You’re probably aware by now that XTRABYTES (XBY) is a modular blockchain platform. This means its main function is not simply the transfer of value (like Bitcoin). It will be a foundation on which anyone can build their projects: ICOs, stand-alone applications, record-keeping systems, and much much more. It will be somewhat similar to a supercomputer running on blockchain technology. There really aren’t any limits on what can be done with XTRABYTES.
Currently, most ICOs/tokens are created on the Ethereum blockchain. The XTRABYTES platform will provide advanced features that Ethereum and others simply don’t. Ethereum requires programming in Solidity. With XBY, any programming language can be used. XBY transaction speeds (currently aiming for 10,000 tps) will be far beyond the capabilities of Ethereum (20 tps). Our transaction fees will be lower: zero fees for microtransactions, with the fee increasing on a sliding scale. Environmentally, XBY will be more sustainable and eco-friendly. XBY are not mined and therefore don’t require inefficient processing such as PoW (proof of work) or PoS (proof of stake) mining. This results in far less power usage.
In terms of customer sets, we aren’t focusing on any particular industry. One of the reasons being that the XTRABYTES platform allows programming in any language. When developers realize the strength and potential of the XTRABYTES platform and community, we’re sure that various use cases will rapidly emerge. These will naturally include existing projects migrating to XTRABYTES from slower, archaic blockchains.
I know you’re probably thinking “Yeah OK, I get it. XTRABYTES is going to be great. But I want to read about some actual real-life examples”.
Real-life usage examples
Here’s just a few of the many usage cases that we envision running on the XTRABYTES platform in the future.
Trade drives the world economy. However the infrastructure upon which it is built is prone to inefficiency and fraud. The blockchain concept is ideally suited to managing inventory and tracking items securely in a supply chain. Logistics heavyweight UPS has realised this, throwing their support behind blockchain as the future of the trillion-dollar shipping industry. Enter XTRABYTES. The low transaction fees and fast transaction times of the XTRABYTES platform make it the perfect choice for hosting a SaaS (software as a service) logistics tracking solution.
The digital healthcare record-keeping industry is growing at a hectic pace. Despite this growth, records are still held within centralised agencies. The larger the amount of personal information being stored in one central location, the more likely it is that that single location will become the target of hackers. By migrating health records to the XBY blockchain, they will become distributed and hence safer. Information stored using the XTRABYTES platform will be highly secure – it will remain encrypted even when the data itself is seized through malicious activity.
Brokers, lawyers, and banks have long been part of the real estate ecosystem. With blockchain and smart contract technology, this is changing. In real estate applications, XTRABYTES will provide both the currency and network for the transaction (replacing banks), and our smart contracts will operate as an escrow service (replacing brokers and lawyers). Users will save thousands of dollars. We’ll have a platform in place where these types of applications will be possible at the click of a button. Digital deeds (assigning physical assets to digital records of ownership) are another way that blockchain technology will do away with existing forms of record keeping. And it’s already happening. This could be done through the creation of a property token on the XBY blockchain, which could also be used for timeshares or rental properties.
We feel gaming is going to be one of our biggest areas of growth. The global gaming industry is currently valued at around US$95 billion, and is comprised of approximately 2 billion gamers. Not only will games be hosted on the XBY network, but a whole new gaming ecosystem will be born. Currently, gamers spend hours upon hours obtaining in-game rewards, rare items etc. Then, when the popularity of those games fades away, so too does the liquidity of those hard-earned rewards. The XTRABYTES platform will solve this problem. Highly liquid marketplaces are envisioned where gamers will gather to trade their rare items and more. All done within the fast, secure, anti-fraud XTRABYTES ecosystem using a specialized token and smart contracts.
The XTRABYTES team are hard at work on X-CHANGE, a decentralized exchange built upon the XBY platform. This exchange will enable XBY to become a primary trading pair with other crypto (and potentially fiat) currencies. As this transition takes place, XBY will become a measure of value for other assets, replacing Bitcoin and Ethereum. Banks and other financial service providers jumped at the chance to interact with the Apple Store and Google Play. They will be left with no choice but to begin interacting with the XBY platform to allow hassle-free transactions to/from fiat currency.
I hope these examples have helped paint a picture for you explaining the massive usage potential of the XTRABYTES modular blockchain platform. Should you have any questions, please don’t hesitate to join our vibrant community. We’re always looking for new members and are happy to help with anything you need!
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We don’t just publish articles, XTRABYTES is a whole new blockchain platform that allows DApps to be programmed in any language, utilizing a new consensus algorithm called Proof of Signature. In doing so, XTRABYTES presents a next – generation blockchain solution capable of providing a diverse set of capabilities to the general public.