In this article, we will introduce you to the new generation blockchain technology, which is aimed at improving the main principles of the blockchain and at popularizing the technology among all areas of business. You will learn on what principles the Libonomy blockchain works, and, most importantly, in which areas of the industry it can be applied to get more benefits.
To understand in which areas you can apply the technology from Libonomy, you need to understand the principles of the Libonomy network. The fundamental difference between Libonomy and other blockchains that allow you to build DAPPs and create smart contracts is the consensus algorithm. Libonomy does not use any of the existing algorithms, as they have serious problems with speed, security, decentralization, efficiency, equality and scalability. The architecture of the consensus mechanism, which is used in Libonomy blockchain, works on the basis of artificial intelligence. This solution allows you to achieve less power consumption, high security, and much higher transaction speed.
The principle of functioning of a decentralized network distinguishes Libonomy from its main competitors. In Libonomy blockchain when new nodes join the network, the AI analyzes each of them to obtain information about the node’s involvement in the network, its power and possible bandwidth. Having received this information, the algorithm processes it and assigns a corresponding pool to each node.
Power pool, where nodes are ranked and used to verify transactions, Exploit Finding pool, where nodes run analysis on the nodes in the power pool, Maintenance pool, where nodes can take a short rest before they are used in other pools or quickly need to replace nodes that are found faulty, and Audit pool, which runs full system check as well as selects nodes and validate their performance and contribution.
Another main feature of Libonomy blockchain, which makes the project unique, is the ability to interlink other blockchains within the same ecosystem. A network supporting public and private blockchains can allow healthcare, education, management, and law enforcement agencies to launch their unique projects on different blockchains without losing contact with each other when necessary.
Now that you have a basic understanding of Libonomy and its unique features, it’s time to understand the areas of application of this technology:
DEX (decentralized exchange)
— a peer-to-peer trading platform that operates on the basis of a decentralized registry. DEX does not act as an intermediary but acts as a platform for finding matches on requests for the sale and purchase of assets. Libonomy will have the first decentralized exchange with true interoperability between blockchains.
KYC (Know Your Customer)
— identity verification system, which is necessary when working with financial instruments, assets, and other areas of activity that involve security and protection against fraud. Thanks to Libomony’s artificial intelligence technologies, it will be possible to create a fully automatic KYC procedure.
ERP (Enterprise Resource Planning)
— resource planning system, which, thanks to the Libonomy blockchain, will allow solving problems with the trust between all members of the supply chain and in the production process.
GST/PAYG
— The tax on goods and services and “pay as you go” can be transparently and clearly implemented on the Libonomy blockchain. As well as income tax and other types of taxes, which makes the platform useful for the relevant state structures.
DAPP (Decentralized Application)
— decentralized applications, of which more than 3,000 are currently created, and about 10 million DAPP users in the world. The applications that do not need a backend component, using only the decentralized registry and participating nodes for their work, require good network bandwidth and excellent scalability, which only Libonomy can fully offer.
Voting mechanism
— the Libonomy blockchain will allow you to create applications for organizing error-free voting, the results of which cannot be faked.
B2B and B2C (Business-To-Business, Business-To-Customer)
— A business will be able to organize transparent workflows built on the blockchain or even interact with other enterprises and other blockchains within the Libonomy ecosystem. The same applies to the system of Health, Education, Social Policy, and other state activities.
Thus, the real advantages of the Libonomy blockchain and the scope of their real application become clear. Each expert analyst, when assessing the potential of any startup or an existing business, first of all, looks at the practical benefits in the current market conditions. From this point of view, Libonomy wins three times: the technology was in demand yesterday, it is relevant today, and it will ensure the development of the spheres of human activity in the realities of tomorrow.
