Community Observation: 2019.10.16
The Value of Blockchain for Large Amount Transfers
Community Observation publishes insightful opinions and interesting thoughts collected from the SimpleChain community. If you have any thoughts/opinions about blockchain/crypto that you’d like to share, feel free to contact us through our Telegram group.
By 空客730
To transfer 700 million dollars in Bitcoin only costs 199 dollars in service fee. It’s evident that with Bitcoin, no third parties can interfere with your rights to use your own money.
Anywhere in the world, it’s extremely inconvenient and expensive to transfer money in large amounts.
In countries where you can freely exchange currencies, the service fee for transfering 1 million dollars can be as high as ten thousand dollars, which is 6000 times the service fee of Bitcoin transfers. The difference here is the value of Bitcoin blockchain network.
In countries where you can’t freely exchnage currencies, well, it’s simply impossible to transfer large amounts of money. In China, if you want to transfer 700 million dollars, you might have to wait for another 30 years of development (inflation…).
About SimpleChain
The mission of SimpleChain is to simplify the blockchain for business.
SimpleChain is a PoW main chain with flexible sub-chains. Different sub-chains can adopt different kinds of consensus and block data structure as needed, to enable a variety of applications and use cases on blockchain. Sharding is also implemented to improve performance. This double-layered structure of one main chain and multiple sub-chains can fuel various applications while ensuring the consistency of the network.
Built on VeraxChain, SimpleChain’s first sub-chain, Baoquan.com provides record keeping services which serves to keep records of online data and authenticate electronic evidence. In June 2018, Hangzhou Internet Court of China judged a case of copyright dispute based on data stored on Baoquan.com. For the first time in China, the legal effect of the electronic data stored on blockchain is recognized in the judicial system. (News link: https://www.coindesk.com/blockchain-can-legally-authenticate-evidence-chinese-judge-rules)
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— -Overview — -
Website: www.simplechain.com
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— -SIPC Mining & Trading — -
Wallet-Chainbox (Chinese only at the moment): download available at www.simplechain.com
Mining Client-SimpleNode (English & Chinese, can also act as a wallet): download available at www.simplechain.com
Mining Pools
1. SimPool (Chinese only): www.simpool.vip
2. MATPool (Chinese only): www.matpool.io/
3. DXPool (English & Chinese): www.dxpool.com/
Mining Guide with DXPool: https://www.dxpool.com/help/en/sipc-mining-tutorial
Mining Machine: SimpleNode X1 USB mining machine: 2M hashrate, 5W power use. Please contact @Laurenxy on Telegram if interested.
Trading (English & Chinese): www.zt.com
