VERACHAIN

Verify and guarantee data integrity.

Enable regulated, scalable, instant, low cost transactions.

Verachain is Blockchain 2.0

What is Verachain?
Verachain is a first of its kind three layer digital ledger platform created to:

* Deliver a made-for-purpose transaction-based & centralized digital ledger solution for regulated applications which addresses weaknesses of Blockchain, the block-based & decentralized digital ledger infrastructure originally designed for the unregulated Bitcoin application.
* Enable service providers to successfully commercialize emerging micro-payment opportunities in the Internet of Things.
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How is Verachain similar to and different from Blockchain?
Both Verachain and Blockchain are digital ledger technologies.
Blockchain, as evidenced by the original Bitcoin Blockchain infrastructure that powers the Bitcoin crypto-currency, is decentralized ledger technology with a mining algorithm intentionally created to replace regulated administration with a trustless, immutable system.
Verachain on the other hand, is a centralized solution specifically created for regulated ledger technology requirements.

Blockchains contain blocks of transactions and each block is linked to the previous one. Blocks are opaque, do not provide a granular view of their transactions and thus don’t support compliance. Blocks are thus suitable for decentralized, unregulated networks like Bitcoin, the original Blockchain.

Verachain uniquely implements chains of transactions directly instead of chains of blocks (that contain transactions). Our revolutionary Transactionchain enables instant and scalable atomic payments across a network of participants without being affected in the way Blockchains can affect transactions and their confirmation times.

Verachain-based payments can thus be made in milliseconds, enabling a secure network of participants, especially within the Internet of Things, to transact at high volume and high speed. This compares to 10 minutes for the Bitcoin Blockchain block transaction confirmation.

Who is interested in Verachain?
SocialEco, creator of Verachain, is working closely with parties in the following sectors.

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What are Verachain’s main features?

Scalable

Verachain’s Transactionchain can power 3rd party crypto-currencies, to scale and enable millions of transactions per second.

Instant

Transactions are confirmed in milliseconds, enabling instant payments and micropayments within 3rd party digital currencies.

Granular

Verachain efficiently executes transactions in its Transactionchain layer, empowering partners with granular compliance and Micropayments.

Leading Edge Ledger Tech

Employs innovative, best in class technology to evolve Blockchain to new Transactionchain, enabling new Cryptocurrency capabilities.

Welfare Payments

Allows governments to effectively create digital national currencies for efficient distribution of G2P social welfare payments.

Secure Smart Contracts

Transactions are enforced by Transactionchain-parsable smart-contract scripting and our Transactionchain is regulated.

Overview of Verachain's two key applications.

Verachain verifies and guarantees data integrity.
Organizations and institutions face continued and growing data-related challenges that include:

Data corruption, Books falsification, Re-writing of history, Acts of rogue employees, Lack of audit trail, Loss of public trust, Liability for errors in data.

Verachain solves these challenges by.
1. Implementing scalable Transactionchain that links each transaction to all previous transactions (instead of implementing a Blockchain that links non-granular Blocks.)
2. Applying Verachain that creates anchor points in all transaction chains to verify their block height and most recent hash at fixed periodic intervals.

Verachain enables scalable, instant, low cost transactions.
A 3rd layer of Verachain, operational within Verachain’s 2nd layer Transactionchain, is Micropayments.

Micropayment records are temporal, in that they not maintained. This allows Verachain technology to scale to billions of transactions per second. Micropayments operate like packets of data and are broadcast through networks from node to node.

As the Internet of Things emerges, there will be a massive demand for high frequency device to device micropayment transactions. Currently they are not commonplace.

With our technology it becomes possible to build micropayment services into unlimited number of devices. Imagine trying to keep track of per-millisecond transactions for millions of routers and or phones in the Internet of Things. This would be entirely impossible without Verachain’s transaction-condensing technology in the form of Transactionchain micropayments.

Answers to key questions:

Please provide further clarification on Verachain v Blockchain.
The original Blockchain technology, Bitcoin, was created as a cryptographic decentralized ledger technology for use as a global, public and un-regulated network. As a result it was not important for the sequence of transactions to be known.

While Private Blockchains have been an interesting attraction for financial institutions, the fact the Blocks cannot display the sequence of transactions as well as other important characteristics of transactions, poses a problem.

Transactionchain, Verachain’s sub-ledger, contains individual transactions. Each transaction is linked to the previous one and has granular and sequential visibility on transactions, essential for compliance and regulated organizations but not available in Blockchains.

Isn’t Verachain just another database technology?
No. verachain is a technology that doesn’t require us to keep your data, as database technology does. Rather it allows us to prove your data has not been tampered with.  Database technology is not tamper evident nor immutable. Verachain is.

How does Verachain’s Micropayments scale massively and enable high speed transactions?
Only the first and the last transactions are kept in the Transactionchain.
The first transaction is a commitment transaction that locks funds during their use for Micropayments. The last transaction is a settlement transaction that takes into account all of the transactions that occurred using the committed funds.

Team

Our team incorporates Blockchain core developers with over 20 years combined Bitcoin Blockchain experience and have considerable experience with Altcoins.

Through longstanding relationships, we have privileged access to innovative and leading edge technology and we combine these with our design and solution ideas to create ground breaking solutions that just work.