When TRUE launched in 2020, Ethereum was the blockchain of choice. It worked well to start with a well-known blockchain to create a trusted foundation of our technology, but as Ethereum got competition from faster and cheaper blockchains it made sense to expand and use more than one.
Today, TRUE use several different blockchains to store the meta of the secure documents for our clients.
AVAC, Fantom and Polygon are the recent additions. These are ‘greener’ alternatives and use far less energy than Ethereum (pre-fork). TRUE continuously look at smart technology and will add more blockchain options in the future.
Below you will find an introduction to the current blockchains used to secure digital Certificates, Diplomas, Awards, Licenses, Memberships and more, with 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.
Intro to Polygon
Polygon has created a leading blockchain network. Its vision follows that of the Satoshi standard, one of complete decentralization. It does this by using validators distributed worldwide, many of whom are security experts, and their job is to monitor and improve the security and robustness of the network. They are able to identify vulnerabilities and feed them back to Polygon, which can make quick updates.
Using Polygon, developers can build Ethereum-compatible blockchain networks and scaling solutions. Polygon’s framework is based on Proof of Stake, where miners are rewarded for staking their holdings rather than by using huge amounts of energy to mine, as is the case with the Proof of Work chains, like Bitcoin.
The Future for TRUE as it relates to new 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 how to create value for your organisation with secure documents.