What Is iCash?
iCash is a new technology that will enable smart contract validation via what is called a proof of trust protocol, which is a multi-platform app. The problem that this company wants to solve is that while the blockchain is a distributed ledger, the inputs are not. They come from single entry points.
While this might seem like a big issue at first, it can actually be because these entry points in which the inputs are made vary in trustworthiness, so they can actually be the point in which the problem begins. Trustworthy inputs are essential for a blockchain to work properly.
Thus, iCash wants to create a platform that will use smart contracts from a trustworthy source. If the action that will trigger the smart contract is unreliable, the whole process will also be. The solution to this, the company states, is the creation of a Proof of Trust protocol.
The company was created by Will McDonough and his partners are Magnus Sigurdsson, Donald Payne, Maja Vujinovic and Jonathan Malveaux.
How iCash Proof-of-Trust Smart Contract Crypto Coin Works
The Proof of Trust protocol that was created by this company is an application layer protocol that can be used on the blockchain. Its main function is to be used to monitor and report various different inputs.
By using the Proof of Trust protocol, smart contracts can receive certain determinations that can be contested by other inputs before they are actually accepted and mined into the blockchain. This way, you can add an extra layer of security to smart contracts because they use this second input to validate the first one.
These inputs are an easy time to add security because they can act as a method of confirmation and the algorithm can even be used to report reputational trustworthiness.
This method will work with the help of validators from the network that will receive small rewards for validating (or not) the inputs that are made. The inputs will be validated by a group of individual delegates. This way, the community will help to find incorrect inputs and create an environment of more safety for everyone involved.
The system can even keep a record of the trustworthiness of a certain participant, so it will be easier to ignore people who create malicious smart contracts to scam other people.
iCash Token ICO Details
The company states that their pre-sale is already open and it will sell a total of 70 million iCash tokens. To be able to buy tokens, you will have to visit the company’s site. There is still not a certain date for the main ICO nor the prices per token are public but we believe that they will be more expensive after some time.
The technology offered by this company is actually very interesting and it tackles an original problem that the blockchain industry will still have to face one day. Because of this, our opinion is that it can definitely be a good idea for you to invest in this company right now, as there is a chance that this technology might be more important in the future.