In the ‘Smilo explained’ series we will explain the technology and choices that define the Smilo Platform in an accessible way. In this article of Smilo explained we are going to explain what the Smilo Platform is, and what its unique strengths are.
What is the Smilo platform?
Smilo is a decentralised, open source, hybrid blockchain platform that will be able to facilitate both public and private transactions, -smart contracts and -decentralised applications. As such, Smilo will safeguard the privacy of any individual’s data whilst warranting full transparency from the organisations that these individuals interact with.
Smilo is based on the Smilo BFT+ protocol, which ensures fully secure, scalable, quick, and sustainable transactions. Considering these features, we call Smilo our hybrid blockchain platform with a conscience.
Smilo’s intent is to use the blockchain to create an alternative protocol for decentralised applications. Smilo’s unique strength derives from the combination of multiple features:
- Hybrid smart contracts
- Hybrid decentralised applications
- Hybrid transactions
- Transparency for organisations
- Privacy and anonymity for individuals
- Connection to real life applications
One of the most apparent innovations of the Smilo platform are the hybrid features — with ‘hybrid’ referring to both public and private. Smilo facilitates hybrid transactions, -smart contracts, and -decentralised applications on one and the same blockchain.
Let’s take smart contracts as an example, traditional blockchain platforms provide their users with the ability to implement either private or public smart contracts as their code. Meanwhile, the Smilo platform is the first, and currently only, platform to provide developers with the means to combine/deploy both public and private contract applications on the same blockchain. This element will be useful in many scenarios, such as for instance the medical sector, the social funding sector and the public sector.
In this new digitalised world, transparency is a way for many companies to earn consumer trust, as transparent operations lead to a reduction of scams, overcharging, and expensive intermediaries.
With the inherent features of blockchain technology put in the form of mutualised record-keeping in a near-irrevocable time-stamped ledger, we bridge the gap of the trust deficit, which otherwise would not be possible. Transactions will be safer and considerably more transparent.
The Smilo blockchain will be publicly available through the blockchain explorer. We see this explorer as a source of competitive advantage. Through this explorer transparency, efficiency and security are guaranteed. It is the place where customers meet suppliers to validate their transactions, openly and transparently.
Privacy and anonymity
There are a number of platforms out there that are able to host smart contracts and decentralised applications, but none of these platforms have the ability to host both public and private transactions, -smart contracts and -decentralised applications. This is why we developed the Smilo platform. Smilo is able to make certain transactions, smart contracts, and decentralised applications anonymous, if the user so desires.
Connection to real life applications
The team behind Smilo firmly believes that connections to actual use cases is critical for a successful blockchain platform. To ensure Smilo’s connection with real-life applications, we are linking our platform to actual uses, including functions for the following:
- The medical sector
- The social funding sector
- Product tracking
- The insurance sector
- Public sector
- Logistics sector
- Escrow arrangements
- Property and ID sector
With blockchain technology, the digitisation of these applications can be decentralised, trustful, traceable, highly transparent, anonymous (if desired), and free of intermediaries.
Be part of the Smilo hybrid blockchain movement!
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