Yosemite X Announces New Open Source Blockchain With No Cryptocurrency Coin Needed
Yosemite X has recently announced the launch of their public blockchain. What gives them an edge is that they did not rely on the need for a native token. According to the claims made, their goal is to resolve the hindrance caused by volatile tokens, which is known to result in poorly operating businesses.
To prevent the aforementioned, the team trusts that stablecoins is the way to go (i.e. tokens that are pegged to government money). This has supposedly been done through the blockchain’s built-in YOSEMITE Standard Token Model, which ensures that the token is interoperable.
As for applicable transaction fees, block producers, who are elected in via the Transaction-as-a-Vote (TaaV) protocol, are said to pick stable coins as “Transaction Fee Tokens,” as noted in Yosemite’s technical whitepaper.
What is the intended purpose of their respective public blockchain? Based on what has been shared, the blockchain has supposedly been designed to serve as a smart contract for financial and business needs. Some of its notable features include the Proof-of-Transaction (PoT) mechanism, delegable transaction fee payment, KYC/AML support and account recovery and scalable blockchain architecture.
News outlet, Crypto Ninjas, has also reported on this unique endeavor, and they have since shared the idea for the Yosemite Public Blockchain in the Founder, YT Kim’s perspective (https://www.cryptoninjas.net/2019/02/09/yosemite-x-releases-public-blockchain-without-a-native-cryptocurrency/). As per YT Kim, blockchain has immense potential in revolutionizing financial systems,
“however, the existing public blockchains are impractical for business entities to implement their blockchain-based services, due to high price volatility and unfair distribution of cryptocurrencies, and blockchain scalability issue.”
Hence, Yosemite’s rather thought-provoking approach. Interestingly, Yosemite has also worked on a blockchain-based credit card, which has been deemed free of middlemen and transaction fees.
Based on its description, the Yosemite card provides enhanced security compared to accepted credit cards within society. Namely, it uses a “patented QR code + One-Time-Password (OTP) simultaneous reading technology” that prints the QR code onto the physical card.
To learn more about Yosemite and how they plan to resolve common flaws in public blockchains and societal norms in relation to the financial sector, go to: https://yosemitex.com/