An open cryptocurrency
platform ready for real world adoption.
WHAT IS AN ALCT (ALTCRIPT COIN) ?
ALCT is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world. ALTCRIPT is an open source, global payment network that is fully decentralized without any central authorities. ALCT is an revolutionary blockchain decentralized cryptocurrency based waves platform Which bring new revolution to revolutionary world Introduction.
ALCT
Cryptocurrancy
Abstract
WAVES is a decentralized blockchain platform focusing on custom
blockchain tokens operations National currencies transfer is
maintained on the WAVES blockchain through compliant gateway
operators Decentralized token exchange facilitates fundraising
WAVES crowdfunding and trading of financial instruments on the
blockchain
Lightweight clients provide an easy installation
procedure and a flat learning curve for end users.
Common wisdom
Since its inception blockchain technology has been fraught with
controversy over its most natural application — value transfer using
the network token Decentralized money is a ground breaking
development but blockchain technology cannot be reduced to this
alone Being essentially a distributed database the blockchain
allows for various types of distributed ledger entries the nature of
which depends on their interpretation by the blockchain’s users
Introducing the blockchain as a foundation for digital cash attracted
a great deal of attention to the technology putting regulators and
governments worldwide on high alert in the process There is no
doubt that Bitcoin will establish itself as a valid monetary system
But it is also obvious that there should not be too many blockchain
tokens in use as money at the present time since the low liquidity
and high volatility this causes prevent the use of emerging
blockchains as a secure store of value
We propose to focus on other uses of blockchain tokens — those
which are often overlooked in favor of the low level opportunities
which blockchain technology might provide such as smart contracts
There is very strong untapped potential in a classical colored coins
approach and the WAVES platform is designed to realize this to its
fullest extent
Smart contracts being a natural development of Bitcoin scripting
are inevitable and will be one of the cornerstones of blockchain
technology On the other hand certain features are much easier to
implement using other approaches Custom tokens operations
realized as an attachment to blockchain transactions are very flexible
and can be used in a variety of applications from national
currencies transfer over the blockchain to decentralized trading A
focus on such operations might well complement the approach
introduced by Ethereum [ ]
In the following sections we will describe the technical motivation
for WAVES platform’s features and illustrate them with use cases
We intend to determine the most “production ready” aspects of
current blockchain technology and apply them to the real world
problems
Custom blockchain tokens and their usage
Technical motivation
Blockchain assets and colored coins approaches emerged around
when several protocols utilizing Bitcoin’s blockchain were
implemented [ ] [ ] [ ] Besides this there were several attempts to
build custom blo kchain tokens platform from scratch of which the
most notable is Nxt [ ]
We develop the approach which Nxt implemented realizing custom
tokens creation and transfer through attachments added to
blockchain transactions This approach has clear merits such as the
ability to implement new transaction types easily but from practical
point of view it is fraught with the problem of mandatory hard forks
— when adding a new transaction type network client software has
to be updated since old clients cannot support new transaction
typesWAVES approaches this problem by offering an extensible solutionin which new transaction types are introduced through plug ins that
are not included in the core software module but are instead
installed as an extension on top of it Clients that do not have the
relevant plug in installed can still relay these custom transactions
This approach allows third party developers to introduce new
transaction types and creates an Appstore like ecosystem
Only the most basic transaction types are supported at the core level
including
Custom token creation deletion and transfer
Decentralized token exchange
realized as a distributed
order matching engine where Bid and Ask network
transactions are matched against each other
Anonymity features — anonymous order books are a must for
an industry grade trading platform
It should be noted that WAVES makes a crucial step ahead with
decentralized blockchain trading by offering trading of one custom
token against another asset to asset trading This opens up a
whole new range of opportunities including trading against tokens
tied to national currencies thus replicating traditional trading infrastructures
National currencies on the blockchain
Although using the main network token for value transfer is quite
natural it nevertheless raises several issues
se of low liquidity
and highly volatile tokens for value transfer has obvious drawbacks
for merchants and creates tension with regulatory bodies Still
fully decentralized money is viable which is demonstrated by the
slow but steady adoption of Bitcoin as a currency
However in order to provide sufficient liquidity and mitigate the
volatility that prevents decentralized money usage as a store of value
the overall number of tokens used as currency should be limited at
least in the initial stages of the development of the technology We
strongly advocate using only Bitcoin as a currency for this reason
Our approach to handling external value transfer tokens and
currencies stems from the ‘ ulti gateway’ approach [ ] In the case
of Bitcoin there is a party or multi sig parties that maintains an
in and out exchange procedure for Bitcoin swapping it for its
corresponding network token Thus we facilitate Bitcoin transfers
using the WAVES blockchain
This approach is obviously centralized due to limitations inherent in
Bitcoin itself It is opposed to a “market peg” approach which relies
on providing a dynamic peg though certain market making
procedures At first sight the market peg approach may seem to be
an adequate way of mirroring financial assets on decentralized
platform
but with further consideration hidden centralization
invariably surfaces
By explicitly introducing centralization into supporting blockchain
national currencies and BTC we are able to open new horizons for
existing financial institutions Their role can be reduced to providing
liquidity for their fiat assets and C A L procedures
aintaining payment infrastructure is
decentralized blockchains fully
outsourced
to
This approach to providing national currencies on the blockchain
was pioneered with the Coino SD token on Nxt’s blockchain It is
also similar to Ripple’s gateways approach We believe that such a
strategy can compete with the emerging permissioned blockchains
approach and attract financial institutions willing to work on open
blockchains.
Lightweight nodes realization and browser plugins
The lightweight node is realized as a browser plugin written in
avaScript It interacts with Scorex based full nodes The plugin is
installed from browser app stores Since no blockchain download is
needed a user obtains a fully fledged blockchain powered wallet
immediately following a simple installation procedure
The wallet interface resembles traditional online banking brokerage
interfaces Integrated national currencies allow for native value
transfer denominated in fiat Exchange of national currencies into
and out of the blockchain is carried out by a trusted provider Once
a user has completed the national currency token purchase she can
transfer it to another user or trade with it on a decentralized
exchange
Asset to asset trading makes it possible to provide a stock
market like trading interface by allowing trading against
E R CN
SD
and so on All in all the platform interface is closer to
traditional financial interfaces than to a normal cryptocurrency client
We find it important to provide an interface to which most users are
already well accustomed at the same time as empowering it with
blockchain technology
sers can do things they were unable to do
with traditional financial platforms but the learning curve remains
flat which is a key to mass market adoption
Additional key WAVES features
WAVES targets in the first place community based development
and projects To that end decentralized voting and messaging are
implemented It will allow for a DAO like experience in managing
community projects
whilst remaining straightforward from a technical point of view
WAVES will allow payment of network transaction fees in custom
tokens assets Along with the transaction in question an order to
exchange the asset into the main network token is sent to the
decentralized exchange and the transaction can be included in the
next block only after that order has been executed.
Conclusion
WAVES platform is being built with mass adoption in mind from
the start In this general overview we have attempted to show the
technical solutions that may be used to give the end user previously
unseen opportunities and to pave the way for the rapid adoption of
blockchain technology.
Show Posts
