ENCRY is preparing to launch public testing of their telecom-oriented blockchain.
Telecommunications is a fast-growing industry that has always been at the forefront of new technologies. One of these technologies, that can significantly improve the reliability in the telecom industry, can be the distributed registry technology — blockchain.
From dealing with fraud to quickly resolving disputes over roaming agreements, verification of billing and a more secure process of user identification – the new technology can be applied to a wide range of services used by telecom companies. But in order to take full advantage of this technology’s potential, it is necessary to create a specialized blockchain platform that meets the technical needs of telecom companies.
ENCRY Core is a blockchain platform, initially implemented on its own interpretation of the Proof-of-Work consensus with the ability to create smart contracts in the Prism proprietary scripting language, which is focused on creating flexible and evolving over time applications with a complex structure. It is the Prism language that makes it possible to create various decentralized applications. In the future, it will be possible to change the algorithm of consensus, if advantages over PoW outweigh the current ones.
“ENCRY will present their blockchain platform in public and private variations, which will allow the telecommunications company to implement closed and highly reliable decentralized inter-operator applications, with the ability to anchor into the public network,” said Roman Nekrasov, the founder of ENCRY.
In addition to all of the above, ENCRY Core has increased node stability and an improved network layer performance. Being only in the test launch stage, ENCRY Core is already showing a competitive speed for smart transactions.
As in classic blockchain solutions, miners are engaged in mining blocks on the ENCRY Core blockchain, and then receive a reward for their work in tokens, but it is assumed that one of the key advantages over other platforms will be a reward mechanism for network participants, including rewards for maintaining telecommunication nodes.
The ENCRY Core blockchain platform has been close tested for over 8 months, and the testing process is hitting the final stage. In the near future, there will be a public launch, and any member of the community will be able to install the node and take part in network testing and so help with the platform’s fundamental development.
The performance and applicability of decentralized solutions by ENCRY will also be verified by representatives of the telecom market, and the first company will be a virtual PBX with a higher degree of confidentiality — the EncryptoTel cloud platform, which has been using blockchain for storing and verifying billing data already. And is planning to expand the range of such services.