea of the platform takes out the danger of manipulation
Cost improvement = lessening of mediators number + chopping down costs in m/hrs.
Open doors for new plans of action: a private system for trade of solar based energy in view of Ethereum smart contracts is being made in New York.
The APP: “what doing is worth doing well” Yocoin has three categories of apps such as:
The first category which is the final apps to give users an authoritative means of handling and awarding smart contracts in regards to their assets such as sub-currencies, financial derivatives, hedging contract, saving wallets and at sometime; employment contract as the need may arise.
The second category of apps is the semifinal apps for transaction that does not involve cash physical benefits and the third category s for online voting and decentralized management.
In summary, Yocoin represent;
• User authentication through cryptographically coded signatures.
• Completely adjustable transaction rationale and state changes.
• Resistant to DDoS attacks
• No system failure
• Records of all networks.
The components and how it works:
Accounts: This is one sure way of connecting with one another. Each of the accounts has a precise state and a 20 byte address. Accounts are of two groups: Accounts which is externally maintained are controlled by security keys. Nonetheless such accounts don’t have any code identified with them whereas contract accounts are controlled by an uncommon code determined in the terms of the agreement and have a code identified with them. The externally owned account can send message to other remotely owned account as well as contract account and for this to be effective, a new transaction must be created and registered using the private key.
State: the states of all types of account are govern by four elements namely nonce, balance, storageRoof and codeHash. For details on each element refer to the whitepaper on: https://www.yocoin.org/Yocoin_WhitePaper.pdf or log on to the site on: https://www.yocoin.org/
Gas: This is an insignificant payment to power transaction on Ethereum network and on Yocoin it represents the amount of ‘yoc’ you will expend on gas unit. The said Gas price is measured in Gwei.
Transactions: Gas is needed for transaction to go through. It consists of two different categories namely sending messages and contract creating transactions. Just like in the “State component of Yocoin, the transactions also contain the following; nonce, gasPrice, GasLimit, to, value, v,r,s, init and data.
Blocks: In a simple term I can define block a as a congregation of transaction. Blockchain has a lot of these blocks that are linked in a way that it comprises of block headers, information about series of transactions included in the block and also succession of other block headers for current uncles. Other components includes transactions flow, mining and validation. Detailed explanation is available on: https://www.yocoin.org/Yocoin_WhitePaper.pdf
Yocoin with the symbol “YOC” is listed on many exchanges such as https://www.livecoin.net/, https://app.stocks.exchange, and recently on https://www.ooobtc.com for other exchanges not stated here please refer to https://coinmarketcap.com for additional detail.
You can be part of the platform via purchasing of ‘YOC’ from any of the sites above and you won’t regret investing in this great project with undeniable future.