sourceOvertime, since the advent of blockchain, the primitive ways of solving problems are gradually passing on to oblivion. Barely can we talk about cryptocurrency (a digital way of storing, transferring and trading currency independently of a central bank) without having to reference blockchain.
Blockchain is quite resistant to modification since transactions between parties are recorded in a verifiable, efficient and permanent way on an immutable distributed ledger in a decentralised way. Transactions are quite transparent and and not vulnerable to alterations.Read about blockchain here. SpectrumNetwork has discovered the viability of blockchain and its faculty in solving problems posed by the centralised world. Let us now examine what SpectrumNetwork entails.
What is SpectrumNetwork, Concepts and Use Case?
sourceSpectrumNetwork is a Geographical information System that uses a hybrid blockchain in compatibility with Ethereum network i.e uses ERC20 algorithm to operate and manage decentralised applications built on it and their functionalities
The Spectrum Network is a blockchain on its own that offers to strike out the unusual practices and ways of operation in geospatial ecosystem which poses several knots in the industry. It employs newest culture of blockchain solution to eliminate prevailing issues associated with the centralised system.
As a hybrid blockchain implies, SpectrumNetwork comprises the following wings (as in the image below) that are blended to make up an ecosystem.
screenshotGeospatial data are such sets of data with geographical components which includes but not limited to geotags, street addresses, cities, postal codes etc. These are public data that exist in large amount hence the need for geospartial instruments for acquisition, analytic and storage of these data which the SpectrumNetwork's hybrid blockchain can conveniently handle and make available anytime to anyone in need of it through a smart contract after being queried.
In Nigeria and other countries of the U.S where transportation system has been transformed to E-hailing, there are obvious issues and reports of data falsification and less secured services being rendered. UBER and Taxify are good examples of applications using geospatial data with countless reports of malpractices and data breach.
With a designed utility token called SPEC, that uses a blend of spatial signatures and a proof-of-location algorithm, SpectrumNetwork aim to fill the space between the management of: geospatial data, its distribution cost adjustment hence it should not be mistaken with the regular ERC20 token with no utility. SpectrumNetwork will develop its own blockchain which will enable users to buy, sell and exchange SPEC utility tokens for other cryptocurrency.SPEC can be issued and marketed as a cryptocurrency and can be purchased through the following:
Local Fiat Money.
Digital/Online Bank Account.
Other Cryptocurrencies.
scshtsDistinctive features of SpectrumNetwork
- Power is decentralised and distributed.
Data is power and is much required in Geospatial industry/technology which is single-handedly controlled by centralised bodies. Such is bad for the future of the industry hence the need for transparency by creating a distinct access to spatial data.
- Elimination of Middlemen.
Through SpectrumNetwork hybrid blockchain, developers can directly and easily access spatial data to build geospatial decentralised applications (dAPPs) thereby eliminating the activities of middlemen who manipulate and hoard data at their convenience.
- Installing Security and Trust.
Centralisation of data paves way for manipulations and falsification of data and corruptions by the central entities controlling such data. Since data are prone to manipulations, there is high tendency for security breach. To ensure fairness, openness, and security, data will be made available on the SpectrumNetwork's hybrid blockchain which possesses the "trust and immutable" features of a blockchain and verify data through smart contract initiative.
A high level of trust will be instilled since data and transactions will be visualised to all users and with the power of utility of the SPEC token.
Who Are Behind SpectrumNetwork
In the cryptoworld, either you are a short-term or long-term investor, a mere trader or a hunter, whichever you belong to, you obviously want to be sure of what you are getting into. How viable and by which set of people it is handled? This makes us want to find out about the team. I digged into the profiles of the SpectrumNetwork' s Team especially on LinkedIn, I can confidently write about the project. See below image for team members.
See whitepaperTokenomics and Roadmap
As contained in the whitepaper, SpectrumNetwork will have a total/maximum token supply of 1,000,000,000 SPEC (1 Billion) of which none will be burned and not mine-able.
Circulating Supply > 500,000,000 SPEC
Contract Address >> 0x259059f137CB9B8F60AE27Bd199d97aBb69E539B
Token Symbol >>>> SPEC
Decimal >>>>>>>>> 18
Algorithm >>>>>>>> ERC20 compatible
55% of the total available supply is allocated to ICO, Pre-sales and Airdrop, 30% for operational maintenance and 15% for research and development purposes. As at the time of writing this article, Airdrop has ended.
Pre-sales started on 31st July, 2018 and ended 31st August, 2018 which was scheduled for two phases thus:
At phase one, token to be sold at 0.00001119 ETH of which proceeds be channeled into website, exchange listing fees and other expenses forward.
During phase two, token price to be sold at 0.00002 ETH. Generated proceeds to be directed towards mobile wallet and PC wallet development.
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