With the introduction of the Bitcoin whitepaper in 2008 in response to our failing financial economy, Blockchain technology has demonstrated to be more than just a mere transparent decentralized electronic cash system.
We are seeing an evolution take place within our entire digital world that many are calling the fourth industrial revolution – technology that can maintain privacy with your personal information while making all other activity transparent and incorruptible.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
– Don & Alex Tapscott, authors Blockchain Revolution (2016)
Blockchain technology offers a future of limitless resources for all – a sharing economy where everyone who participates in the ecosystem benefits. Before this can happen, however, the boundary between Blockchain and the business world still needs to be breached.
Enter the Grid.
A non-profit entity based in Singapore, the Grid Foundation has developed a highly efficient and customizable OS that they believe will become the “Linux system” within the Blockchain community.
Now one of the most popular operating systems to date, Linux has become a family of free and open-source software, supporting numerous industries.
Key attributes of the Grid:
- Improved performance via parallel processing (Merkle Tree mechanism). Instead of shoving all smart contracts into one chain, the Grid utilizes a “one chain to one type of contract” model.
- Users can create private side chains with full ownership, yet still fully capable of accessing the main Grid ecosystem.
- The Grid will have its own digital token to incentivize good behavior and to facilitate contract execution and cross-chain value exchange.
- The main chain will run a Delegated Proof of Stake (DPoS) protocol which pays large-scale stakeholders to uphold the system for high speed, while for side chains, developers and companies can choose the suitable Consensus (PoW/ PoS/ DPoS) depending on their needs.
Having only released their whitepaper on Sept. 1, this project is still in its infancy, yet with transparency being one of its key objectives, its development will continue to push Blockchain evolution in its intended direction.
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