A brief explanation of XtraBytes new module system.
XtraBYtes, the only coin currently working towards building a PoSign technology network, released an update regarding its modules. What does this all mean though? Today, we will break down all of the features of this coin into terms we can understand in a non technical manner.
So first, and most importantly, XtraBYtes’ developer Zoltan Szabo, aka Borzalom, is working on the PoSign, or Proof of Signature concept on the XtraBYtes platform. This is a specialty in both work and theory, and separates itself from other coins by being able to actually sign off inside of the VITALS (Virtual Information Transmissions Aligning STaTiCs, STaTiCs standing for Services, Transactions and Trusted in Control) network, verifying that each signature to the blockchain is trusted and secure; and does not use the currently popular proof of work and proof of stake concepts, which, when finished, should be revolutionary in the blockchain space; as it's the only coin of its kind to currently do this.
The XtraBYtes network itself does all the heavy lifting, and makes sure that with each transaction to the STaTiC nodes, that it signs and secures to the trusted STaTiC nodes only; making it not only one of the most secure blockchains that will be available, but it will also help with both data storage and those seeking to build on its platform and use that storage, and ensures security for future users of both the XtraBYtes platform and any hosted applications on the XtraBYtes platform that would use the network to both develop and function on. Basically, think of it in the terms of a giant, decentralized hard drive for applications and storage.
The STaTiC nodes talk with each other on the XtraBYtes platform, and owners of the STaTiC nodes receive rewards for both services being used on the blockchain, transactions on the network, and transaction fees that occur – which gives STaTiC node holders a great reason to hold and not “break” their STaTiC nodes! Each STaTiC node is the same, and sees the same transactions and each block is equally visible by the network. Now, if a STaTiC node were to become violated (hack, glitch, etc), the network would blacklist it and continue signing only blocks that were valid.
Skipping a bit ahead as I don’t want to get too bogged down in the initial structure of the platform as that has been already been explained in great length on their ANN, CCRevolution, one of the two founders of this extraordinary platform, has recently released news about upcoming modules. What do they do? The short answer is that an XtraBYtes module allows developers themselves to connect to the XtraBYtes platform and build both new and link existing applications on the platform.
Think of it kind of like the Apple Store, but for programmers to be able to build their platforms on top of a secure, nearly impenetrable blockchain and in the same breadth, once the modules are online, developers will be able to interlink their programs and applications, allowing for cross use platform usage as well. This, as CCRevolution says on their ANN, is the “use case” of the program.
When the platform comes to life in a few more weeks (my best guess), and it delivers as promised, we could very well see ICOs that may offer larger initial investments over time, without any risk of the network or websites crashing as we’ve seen in many other blockchains. It would also solve the issue of hacking, as the developers say that they are consistently testing and updating the platform to ensure the highest security; hopefully creating a new confidence in ICO investors.
I am a member of the Slack community, and long time holder since May. Please post below with any questions, and I will defer them back to the admins, board and creators. Thanks for reading and have a great day!