Soferox is a brand new blockchain concept (Proof of Pact) created by blockchain experts to maximize all the benefits of current blockchain systems, while at the same time minimizing the difficulties.
The company is seeking to launch via ICO, starting with a presale that is occurring right now, and concluding with a public sale starting September 15.
To explore the innovative idea and technology underlining, we must first understand the existing issues and limitation in our blockchains.
Weak Links in the Chain?
Blockchain technology is the up and coming news in the tech sphere. Even recently, blockchain technology was only something for nerds to discuss around lunch. But in recent months, blockchain, the tech that Bitcoin and other cryptocurrencies is based on has taken the tech world by storm.
Blockchain is starting to make inroads into every field.
The news that Bank of America recently has sought new patents for blockchain technology shows the financial impact that the tech already has. The UN is trying to utilize blockchain technology as well, seeking to help with everything from climate control to refugee management. International real estate markets, new decentralized stock markets, and even medical markets like dental care are being ‘blockchained’ as well.
With all this blockchain boom, however, many industry outsiders are stunned to find that beneath the seemingly soft surface of blockchain technology is a chaos of controversy, creating anxiety among consumers.
Blockchain technology is like the new internet. With technology and control that has caused a massive stir among users, there is still much to do in bringing it safely into the mainstream, and the original blockchain methodologies are in great need of change.
Soferox Paradigm is a Game-Changer
The blockchains that created Bitcoin and Ethereum have both been utilized extensively. However, these chains, while providing the first groundwork for the mainstream acceptance of blockchain, have weaknesses. Soferox has created a platform where these systems will be obsolete within a short time.
First is the issue of block creation.
Bitcoin uses a system called Proof of Work (PoW), where miners of blocks are asked to solve a complex equation in order to build the next block on the chain. While functioning properly to date, PoW is not completely popular simply because of its extensive electricity usage. Miners are also sometimes pushed to create blocks that are empty because of block delay in distribution.
Ethereum currently uses the PoW system, but has indicated that it may well shift to what is referred to as a Proof of Stake (PoS) platform in short order. PoS refers to the block maker owning a large volume of Ethereum – in which case it would not seek to cause conflict in the chain. The PoS system has been heavily criticized by blockchain insiders, who have indicated that t may create a monopolized economy where all the blocks are mined by a centralized group of miners, effectively destroying the purpose of the blockchain itself.
Without question though, the biggest debate among blockchain adherents over rigidity, and that blockchain solutions do not provide for necessary scaling. As blockchain technology has grown in popularity, more transactions have entered the chain. The rigid rules built into each chain, however, make it difficult for block size to increase.
Soferox is creating a new twin-chain platform.
Rules for the blockchain and actual transactions are split onto two separate chains. This ingenious model allows for immutable transactions, while at the same time creating a fluid environment where the rules for managing the chain can be changed without forks or new coins.
What’s more, Soferox does not charge transaction fees, by principle, and has developed a new block creation protocol (a functional hybrid of PoW and PoS called Proof of Pact (PoP)) which will be a better system for both consumer and miner as well.
Pioneering with many to follow
Soferox is currently in the midst of a presale ICO and will launch a full ICO in September 15. The company is creating the SFX token, and investors who join the ICO during earlier phases will receive greater levels of tokens.
Without question, there needs to be a better technology solution in the core of our blockchain protocols. Ideas such as PoP and companies like Soferox is are innovating the future of blockchain.
This concept has certainly created something that answers the underlying issues that face legacy blockchain systems. As blockchain continues to grow, solutions like PoP might lead the way to more scalable, faster and cheaper transactions.