Keoken Bitcoin Cash Smart Contract and Token Layer for BCH by Bitprim Launches
An Introduction to Keoken Bitcoin Cash Smart Layer
Keoken has released a new platform that may broaden possibilities concerning token creation and decentralization. The platform implements a second-layer protocol allowing for “more advanced transaction types” through BCH.
The Bitprim team developed Bitprim-Node advanced features for Keoken, which will work to facilitate digital asset accounting, which essentially means storage of tokens via stored states and a more secure smart contracts platform.
The platform focuses on the different avenues of commerce, such as Transaction Formats, which are pre-defined transaction models. According to the Keoken whitepaper:
Real world transactions have several basic commonly used transaction types (Cash, Credit/Debit Cards. Bank transfer, Letter of credit, bank checks, futures and others). There is also a wide range of commonly used transactions that do not have a monetary nature like securities, titles of ownership and others. While the Bitcoin platform has a well proven system to transact in a native coin, it lacks (or it is too complex to execute) more sophisticated types of transactions or the use of any other assets but its native token. Bitcoin ensures transactions to be non-reversible, trustless and with a good level of censorship resistance, while in commerce, it is sometimes desirable to make one or more of those features flexible in favor of convenience, therefore increasing usability and adoption.
Essentially, those who are involved in commercial transactions will be able to determine trust levels and reversibility when it comes to executing the transaction. Keoken’s platform can be used for decentralized exchanges, auctions, trusts, and even Bitcoin Cash.
The Keoken whitepaper also identifies its governance model, how it is funded, and the native token. The token will enable the platform to conduct governance within open-source protocol and it will also cover fees on associated platforms. The good news is that the governance mechanisms, although influential, will not be able to change the nature of the transaction. Rather, the tokens focus on “voting rights over protocol changes.” As the whitepaper explains:
For governance purposes, KEO holders willing to participate in the decision making process have to choose a delegate from a list of users that had expressed his intention to be a delegate. A number of 21 delegates will be chosen within the next two weeks (2016 Blocks). Only delegates are authorized to vote and a minimum of 15 votes are required to approve a change. There is a two-day (288 blocks) veto period following any change approval. If said change is voted against by 50%+1, the approved change will be vetoed.
Aside from governance, the platform will conduct transactions on-chain and some transactions will be stored off-chain by being merged into a single transaction to show the latest state.
This type of process shows the possibilities of avoiding “storing transactions that will not be relevant in the future forever on-chain.” As for fees, the platform will collect them and place them into a “special account” that is not controlled by a single party and the community will be able to use the funds later.