Why Thingschain is the most advanced Blockchain to date

Why this project could be a competitor to larger blockchains like Ethereum

What is Thingschain?

ThingsChain is a next-generation platform for IoT devices based on blockchain technology. It uses a multilayered architecture which provides a solution to the issues faced by current blockchains like lack of scalability and low transaction throughput rate.

The goal of ThingsChain is to create a trustless and decentralized system in which transactions are similar to real world transactions. ThingsChain accomplishes it by designing its network as a multi-layer blockchain with double consensus algorithm to allow transactions to be linked with additional information on-chain. Users, developers, node operators, organizations, enterprises, crypto-exchanges, partners and other blockchains.

What makes Thingschain unique and a strong competitor to Ethereum?

Currently, Ethereum is a smart contracts platform built on top of a Proof of Work (PoW) consensus blockchain. There are some negatives to this:

• Proof of Work (PoW) is expensive
• Ethereum transactions per second (tps) is very slow with only 15 tps
• Smart contracts cannot be formally verified
• Smart contracts are written in Solidity and don’t lend themselves to formal verification
• Fundamental changes to the blockchain are handled through hard forking, which can lead to many problems in the community and disrupt the network effects that are formed over time.

Thingschain, on the other hand implements several features that ensure unity and validity across the network driving incentives to hold Thingschain (TIC).

Including:

• Self-amendment: Allowing the network to upgrade itself over time without having to hardfork and cause a divide in community, alter stakeholder incentives and disrupt the network effects that are formed over time.
• On-Chain governance: Where stakeholders in Thingschain can particpate in the governing protocol, allowing for a formal and systematic procedure for stakeholders to reach agreement on proposed protocol amendments.
• Decentralized Innovation: Proposed amendments to the protocol by stakeholders will include payments to groups or individuals to improve the protocol, furthering innovation and decentralizing the maintenance of the network.
• Smart contracts & Formal verification: Thingschain offers a platform to create smart contracts and build Dapps that cannot be censored or shut down. Unlike Ethereum, Thingschain facilitates formal verification to prove validity of smart contracts. Learn more about formal verification here: https://en.wikipedia.org/wiki/Formal_verification
• Delegation: A security deposit is required to participate in the consensus process. The consensus process relies on an honest majority for its security and thus will penalize any dishonest particpants to the point of losing their deposit. But, will be rewarding to honest behavior.
• Proof of Truth: ThingsChain will use a proof of truth consensus mechanism which will ensure that only correct data is stored in the NestChain. It’s a consensus mechanism which allows only real transactions or information confirmed by supernode to be stored in Nestchain.

What “Blockchains Packed in Blockchain”?

How does this help the Thingschain Proof of Truth (PoT) consensus mechanism?

This structure will increase the storage capacity, process more transaction confirmations per second and provide more security. A two-layers structure will also decrease the size of the blockchain which nodes are needed to store.

Why Thingschain will flourish in the coming months and years

Due to the scalability, problems with smart contracts and formal verification plaguing Ethereum, Thingschain has a great opportunity to become the dominant chain in the cryptocurrency ecosystem. Through it’s self amending protocol, Thingschain will be able to upgrade and evolve over time which is a strong characteristic of a 4th generation blockchain as well as IOT industry. With an on-chain governance mechanism, bad actors will be punished, allowing for unity and honesty to drive the Thingschain ecosystem forward and reward honest participants. Essentially, upon release of the Thingschain betanet and mainnet launch, Thingschain will be ahead of projects like Cardano, Neo, Ethereum right out of the gate.

Thingschain Team

Thingschain: Step out Line — Step in Chain.

✅Smartcontract: 0x72430A612Adc007c50e3b6946dBb1Bb0fd3101D1.

✅ICO Website: http://thingschain.network/

✅Whitepaper: https://thingschain.network/Official_Thingschain_Whitepaper.pdf?ver=2.2

✅Telegram Official Community: https://t.me/thingschain_group

✅Telegram Korea Community:
https://t.me/thingschain_group_kor

✅Telegram China Community:
https://t.me/thingschain_chinese

✅Telegram Official Announcement: https://t.me/TICchannel

✅Twitter: https://twitter.com/Things_chain

✅Github: https://github.com/TICnetwork

✅Talk with us: contact@thingschain.network