SOOM Tech Launches 4th Blockchain, A Fourth Generation Ecoystem Full Of Features
While the cryptocurrency and blockchain sector has obviously been blossoming lately, there are several bottlenecks that are stifling the rate of development. Most of these shortcomings are attributed to the inadequacies of the existing blockchain technology, and they include limited processing speeds, restricted apps and excessive consumption of energy resources.
To address these challenges, the Swiss SOOM Foundation and its research and development subsidiary, SOOM tech, which is based in Singapore, are developing an end-to-end blockchain platform for individual and institutional investors who desire scalability, impenetrable security, and mostly, practical applicability of blockchain applications.
SOOM are working on an ecosystem known as the 4th blockchain, and its details are available on its official website. Notably, the 4th blockchain is a blockchain-as-a-service platform to enable organization to leverage distributed ledger technology without necessarily incurring the cost of creating, maintaining and upgrading the infrastructure of a complex node network.
The most outstanding features of this new ecosystem include grouping algorithms, multi-bloc structure and mobile phone mining enable the services to support an array of real world use cases. The blockchain will support projects from the financial industry, the supply chain, telecommunications and so on. In addition, this platform will also have significantly higher speeds, enhanced security features and affordable transaction costs.
Additionally, SOOM has integrated two unique consensus algorithms that will facilitate mobile mining. The two known as Proof-of-Group-Stake (POGS) and Proof-of-Transaction (POT), are aimed at giving the ultimate blockchain experience to all smartphone users worldwide.
Furthermore, the smartphones are protected from possible hacking attempts by the extra security layer that is added to the standard dual security mechanism. This is done suing the generation of a unique Group Private Key that is reconfigured after a block is successfully mined.
By introducing the 4th blockchain, SOOM Tech will positively transform the global blockchain sectors, especially for corporate enterprises.