Scatcoin - Official Token Launch in progress... follow/watch for announcements & bounties.
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The Smart Contract Asset Transfer platform is a new kind of digital asset ledger which takes into account learnings over the last several years since the launch of Bitcoin and the many Blockchain variants/forks that have followed it.
The SCAT topology and architecture is built from the ground-up using best-practice principles required to establish, maintain and govern a plurality of secure distributed asset ledgers and smart contracts. A technical overview follows, with some key functionality;
1. No Blockchain. The ASIC-proof PoWaS processes (see (2)) and ’MainLedger’ secure token databases are abstracted from each other. This allows for storage and CPU resource to be optimized for digital asset transactions as well as smart contract registration and execution, and allows the ledger to remain at a manageable, optimal size.
2. Native Smart Contract Infrastructure (SCI) for all transactions across the network. Support for native/base class contracts which can be inherited from and extended as necessary.
3. A Proof-of-Work-and-Stake (PoWaS) ’Emergent Collateral’ method to ensure appropriate incentives for both Workers and p2p ‘Assurance Nodes’, allowing for cold-start of the network through to ongoing operation of the ledger.
4. PoWaS ‘Workers’ and ‘Assurance Nodes’ earn Security, Base Transaction and Contract Execution fees by providing resources to the SCAT network.
5. A full Community Governance stack for transparent stakeholder voting without the need for software ‘signalling’. PoW Workers and Assurance Nodes can vote on any Community Proposal, based on their collateral, for a small fee paid to the Reserve Treasury.
6. A Reserve Treasury - funds accumulated by the Treasury can be accessed by anyone who makes a Budget Proposal, for a small fee, and receives enough votes from both PoWaS Workers and Assurance Nodes.
7. Instant transactions are possible with SCAT - this is possible following Emergent Collateral distribution across the network (start-up collateral building phase required before this is enabled).
8. Private transactions can be implemented on a per-ledger basis and are optional, since transactions/tokens are either versioned, non-versioned or journaled. It is also possible to both ‘Scatter’ and ‘Bind’ asset tokens for denominating or re-denominating the asset.
9. Tokens can be merged from multiple ledgers into new combined asset classes, and then re-denominated. This follows smart-contract based denomination rules.
10. TO BE DETERMINED: Native support for creation of any kind of custom digital asset token ledger on the network, useful for crowdfunding, share distribution, asset registration, settlements and tethering. Comes with optional functionality of smart contracts, governance, reserve treasury and budgets/proposals.
11. FUTURE: A distributed API (dAPI) which allows thin client agents to execute contracts (for data storage, transaction processing, secure/validated messaging and ledger operations).
The functionality above is very complex to implement for a ‘blockchain’ system. However, due to the separation of PoWaS, protocol assurance/contract processing, messaging and storage, we can more easily implement the full functionality of the platform using Smart Contract Infrastructure (SCI) in an iterative way.
Our team does not believe in the statement that ‘hardware technology advancement will solve scalability concerns’. Blockchain technologies remain viable for the medium-term, but many scaling challenges have emerged and have not yet been resolved. SCAT is built to allow for distributed scaling, to optimize the size of distributed ledgers, to allow for featherweight clients through the dAPI and to be natively performant for instant transaction processing.
Our users are key. We will design the most pleasant user experience that is possible for people who use SCAT. We’ll provide an Account Manager that is easy to use, runs across several platforms, and requires very few computing resources. The Account Manager will be able to be accessed over browser technologies (through service clients that access the underlying network), and provides for hardware token security.
We believe that the developer community is also worthy of our respect. We will strive to make our platform robust, as well as provide clear and straightforward development tools, API’s and libraries, so that developers can build world-changing applications on top of the SCAT platform.
We also believe in the free choice of individuals to have privacy in their affairs, but recognize that in many cases it is important to allow auditing of activities. This choice is left to the individual.
Our (small but passionate) core team is composed of a cryptography expert, computer scientists and software developers, an infrastructure specialist, a user interface design expert, entrepreneur/business advisor, social media/marketing and financial consultants. Most of us wish to remain anonymous at this time, we only ask of the community that this is respected while we aim to deliver the first MVP iteration of this platform.
Our white paper is to follow soon, if you are interested in joining us here at SCAT, you are welcome to contact us via PM, use the contact form on our website, or any of the social media platforms below.
We respect the right to your privacy so please do let us know if you wish to remain anonymous.
Website:
http://www.scatcoin.comFacebook:
https://www.facebook.com/scatcoinTwitter:
https://twitter.com/scatcoin
