qEngage :: Technology :: Our usage of the Blockchain
Having explained our Core Working Mechanism, and Revenue Model in the past, a question that naturally comes to mind is Why Blockchain? Why are we building a blockchain based solution and not simply something that works off of a centralised server? What is the need for smart contracts in our project? This post aims at answering these questions.
Trust — The essence of the Blockchain ecosystem
The new aspect about the Blockchain that makes it such a revolutionary computing platform is the concept of trust on the blockchain. You don’t have to trust a third party entity to execute certain actions. Everything is coded in smart contracts. In the Blockchain world, code is law.
It’s not me saying this. It’s Ben Horowitz. Check out the video below
We are leveraging this very aspect of the Blockchain to build a trustless redemption mechanism for qEngage. Our goal is to write Smart Contracts for Redepmtion processes, so that users don’t have to rely on third parties (admins in our case) to disburse the funds.
Once the admin sets the distribution cycle period and token distribution values, they are set for the particular billing period. All funds that have to be distributed at the end of the billing period (the bounty) also gets locked in the smart contract for the particular billing period. Control is therefore transferred now, from the admin, to the smart contract, making our solution a truly innovative blockchain based solution.
Users can then directly withdraw the tokens they’ve earned via issuing commands, that get executed on the Blockchain, eliminating the need for trust on the user’s part.
Conclusion
The mechanism mentioned above ensures creation of a truly decentralised trust less network for redemption and distribution of tokens.
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