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.
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.
What are Verachain’s main features?