When TRUE launched in 2020 we used Ethereum exclusively. It was good to start with a known blockchain, but as Ethereum got competition from faster and cheaper blockchains it made sense to expand and use more than one. Today we use three different blockchains to generate secure document for our clients; AVAC and Fantom are the latest additions, both of which are ‘greener’ alternatives and use far less energy than Ethereum. TRUE continuously look at smart technology and will add more options in the future.
Below you will find an introduction to the 3 current chains we use to store data when issuing True Original Documents.
Intro to Ethereum
Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, Ether is second only to Bitcoin in market capitalization.
Ethereum allows anyone to deploy permanent and immutable decentralized applications onto it, with which users can interact. Decentralized finance applications provide a broad array of financial services without the need for typical financial intermediaries like brokerages, exchanges, or banks, such as allowing cryptocurrency users to borrow against their holdings or lend them out for interest.
Ethereum also allows users to create and exchange NFTs, which are unique tokens representing ownership of an associated asset or privilege, as recognized by any number of institutions. Additionally, many other cryptocurrencies utilize the ERC-20 token standard on top of the Ethereum blockchain and have utilized the platform for initial coin offerings.
Intro to Avalanche / AVAX
Avalanche was launched in September 2020 by Ava Labs – a team based in New York. Ava Labs has raised nearly $ 300 million in funding and the Avalanche Foundation has completed private and public token sales totaling $ 48 million.
As blockchain technology develops, it provides new solutions to old problems of scalability, interoperability and usability. Avalanche has taken a unique approach using three separate blockchains in its primary platform. Avalanche is powered by its own token AVAX and several consensus mechanisms and claims to be “the fastest platform for smart contracts in the blockchain industry, if you measure from start to finish”.
Intro to Fantom
Fantom is a high-performance, scalable, EVM-compatible, and secure smart-contract platform. Fantom’s mainnet deployment—Fantom Opera—is built on Fantom’s consensus mechanism, Lachesis. Fantom is a leaderless, asynchronous, and byzantine fault-tolerant Layer 1 blockchain protocol. Lachesis enables Fantom to deliver fast transaction speeds, low transaction costs, and deterministic finality. This is achieved while remaining permissionless, decentralized, and open-source.
The advantages brought by Fantom are not merely performance; its modular architecture allows for customization of blockchains for digital assets, with different characteristics tailored to different use-cases. Fantom also offers high levels of security by using a leaderless Proof-of-Stake protocol to secure the network.
The Future for TRUE as it relates to different blockchains
At TRUE we care about creating smart solutions for our customers which are highly secure, easy to use, at a good cost. We also want our technology to be sustainable and versatile. Because of this we are always looking for better solutions. We have discussions with owners of other chains so that we can continue to offer the latest and best for our customers.
Contact us to learn more about our platform for secure documents, which cannot be lost stolen or falsified.