BlockStamp — introduction to a new blockchain
Along with the beginning of 2019, first Bitcoin block digging reached its 10th anniversary. Exactly the 3rd of January 2009, so called Genesis Block was generated, from which everything begun. This date is particularly important not only for the BTC itself, but also for the whole cryptocurrency market.
During the first decade of its existence, Bitcoin gained the international attention. It is not surprising because it represented a completely new, alternative and, according to many, better financial system. When, in September 2008, Lehman Brothers bank declared bankruptcy causing panic on the stock market which initiated global crisis, it became clear that the current monetary system is flawed.
Bitcoin has shown people that they can be independent of banks and superior organizations. The idea spread in a blink of an eye and people immediately fell in love in the new, digital money. During the 10 year period of cryptocurrency existence, thousands of projects expanding the concept initiated by BTC have arisen. It turned out that the money does not have to be only a store of value, but it can perform many new functions. It has been shown, among others, by Vitalik Buterin who created Ethereum and introduced the smart contracts mechanism.
Creators of BlockStamp project have also noticed the potential of Bitcoin and, when creating their own blockchain, modeled themselves on the original BTC concept. However, they introduced modifications which enables the platform, except the functions directly related to money transfer, a whole new possibilities. It is them that we will focus on in this article.
Why BlockStamp?
The name BlockStamp stems from the term timestamping, which simply is the way of securing data and preventing counterfeiting. As we know, Blockchain reached its popularity due to its unique possibilities to create decentralized database which, instead of one, central point, hands the care of its security to the network users themselves.
In the times when information is the most valuable asset, we need solutions that secure data we store and prevent falsification. From the deeds of ownership to electoral cards filled during voting — in the current systems these data were exposed to manipulation.
In a distributed system that allows appropriate marking originality, there is no room for such situations left. The advantages of blockchain are already being noticed by the biggest international banks which turn over billions of dollars which belong to their customers. Distributed ledger is becoming a new standard able to solve many burning issues of the modern society.
What distinguishes BlockStamp?
Despite the huge profits resulting from using a new technology, we still need solutions allowing its effective application. This is why BlockStamp creators decided to make an open-source solution, which will provide developers with unlimited possibilities of a new services. Team responsible for the project decided, instead of ‘reinventing the wheel’, to use the Bitcoin developers’ experiences and the new BST cryptocurrency is the improved BTC hard fork. The code is shared publicly in the Github service, so that everyone can use it creating new solutions.
In the case of BlockStamp, the mechanism of carrying out the transaction is similar to the one we deal in the BTC network. There have been, however, a few modifications introduced that Bitcoin doesn’t possess. The size of transaction has been increased to 1 MB, while the time of generating the new blocks has been reduced to 1 minute. It enables effective sending of the bigger amount of data — including documents, in a safe way.
BST — cryptocurrency build on its own, independent blockchain.
BlockStamp, in contrast to most of the projects we can find in the Coinmarketcap service, is an outright cryptocurrency build on its own, independent blockchain. It doesn’t only create technological supremacy — in a longer perspective it can also influence the price of the BST cryptocurrency positively. Market bessa analysis has proved that, in principal, cryptocurrencies dealt with this unfortunate time better. Moreover, each new project — both created by the BlockStamp creators themselves and the community members — will be crucial for the BST value in a long run. It can surely be an important factor for the investors considering placing their capital in this cryptocurrency.
The fact that BlockStamp team have not performed ICO for their project, can also be a positive signal. Creators were guided by conviction that introducing the working solutions at the beginning will be the best for their platform — and so they did. Owing to this, unlike many other cryptocurrencies, BST can be proud of their real accomplishments.
Solution shared by BlockStamp can be tested in practise, i.a., on the Chaincasino.io platform based on this particular blockchain. Everyone who ever had a chance to try their luck in the online gambling games, have surely noticed how many imperfections the services that provides them possess. ChainCasino creators decided to prove by means of blockchain that one can create a better online gameplay model, gambler-friendly for the first time in history.
As an outright cryptocurrency, BST also provides dedicated wallets in both the desktop and browser version. The BlockStamp team has created solutions for all the most important operation systems’ users such as Windows, OS X and Linux.
The original cryptocurrencies idea was, among others, to provide people with a new form of money which could give them personal freedom, inaccessible by the traditional payment methods. Most of the internet users is aware of the far-reaching censorship problem. Freedom of speech, which should be a basic human right in principal, is being restricted step by step on the internet. It is the result of the world governments opposing the idea of their citizens looking for information in conflict with their affairs. Possibility of browsing particular websites is often limited depending on the user’s location.
The solution capable of reinstating people’s freedom owing to them while browsing the web, can be blockchain-base DNS system. Solutions created by the BlockStamp are being used by, i.a., Hprox project which enables remote computer localization ‘lending’, so that everyone had unfettered access to the content of their interests.
We encourage you to follow the BlockStamp channel on Medium where we share information about the platform development and the solutions based on it.
