How TrustNote Can Play a Bigger role in Emerging Economies Like India
Blockchain is undoubtedly one of the biggest technological shifts and a breakthrough achievement in moving towards a digitised economy. However, with an unprecedented surge in the number of participants using the blockchain technology in the past few years has simultaneously given rise to the issues of scalability and growing transaction costs. Moreover, some of the existing scalability solutions don’t provide a long-term solution. They are limited to temporarily easing up the blockchain congestion, however, at the cost of reduced security.
In order to overcome these issues, emerging solutions like TrustNote provide the true freedom of decentralization while making it absolutely easy for developers to build new applications with speed and are simultaneously scalable.
TrustNote is built using a Directed Acyclic Graph (DAG) based distributed ledger (“DAG-ledger”) system which gets rid of the block structure completely and thus removes the barriers of block-size issues. Instead, each transaction on the DAG ledger will confirm the previous transactions. Unlike the traditional blockchain solutions where an increase in network participants results into congestion and higher transaction times, the DAG-ledger behaves in contrast. In DAG ledger, higher participants on the network mean faster transaction verifications and growing scalability of the network.
However, TrustNote goes beyond the simple DAG consensus models by implementing a proof-of-work consensus layer over the top called TrustME consensus, in order to facilitate trustable witness node selection through mining. This two-tier network architecture helps toward building a more scalable and secured distributed ledger system.
TrustNote (TTT) in Comparison to Other Open-Source Counterparts
In addition to using the open-source DAG consensus model, TrustsNote has developed the TRC20 token specifications which makes it extremely easy for developers and users on any device to either issue and transfer their own TRC20 compatible tokens.
Unlike the ERC20 Smart Contracts on the Ethereum network that requires complex and high-end programmable inputs, the smart contracts on the TrustNote platform make use of declarative languages which drastically reduces the difficulty of smart contract development and improves the performance.
The simple yet rich API interface makes it absolutely easy for developers to incorporate the transaction functionalities and token management system into the app. The TrustNote network comprises of multiple node protocols with each node supporting different applications based on their complexities and requirement thereby letting new innovative ideas to run very smoothly with applications accessible to everyone.
In emerging economies like India, TrustNote is pitching a straightaway competition to other solutions like NEO and TRON which have recently emerged as potential players in the blockchain space, due to their ability to host decentralized applications (DApps) and implementing smart contracts.
TRON is a blockchain based decentralized protocol focusing on creating a worldwide free content entertainment system with distributed storage technology. This platform, however, cannot be considered as truly decentralized because the media creators using TRON, still have a total ownership of the data they create along with the distribution to the audiences.
As mentioned in TRON Beginners Guide by CoinCentral, the implementation of the third and fourth phase of TRON blockchain will give content creators a stake for personal brand through “individual ICOs”. To implement this, TRON might have to implement Ethereum like smart contracts where the company admits that it might face network congestion during the ICO launch. With vast number of unique tokens, it is quite possible that the network will not be able to validate the trustworthiness of such tokens Moreover, Tron’s whitepaper also doesn’t mention about how it will take care of and prevent Sybil attacks or exchange account hacks on the network.
The go-to guy behind the TrustNote project and its founder — Jeff Zhou — is a thorough professional and an expert on blockchain technology. The technical expertise of Zhou spans across multiple verticals like big data, cryptocurrency, database, IoT, operating systems and video processing. Such a wide experience of Zhou has been reflected in the creation of the TrustNote platform which caters to developing multiple different applications with a holistic viewpoint.
Zhou believes in the vision of creating a technology that can sell for itself. As a result, the team behind TrustNote is focused and driven more towards strengthening the technology rather than opting out for spending a fortune in marketing to lure investors.
How TrustNote Can Play a Bigger role in Emerging Economies Like India
In addition to supporting a broad range of applications through its multi-nodal protocols, the major USP of TrustNote is the ease with which developers and users can execute declarative Smart Contract without the need of writing complex programs. As a result, TrustNote becomes a good fit for business and enterprise solutions of any scale and size and thus can witness a broader adoption in emerging markets like India.
Its DAG-ledger system offers elastic scalability and can cater to any number of users on its platform. TrustNote’s important features like instant token-issuance capabilities and micro-transactions makes it an ideal choice for multiple use cases like gaming, social networking, micro-financing and micro-leasing applications.
This way small banks operating in remote locations within India can use TrustNote’s blockchain solution to provide instant and secured micro financing loans to local businesses. This way funds sent by the central government can quickly reach to small businesses operating in remote regions which can spearhead its economic growth. This will certainly help to bring more transparency in the operations of India’s informal economy by helping it to get absorbed in the country’s formal economic structure.
Along with the ability to cater to multiple applications, its dual-tier architecture (Proof-of-Work + Directed-Acyclic-Graph) ensure transaction verification and scalable consensus without compromising on security and decentralization.
According to one of the the latest reports from Forbes, the Indian state of Andhra Pradesh has established “FinTech Valley Vizag” for attracting investments in the blockchain space. The state has undertaken two key projects of vehicle and land registration registration using the blockchain technology to streamline this process, reduce frauds and bring more transparency.
With India being one of the largest automobile consumer market of the globe, TrustNote’s instant-token issuance capabilities can easily help to overcome the vehicle registration process in short time.
