A blockchain-powered smart city revolution

In Photo: Locus Chain CEO Sang Yoon Lee addresses the audience.

TODAY I start a series on technology-powered real-estate developments, starting with the one technology closest to my heart, blockchain. Last week I was in Tokyo for the launch of the Ceza road show that just might very well help make the Philippines the next Crypto Valley of Asia, yet another real-estate development that’s going to be defined by technology.

Shortly after, we flew to Singapore for the global launch of the Locuschain World Summit, where it was revealed that this might very well be the blockchain platform that can make smart cities a reality.

Built with smart cities in mind, Locus Chain will be the world’s fastest and most scalable next-generation blockchain platform, making it the most practical and cost-effective integrated solution for smart governments to develop smart cities.

When blockchain first came on to the scene, the technology was seen to be the canvas on which smart cities of the future can be drawn, establishing a system of trust and transparency in the government through an immutable digital record that is safe and reliable. However, till now, the realization of a blockchain that can truly harness the full potential of smart cities is hampered by the speed and scalability of the blockchain technology.

The author with Locus Chain advisor Vincent Choy and PADCDI’s Jayjay Viray and Annaliza Laxamana

Locus Chain resolves that problem through a unique approach to DAG, which is a data structure algorithm introduced to exceed the structural performance limits of blockchain. Locus Chain uses the Account wise transaction Chain (AWTC) structure, which is a type of DAG. Unlike other common DAGs, the AWTC enables very efficient management of the ledger. Although the structure of these ledger data may be called the next-generation blockchain, Locus Chain makes a finality of consensus to ensure full practical usability.

Recently announced blockchains that used existing DAGs generally seek stochastic safety. This is because it is very difficult to pursue finality of consensus from a complex DAG structure. There are some general non-DAG blockchains that pursues finality consensus, but Locus Chain adopts the DAG structure that provides fundamental performance improvement compared with old generation and pursues finality of consensus. Therefore, Locus Chain can be configured very efficiently with the dynamic state sharding technology that other blockchain systems cannot implement.

The complete decentralization, which even Bitcoin has failed to some degree, is also their challenge. In order to complete the philosophy of Locus Chain, full decentralization should be done as much as possible. To prevent the monopoly of consensus rewards, they have made it possible for anyone to participate in consensus contribution reimbursement by freely combining the equity based Proof of Stake (POS) and Delegated Proof of Stake (DPOS).

DPOS in the locus chain is completely different from having to delegate unconditionally to someone elected like EOS. The idea of complete decentralization, which anyone can delegate and delegate freely, is up to the end, and it is a system to support POS, a compensation system for individual contributors’ contributions. As a result, it is expected that everyone will be able to easily participate in the consensus system and maintain complete decentralization.

Of course, improving performance is not the only goal of the technology.

Locus Chain was established with a vision to reduce inequality and promote sustainable growth, by providing affordable access to a reliable, secure platform that ensures accountability and transparency—and is the world’s first blockchain platform accepted for use by a sovereign government to support a national digital currency.

“Locus Chain is future-ready and can integrate with virtually anything—machine-to-machine communication, the Internet of Things, as well as artificial intelligence. It will be the foundation of smart cities. We believe it will be the future of blockchain,” said Sang Yoon Lee, founder and CEO, Locus Chain. “Our partnerships around the world already illustrate how blockchain can be leveraged to accelerate sustainable growth and alleviate the social divide, and reflect the deep trust that our sovereign partners have placed in us to deliver critical solutions needed to bridge the poverty divide.”

The Locus Chain Foundation (Locus Chain) released more details about their next-generation protocol blockchain at the Locus Chain World Summit on August 29 in Singapore. The event, celebrating many of Locus Chain’s significant business initiatives, was attended by representatives from over 36 countries, including early supporters of Locus Chain like HE Shaikha Moaza Obaid Suhail Al Maktoum, Princess of Dubai and HE Khalfan Saeed Al Mazrouei, undersecretary for the Private Department of HRH Sheikh Zayed bin Sultan al Nahyan.

Earlier in the day, Locus Chain entered into a new memorandum of agreement with the government of Malawi, bringing its number of MOAs entered into 42. With a significant pipeline of use cases and applications, Locus Chain looks to be the dominant chain of the future, powering such projects as Tunisia Economic City and many more.

Through strategic partnerships, the company is fast becoming the go-to platform for smart governments to develop smart cities, with MOAs already signed with the governments of Tunisia, Saudi Arabia, the UAE, Democratic Republic of the Congo, Rwanda and Brunei Darussalam.  The company also has a variety of partnerships in natural resource development, infrastructure, health management and financial services with corporations and governments in Asia, the Middle East, Africa and Europe. Locus Chain’s technology is expected to provide a low-cost transaction mechanism, a reliable and transparent management system and empower growing economies to become future-ready.

Locus Chain is a state-of-the-art blockchain protocol that can maintain stable transaction time even if the number of nodes and transactions increase using AWTC. Through the use of AWTC, Locus Chain is able to provide high transaction speed for every user in the ecosystem and the network. The blockchain protocol also provides scalability through dynamic state sharding technology, resolving issues associated with growing data size; supports smart contracts, which can be executed even in harshest network environments that other blockchain protocols cannot manage; and is protected by a secure cryptography system that shields the platform from cyber attacks. Transaction costs involved in the process are divided fairly and transparently, thereby tackling the concerns of large-scale applications of blockchains.

“We are shaping Locus Chain to carry unique technical features, which allows it to be implemented in large-scale projects without the caveats faced by existing platforms,” said Se-jung Kim, cofounder and business head, Locus Chain. “Our goal is to establish a flexible platform blockchain, which can be integrated as one unit depending on the business application, spanning from smart cities to charity and education.”

The inaugural Locus Chain World Summit was held on August 29 at the Fullerton Bay Hotel Singapore. The summit gathered key investors from around the world, and included speeches and keynote presentations from His Excellency Khalfan Saeed Al Mazrouei, co-founder of Locus Chain Foundation; Former Undersecretary for the Private Department of HRH Sheikh Zayed bin Sultan al Nahyan, and Guest of Honor Mr. Amir A. Dossal, founder and president of the Global Partnerships Forum and former executive director of the UN office for Partnership.

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