The Technology Behind the NetCents Coin.
The technology behind the NCCO is Multichain. It is a next-generation blockchain which provides both enhanced privacy and control over existing technologies. Multichain is a proven technology. It is based on existing and tested blockchain technology and architecture which has been around for almost ten years and has enhanced features that allow administrators to control access and cost of operations.
The Foundation leverages this next generation technology to solve the pain points of mainstream cryptocurrencies, by:
Privacy.Blockchain can only be managed by chosen participants
SecurityImplementing safeguards and controls over which transactions are permitted
Relevance.Only containing transactions of interest to participants.
TransactionsSetting our block size and increasing the number of transactions which are processed per day.
By using Multichain’s permission module, we limit access to our blockchain, ensuring the blockchain’s activity is only accessible chosen participants. Our permissions include who can send and receive transactions, who can connect, and who can view different aspects of the blockchain. These permissions are set on an agreement basis with the respective parties. The ledger itself, however, will be public for all to see.
To send a transaction with today’s modern technology, a user does so with public key cryptography. Anyone can generate their own private key, which has a mathematically related public address that represents a recipients’ identity as well as how they receive funds. When information is sent to this public address, those funds can only be spent using that same private key to ‘sign’ a new transaction.
NCCO takes this one step further, ensuring privacy and restricting blockchain access to a limited, select list of permitted participants. We do so by expanding the process that occurs when two blockchain nodes connect.
The NCCO Platform eliminated the traditional mining process since we control the number of coins being issued and issue coins according to our release schedule. ForNCCO, the mining process means merely validating the transactions to keep the blockchain in sync. This allows us to eliminate the expensive hardware and electricity costs associated with Bitcoin mining. We have also solved Bitcoin’s scale issue (limited to 300,000 transactions per day), whereby the NCCO Platform can support 9,200,000 daily transactions.
NCCO currently operates nodes located in Canada and Europe, with each location containing two servers/nodes running our blockchain technology. Additional nodes are expected to be deployed shortly in South America, Africa, and Asia.
To keep our blockchain decentralized, each participating merchant will have a patent pending software which creates a compressed node of our blockchain to be hosted on their infrastructure. This provides NCCO with a fault tolerance, meaning that it is less likely to fail accidentally since we rely on multiple separate components.
It also safeguards NCCO with attack resistance (decentralized systems are more expensive/difficult to attack and destroy or manipulate because they lack sensitive central points) and a collusion-resistant network (it is harder to collude to act in ways that benefit themselves at the expense of other participants).