It will increase the speed of transactions thousands of times – Russian programmers are working on the creation of a computational core for the third-generation blockchain-platform, which will form the basis of the new world-class Color Coin cryptocurrency. The specialists of the Institute for System Programming of the Russian Academy of Sciences are engaged in the development.
The idea of the project is to create a cryptocurrency and applications which can be used for the benefit of the community, for example, for charity purposes. The investor of the development was the South Korean company Pax Datatech, which is going to sell coins worth $ 30 million with the help of ICO.
The new core for cryptocurrency will allow to increase several times the speed of smart contracts execution. In particular, if the speed of ethereum operations is 100 operations per second, then the Color speed will be 4000-5000 transactions per second.
“The project is aimed at solving the most important problem of ensuring trust between participants in the modern “digital economy” both at the level of business and the country, and in society”, explained Harutyun Avetisyan, director of the Institute for System Programming of the Russian Academy of Sciences.
In September this year, developers plan to launch four applications, including a service for communicating in the digital space of apartment designers and their clients, as well as an application for the development of the “gift economy”, that is, the creation of a digital charitable foundation.
“Imagine that every participant registered on the platform receives pixels every day. They can not be spent on anything. You can only transfer them to someone. These pixels accumulate at the receiver and at the end of the week they turn into coins. The currency is deanonimized, all processes are transparent. It is known who sent the money, it is known who received it” – Nikolai Pakulin, the technical director of Color Platform, explained.
The initial placement of coins on the Color Platform starts on September 22 and will last one month, Izvestia reports. During this time, the company intends to place 200 million Color Tokens, which will then be converted to the new world color Coins crypto-currency.