Polybius internal kitchen: three blockchains for all occasions
Tomorrow, May 31, Polybius Bank will enter the ICO . And we continue to talk about how it works, how everything works, and what it means to build a modern European bank from scratch.
One of the tasks that we set ourselves is to reduce the cost of maintaining the bank through the use of the most modern technologies. Including, of course, the blockchain. For us, this idea is all the more natural because the origins of "Polybius" are the development teams of companies HashCoins, AtticLab and Ambisafe, who ate so many dogs in the development of blockchain technologies and smart contracts, that even Koreans will be amazed.
Once, when “blockchain” and “Bitcoin” meant the same thing, you could only record transactions in the blockchain. With the advent of Namecoin, it became possible to record additional information in the blockchain, which at the same time retained all the properties of Bitcoin. And then Vitaly Buterin came in and offered to squeeze the executable code into the blockchain, creating an extensive virtual machine. Thus, starting with a simple, albeit distributed, ledger, the blockchain technology has grown and developed into a fairly powerful and multivariate platform for various applications.
The infrastructure of the Polybius Bank will use three different blockchains for different tasks: Ethereum for the operation of the Polybius tokens, Emercoin for the workflow, and a closed private blockchain for conducting transactions.
The Polybius token is, in fact, a smart contract: 20% of the profits of Polybius Bank are distributed annually among their owners. Blockchain guarantees that the smart contract will be executed and payments will be made. Since when Ambisafe, the contractor of Polybius, which produces tokens for us, had experience working with Ether, we decided to stop on it. Ethereum is not the only blockchain on which you can write smart contracts, but the most popular and well-known, most trusted.
Emercoin blockchain developers adopted and developed a good idea for Namecoin to store information in a blockchain: if Name stopped only on domains and only in the .bit domain zone, Emercoin allows you to record anything up to 20 kilobytes in general. This record has all the properties of Bitcoin: uniqueness, the ability to transfer and uniquely establish its membership.
The Emercoin blockchain will store all important bank documents that may be of interest to the public / regulators and have a legal record. As we have already written , European countries do not prohibit the use of the blockchain at a financial institution, provided that the auditor confirms its operational security.
One of the Deloitte’s Big Four audit companies is already using Emercoin in the DocSensus project just for workflow.
Unlike the previous two cases, in which dividend tokens and key documents of Polybius Bank will be stored in public blockchains, the main banking activity — that is, transactions - will be recorded on a private blockchain. It is often argued among enthusiasts whether a private blockchain can be considered a full-fledged blockchain - the principles of distribution and decentralization do not work for it, because all wallets are under common control. However, even if you just call it a database, it will be a database with blockchain features - and therefore, with increased resistance to hacking and editing from the side, which allows you to reduce security costs.
However, the main reason for choosing a private blockchain in this case was the speed of transaction processing. High network connectivity allows you to close blocks much faster, ensuring high speed transactions. In addition, a private blockchain allows you to customize it to your needs - for example, the size of a transaction record we need, etc. AtticLab is developing an internal blockchain for Polybius Bank.
The records of the private blockchain will, of course, be available to the inspection bodies.
Polybius Cryptobank, a project established by the Polybius Foundation, is a payment institution that offers a classic banking service that runs on the most modern technologies that meet the most stringent requirements of European legislation.
The money for the launch of the project will be collected during the ICO campaign, which starts tomorrow , May 31, and will last 5 weeks. On the first day of the ICO, all those who purchased Polybius irnvest tokens will be charged a maximum bonus of 25%. Further, with each week, the bonus will decrease.
The goal of the campaign is to collect at least $ 10 million. 20% of the annual profits of the bank will be distributed annually among the holders of all tokens as dividends.
One of the tasks that we set ourselves is to reduce the cost of maintaining the bank through the use of the most modern technologies. Including, of course, the blockchain. For us, this idea is all the more natural because the origins of "Polybius" are the development teams of companies HashCoins, AtticLab and Ambisafe, who ate so many dogs in the development of blockchain technologies and smart contracts, that even Koreans will be amazed.
Once, when “blockchain” and “Bitcoin” meant the same thing, you could only record transactions in the blockchain. With the advent of Namecoin, it became possible to record additional information in the blockchain, which at the same time retained all the properties of Bitcoin. And then Vitaly Buterin came in and offered to squeeze the executable code into the blockchain, creating an extensive virtual machine. Thus, starting with a simple, albeit distributed, ledger, the blockchain technology has grown and developed into a fairly powerful and multivariate platform for various applications.
The infrastructure of the Polybius Bank will use three different blockchains for different tasks: Ethereum for the operation of the Polybius tokens, Emercoin for the workflow, and a closed private blockchain for conducting transactions.
Ethereum Tokens
The Polybius token is, in fact, a smart contract: 20% of the profits of Polybius Bank are distributed annually among their owners. Blockchain guarantees that the smart contract will be executed and payments will be made. Since when Ambisafe, the contractor of Polybius, which produces tokens for us, had experience working with Ether, we decided to stop on it. Ethereum is not the only blockchain on which you can write smart contracts, but the most popular and well-known, most trusted.
Workflow on Emercoine
Emercoin blockchain developers adopted and developed a good idea for Namecoin to store information in a blockchain: if Name stopped only on domains and only in the .bit domain zone, Emercoin allows you to record anything up to 20 kilobytes in general. This record has all the properties of Bitcoin: uniqueness, the ability to transfer and uniquely establish its membership.
The Emercoin blockchain will store all important bank documents that may be of interest to the public / regulators and have a legal record. As we have already written , European countries do not prohibit the use of the blockchain at a financial institution, provided that the auditor confirms its operational security.
One of the Deloitte’s Big Four audit companies is already using Emercoin in the DocSensus project just for workflow.
Private blockchain for banking transactions
Unlike the previous two cases, in which dividend tokens and key documents of Polybius Bank will be stored in public blockchains, the main banking activity — that is, transactions - will be recorded on a private blockchain. It is often argued among enthusiasts whether a private blockchain can be considered a full-fledged blockchain - the principles of distribution and decentralization do not work for it, because all wallets are under common control. However, even if you just call it a database, it will be a database with blockchain features - and therefore, with increased resistance to hacking and editing from the side, which allows you to reduce security costs.
However, the main reason for choosing a private blockchain in this case was the speed of transaction processing. High network connectivity allows you to close blocks much faster, ensuring high speed transactions. In addition, a private blockchain allows you to customize it to your needs - for example, the size of a transaction record we need, etc. AtticLab is developing an internal blockchain for Polybius Bank.
The records of the private blockchain will, of course, be available to the inspection bodies.
About Polybius Bank
Polybius Cryptobank, a project established by the Polybius Foundation, is a payment institution that offers a classic banking service that runs on the most modern technologies that meet the most stringent requirements of European legislation.
The money for the launch of the project will be collected during the ICO campaign, which starts tomorrow , May 31, and will last 5 weeks. On the first day of the ICO, all those who purchased Polybius irnvest tokens will be charged a maximum bonus of 25%. Further, with each week, the bonus will decrease.
The goal of the campaign is to collect at least $ 10 million. 20% of the annual profits of the bank will be distributed annually among the holders of all tokens as dividends.
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