Gruut Network

Gruut is an innovative project that wants to come up with a new concept that will revolutionize the financial world. This project is developing a new standard that will be adopted by the world of finance.

Pros

A solid team technically and academically

A green consensus model

An economically fair model based on one node one vote

Cons

The business plan has not been established

The token utility is not clear

Regional adoption of the chain might be slow

Whenever the blockchain is discussed, words such as revolutionary are not usually far behind. Every project that is based on the blockchain wants to be the one to disrupt the existing financial model of the world. Everyone recognizes how unfair it is and that’s why blockchain projects have become so popular.

For instance, whenever you transact in fiat, there is usually a third party involved. This third party is needed to record the transaction and ensure everyone behaves in a trusted manner. The result is that the financial system has become quite restrictive and inaccessible to most people. This project believes in the blockchain and its ability to create opportunities for everyone.

This Project Is Different

The project is quite different from the rest in that it’s not trying to destroy the existing system of finance. What’s happening is that it is trying to work with the current structure to create a new environment for business. The Gruut Network wants to develop an alternative to the existing model, which is dependent on third parties.

The project will implement a peer-to-peer network that supports business transactions. This will result in reduced fees and reassurance in the consensus mechanism and the blockchain.

This project is also not attempting to reuse anything that has ever existed in the world of finance. Instead, it will develop a new concept that businesses would want to adopt as the standard of the future.

The Problem

The Gruut team had been investigating on a solution for micropayments, which could run on devices such as smartphones. The resolution might have helped to scale the adoption of the blockchain and crypto. In the process, they encountered a number of problems such as:

The high cost of mining

Lack of decentralization

Lack of transparency

Lengthy transaction confirmation times

High costs of transactions

The Solution

Gruut will utilize real name based voting. However, these nodes will be protected by pseudonyms. Once someone has had their ID confirmed, he or she can join the network while remaining anonymous. To limit greed, resources will be distributed equally, no matter how much computing power a user utilizes.

Random algorithms will be applied to determine which nodes will produce a block. Thus, each node has an equal chance of being rewarded. To encourage mainstream adoption, Gruut will relay in the value of fair identification. On Gruut, the level of identification for a transaction varies, which makes it possible to conduct secure and fluent work. The grand opening for this project will be announced soon. To be notified, please subscribe to the newsletter on their site.

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