The Yetta Foundation is a European Union-funded fintech company that aims to create a blockchain platform for philanthropy, economic development, and trade. Here’s our review.
What Is The Yetta Foundation?
The Yetta Foundation is a blockchain technology company that aims to build a number of blockchain-based solutions to power a digital economy.
Some of the unique products offered by the company include technology for the EU’s “DEcentralized Citizens Owned Data Ecosystem” (DECODE) as well as a Proof of Trust (PoT) consensus system on the Yetta blockchain designed to facilitate a more energy efficient approach to blockchain.
Yetta describes itself as “a global blockchain ecosystem of open source decentralized smart contracts spanning the social and civic sectors as well as the public and private sectors.”
The Yetta Foundation also has a decentralized app store. In order to be listed on that app store, the Yetta community must review and approve them. If approved, the apps are included on the Yetta blockchain.
The company recently announced a token sale that allows you to become a member of the Yetta Foundation.
Overall, the Yetta Foundation, found online at Yetta.io, describes itself as “a global monetary innovation”. The company’s whitepaper was published on October 21, 2017.
How Does Yetta Work?
The overall goal of Yetta is to commercialize several blockchain initiatives within the European Union. Those blockchain initiatives will be sponsored by the European Commission.
Yetta’s blockchain technology supports smart contract development with three core functions in mind:
- Global Money Transfer
- Social and Civic Advancement
- Public and Private Sector Adoption
These initiatives are sponsored and validated by the European Commission.
To advance the sectors above, Yetta aims to improve digital currency, payment systems, and decentralized smart contract applications. Some of the key improvements include a three tier decentralized proof of trust (PoT) consensus algorithm and the Yetta virtual machine:
The Three Tier Decentralized Proof of Trust (PoT) Consensus Algorithm
One of Yetta’s key innovations so far has been the development of the three tier decentralized proof of trust (PoT) consensus algorithm. This algorithm enhances the features of bitcoin by providing three levels of irreversibility, multi-signature encryption, faster transaction speeds, better scalability, and improved energy efficiency.
Here’s how the Yetta whitepaper explains the PoT consensus algorithm:
“The PoT algorithm is deterministic. It implements a weighted average first-come-first-serve round robin queue for determining which node validates the next transaction. The weighted average factor is based on the validating node’s current level of trust, called ‘trust credentials.’”
Prior trust credentials are not required in order to validate a transaction. A node without current trust transactions can still participate in the validation process. As a “minimal trust node”, however, these nodes receive a smaller percentage of blockchain transactions to validate. As nodes receive current trust credentials, they receive more transactions to validate.
Nodes can increase their trust value by purchasing yetta tokens. In that way, the blockchain’s consensus is similar to a proof of stake system. However, after you’ve initially purchased yetta tokens, further trust is gained by validating more transactions on the network.
Yetta Virtual Machine
The other major innovation created by Yetta is the virtual machine built on the DECODE OS developed by the European Union. Yetta is building a decentralized app store (DApp store) where the global community of blockchain developers can deploy real world smart contract applications monetized using the yetta as the payment token.
How Do Yetta Tokens Work?
Yetta, or the ÿ token, is the central currency of the Yetta ecosystem. The token is designed as a global remittance and payment token for commerce and trade.
The token is backed by a unique monetary system designed to improve conditions worldwide. Here’s how the whitepaper descries the token:
“Yetta introduces a progressive monetary system that expands economic activity, encourages trade, fosters job creation, and raises education and living standards throughout the world. We are missioned to advance social and human development and economic wellness leveraging disruptive and transformative Blockchain technology, smart contracts, and similar innovative technologies”
Yetta will be deployed with governmental monetary systems, where it will act as a local complementary currency for social benefit payments and local trade.
The name “yetta”, by the way, comes from Hebrew, where it means “ruler of the household”. The developers see money as the “ruler” and the global economy as “the household”.
The Yetta Token Sale
Yetta’s ICO aims to raise funds to transition the current EU-funded platform from the lab to the real world. The funds will be used to support the design, development, and deployment of yetta’s blockchain and smart contract technologies.
As a yetta token holder, you’re entitled to membership in the Yetta Foundation.
There’s a minimum investment amount of 1 EUR and a maximum of 1 million EUR. Pre-sale bonuses of up to 100% are available.
The pre-sale began in October 2017 and continues until November 14. It seems a crowdsale and general ICO will begin soon afterward, although we don’t have specific dates or information about the full ICO at this time.
Of the total number of tokens, 75% will be available to token purchasers; 10% will be available to founders, the management team, and developers; 10% will be dedicated to strategic partnerships and advisors; and 5% will be dedicated to security, compliance, and bounties.
The Yetta Foundation is a blockchain technology company aiming to expand blockchain usage across the European Union. The project was launched to contribute to other European initiatives, including D-CENT (the Decentralized Citizens Engagement Technologies – a social digital currency), DECODE (a smart contracts virtual machine blueprint for the creation of a DEcentralized Citizens Owned Data Ecosystem), and PIE NEWS, a social digital innovation for addressing poverty, lack of income, and unemployment.
Yetta’s blockchain revolves around use of the yetta digital currency – a currency the developers see as the potential fuel for the future global economy. That blockchain uses a unique proof of trust system to achieve consensus.
You can learn more about Yetta and their crowdsale by visiting online today at Yetta.io.