The blockchain industry was born in order to fix the centralized, insecure and inefficient means by which money was been transacted with and stored because men came to see that the system wasn’t perfect.
The blockchain came into play with the first cryptocurrency in 2008, and since then many cryptocurrencies have followed suit and the blockchain has indeed been a major tool in fixing the problems which is in our today’s traditional banking systems and other forms of transactions.
However, like every other technology the blockchain was not born perfect which has therefore led to some inefficiency currently being exhibited in the industry.
HIGHLIGHTING THE PROBLEMS
The following are a few of the problems which now plagues the blockchain industry:
- Blockchain’s need to code: the existing blockchains all allow for the integration of its service into other projects. However, developers are required to pen down codes from the beginning of the project down to the end if they desire to have a complete customization. This process makes a lot of project teams put a lot of time and energy into the development of their projects. One would have expected that with the emergence of AI these things would have been simplified by now.
- High transaction charges: every transaction been made on the blockchain has to be confirmed before it can be considered successful. Miners are seen as middlemen in the blockchain and are generally responsible for confirming every transaction which take place in there and because of these middlemen, transaction fees become more expensive because they are rewarded with some portion of the fees.
THE NORTONCHAIN SOLUTION
NORTERNCHAIN is an open source distributed ledger which is being built to solve all the inadequacies in the current distributed ledgers such the bitcoins blockchain, Ethereum blockchain and other minor blockchains.
NORTONCHAIN technology will be creating a relationship between the project developer and the building of a project through an advanced human to computer relationship. Developers will be able to interact with the technology through voice recognition being powered by Artificial Intelligence.
This interaction between developer and technology will enable NORTON TECH to understand what the developer intends to build and help him do so with just a few command lines from the developer. This will in turn save the time spent on building projects on distributed ledgers.
Also, NORTONCHAIN will be making use of tangle technology which works with the notion that every user must work to approve their transaction. With this, users making use of NORTONCHAIN will be responsible for the confirmation of individual transactions and no transaction fee has to be paid to miners.
CONCLUSION
The NORTONCHAIN will posses its own coin called NORTON COIN(NRT), but before the completion of the platform, its coin is being represented by Norton token which is built on the Ethereum platform so it can begin serving as a digital currency.
After completion of NORTONCHAIN, there will be a coin swap from Norton token to Norton coin. The solution and abilities of NORTONCOIN mentioned above are just a tip of the ice berg of what technology can do, which is why I suggest that you get board this innovative tech through its ICO while it’s still on.
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Author: Vocalwalls
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