Smart Transactions: An In-To-Out Manageable Transaction System
Recently IntellSphere have created a solution for faster contract conditions tracking. It makes it easier to operate in cases, where many predetermined steps are used and many parties need to achieve an agreement.
Solution for online transactions created by IntellSphere team is ACCP-based (Atomicity, Consistency, Concurrency, Permanency). This would allow:
1) To connect and manage all associative input transactions to a single output transaction
2) To eliminate any third party that is not a participant of transaction contract
3) To fully automate an execution of multi-steps contracts with a possibility to track them on every step, 4) To promptly identify and extract any transaction data
5) To dynamically scale a transaction network proportionally to the amount of its active participants.
Like the multipolar neuron, the box has many input channels and only one main output channel. We can illustrate it this way:
Manageability of the box is realized through embedded voting system. The voting system allows parties of the contract to dynamically adjust any disputes between each other.
How will consensus be achieved?
IntellSphere proposes a new innovative mechanism, “Proof of Participation” (PoP), main focus of which is on an economic activity of participant of a network. The network that is based on two technologies, “Smart Transactions” and “PoP” is called as a Neural Chain Network (NCN). In NCN, “PoP” is the main mechanism that deters a denial of service attacks and used for mining neural associative blocks. In compared with PoW, the obvious advantage is a focus on a participant’s economic activity not for their money or equipment-based status.
As mentioned earlier smart transactions box has four features:
1) Atomicity – guarantee that all the contract-associated transactions will be executed “in all or nothing
2) Consistency guarantees that all transactions will strictly be conformed to a signed contract
3) Concurrency guarantees that any input transaction will be executed on a “First-Come-First-Served” (FCFS) basis
4) Permanency guarantees that immediately after execution of any transaction all the related data will be stored without possibility of future change
You can read more about the solution here: https://medium.com/@EggerMielberg/smart-transactions-an-in-to-out-manageable-transaction-system-49ed8bfcf5fa
In case you want to take part in IntellSphere product testing, you can send a message to firstname.lastname@example.org