YGGDRASH (YEED) ICO Review
YGGDRASH is a decentralized social networking platform that is putting users privacy and satisfaction as its first priority. It is an innovative approach towards transparent and independent means of user data ownership, reward on ads and free of speech. It is the first get paid to content creation and sharing ecosystem that leveraged OCR token payments for its reward system.
|Ico Time||Unknown – Unknown|
|Price||1 YEED = 0.008 USD|
|Minimum investment||1 ETH|
|Hard Cap||40,000,000 USD|
More about YGGDRASH (YEED) ICO:
The Yggdrash is a blockchain platform, provides services such as Dapp (Decentralized Application) and DAO (Decentralized Autonomous Organization) for any individuals, industries, and corporations, unlike others performing as one kind of cryptocurrencies. The Yggdrash project has began with a vision “Digitize everything into reality”; it can be applied to create and connect any assets such as cryptocurrency, real estate, stock market or brokerage services.
Improved Data Capacity, Speed, and Expandability
One DApp in Yggdrash ecosystem is an independent blockchain.
Each DApp is not bound to other DApps; enjoy the fast and high quality of independent network.
“Zero” Network Fee – Reputation Scoring System
Yggdrash adjusts the current fee structure of blockchain by applying reputation. YEED is a crypto-currency and plays as one of criteria to evaluate reputation.
Yggdrash introduces Akashic Records & Block Box to minimize the size of block data. It reduces efforts preparing node and shorten delay fom several days to less than an hour.
DPOA : Delegated Proof Of Authority
DPOA, agreed algorithm, gives users & operators with high reputation authorities. It assures independence, incentive, and expandability while increasing connectivity.
You can create the blockchain you want with YGGDRASH, the AWS* for blockchain. The nature of a blockchain can be either private or public, one that best suits the purpose of the business. A blockchain in YGGDRASH can choose its consensus algorithm from diverse options such as POW, POS, POA and more. A transparent blockchain platform with no limit, that is YGGDRASH.
A DApp in other blockchain platforms is merely a smart contract dependent to the governance and the consensus algorithm of the platform.
In YGGDRASH, a DApp is a BRANCH CHAIN, an independent blockchain untethered from the platform. All DApps in YGGDRASH can keep their governances and consensus algorithms, and still be connected to many other DApps within YGGDRASH at the same time through STEM CHAIN.
As of Nov 4th, 2019, all assets and data in the world will be connected! YGGDRASH, the platform that surprised everyone in 2018 with its TestNet Alpha, is taking its first step for interchain implementation. YGGDRASH TestNet Alpha was the first case in the blockchain industry that has realized a DApp platform that allows the independent operation of DApps to the level of DAO (Decentralized Autonomous Organization) and an interchain platform similar to DNS (Domain NameService) logic.
Problems in the Current Blockchain Market
Blockchains Considering Technological, Institutional, and Business Aspects are Needed
Technologically, implementing blockchains in many industries has been facing frustrations due to the lack of meaningful numbers(TPS) to persuade the management level within companies.
There are industries that can create synergy by introducing blockchain technology, such as payment services. Applying blockchain technology to payment services can reduce the middle step to improve profit structure and benefit service users. Nevertheless, if we look at the current state of the blockchain market, developers spend more time solving the business and institutional problems arising from applying the blockchain than experiencing the technical utility of the blockchain
In June 2019, the Financial Action Task Force (FATF) announced its obligations for virtual asset service providers (VASPs), including cryptocurrency exchanges4. Therefore, cryptocurrency exchanges should have the identity information of the parties that trade assets. In other words, anonymity, which is one of the main features of blockchain, is no longer guaranteed.
According to the EU’s General Data Protection Regulation (GDPR) which took effect in May 2018, the use of public blockchains for business is no longer viable under both domestic and international legal regulations governing the protection of personal information. The Internal Revenue Service (IRS) of the United States of America also announced that ‘all cryptocurrency users must disclose their transactions and pay taxes accordingly5.’
As such, regulatory uncertainty about blockchain technology has caused entrepreneurs to hesitate the adoption of blockchain and has given instability to those who already implemented and developed it.
Gartner, a research firm in the IT field, created a ‘Hype Cycle6’ (Figure 1) and divided it into five stages from the emergence of new technology to the universal use of the technology, and visually express expectations for each stage.
The future we think…
Our future will become ever more complex, and more transactions and data will be created. As it has been and always will be, data management is one of the most important tools to navigate this complexity. What will happen if we maintain the current system where we keep all the data in one place and manage all the points that are linked to each other? It means all the risks are concentrated in one place. If people keep choosing central points where all their personal data is stored in order to use services and to maintain their lives, is this the right decision or the best choice? What if such a central point stops to operate? Or what if people or centralized organizations use our valuable information for the wrong reasons? Will we still be able to trust the system after all? It is questionable whether we should continue to trust current centralized systems in which the safety and integrity of our data is not guaranteed.
Even if we cannot transfer all of the internet, which is a sea of information, into the blockchain world, we shall address the necessity of this blockchain platform as a first step heading toward the future. All blockchains have their own governance. While blockchains such as Bitcoin and Ethereum are different, each has its own goal and direction and presents different solutions.
YGGDRASH acknowledges such difference in thinking and is pursuing a platform which will enable different methods to solve these issues together.
The ideology of blockchain has changed. There are still difficulties in how each blockchain project resolves issues and problems in reality. Users who use the network are concentrated on one blockchain, so all transaction data is concentrated in one block, causing negative effects on applications in the real world. This might cause another centralization of the decentralized information of networks, showing the limits of blockchain performance. If too many people try to register in a block at the same time, a bottleneck will occur which is an essential task for the P2P network to tackle, no matter how fast the speed of a blockchain connection is made.
Many blockchain projects are still trying to resolve these problems. The YGGDRASH project will contribute to solve them and subsequently make the blockchain ecosystem much healthier. Our future will become more complex, and more transaction and data will be created. As it has been and always will be, the data management is one of the most important factors.
1.1 Why another blockchain?
1.1.1 Transaction processing performance, abusive, self-interest driven competition between block verification nodes, and sync speed of blockchain
What is transaction speed (TPS) / throughput, in other words, transaction processing performance? Basically, it is a measure of how many transactions can be processed per unit of time. Many major blockchains today are experiencing difficulties due to the dramatic increase in the number of transactions and size of DApp data. In case of existing centralized platforms, this issue can be solved by increasing the number of servers along with data traffic increase. However, the recently introduced blockchains have inherent limitations. The computations necessary to complete each transaction in the current decentralized DB environment and P2P network resources with different processing performance slow down the overall network. In addition, the consensus process between nodes makes this problem even worse and more complex.
Inseparably related to the processing performance of a blockchain are the block validation nodes: in other words, the economic incentive for miners. Bitcoin, the first generation of blockchains, believed that it could create a transparent and stable ecosystem through the voluntary participation of miners by rewarding them based on mathematical proofs and game theory, such as proof of work (POW). Due to explosive growth in the number of transactions, however, the consensus process is governed by abusive and self-interest driven block verifiers. They line up transactions and DApp data based on profitability, resulting in higher cost for the blockchain environment. Even though such transactions can yield high value for the verifiers, using lower fees slows transactions down or leaves them not executed permanently. This is the reality of the blockchain environment today.
What is not discussed significantly in the blockchain ecosystem until now is the matter of increased block size and sync speed. Since the structure of a blockchain connects a block with another block, the size of all blocks increases and block sync speed decreases along with the increase in transaction volumes as time goes by. Since 2012, the average size of a block in a blockchain and the time for the block to sync have doubled every year. As of February 2018, the total data of Bitcoin is 150 GB and the block sync takes 14 days on average. This issue hinders the participation of common people in the blockchain ecosystem and brings a negative result in which the nature of decentralization turns into the centralized blockchain. As such, most of the major blockchain projects today struggle to solve issues of blockchain capacity and sync speed in order to apply blockchain to the real world in business, such as embedding blockchain technology into IoT devices.
Akashic system –improvement in node sync speed by applying BRA (Block Reassembling Algorithm)
Most blockchains that consist on the main net today provide a full node (wallet) that can be utilized. Various functions such as smart contracts can be executed on those networks. However, most cryptocurrency users are using cryptocurrency exchanges or light client node (wallet) services to trade cryptocurrencies and use smart contracts. This is because it is difficult to form a full node on their own. One of the biggest constraints is the time and economic inefficiency involved due to the need of all the blocks in the blockchain to be downloaded and synchronized.
For example, the synchronization for Bitcoin takes about 14 days while that for Ethereum takes about 8 days (4.8 million blocks / as of January 2018).
Those who want to form a full node on a different blockchain platform do not synchronize from the Genesis block (the first block of its blockchain). By receiving a wallet where blocks are synchronized to a certain extent and shared over the internet through a P2P network, they can save time on synchronization. Still the nature of widely used P2P networks today (such as Torento etc.) might come with the risk of carrying viruses. One receives the wallet from available servers where reliability and integrity is not guaranteed.
YGGDRASH will realize an effective and stable block synchronization through the Block Reassembling Algorithm (BRA).
The Block Reassembling Algorithm consists of 3 components as follows; • Akashic Record (AR): A set of values of all transactions before N blocks • Block Box (BB): A set of blocks containing N blocks in one box • Original Block (OR): Blocks of general blockchain
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