StarCHAIN The New Trend of Developing Proprietary Blockchain in Business Sphere: Introducing StarCHAIN
As we all know, the world is becoming more digital by the day, and we are witnessing unprecedented advances in a variety of industries. While these developments primarily benefit people's lives by making things easier, the increased integration of technologies is also making the business market more competitive. As a result, a lot of them are experimenting with different strategies to ensure that they stay one step ahead of the competition, like establishing rewards programs, hosting social gatherings, providing special discounts and seasonal promotions, launching new products, and more. One of the current trends selected by these businesses is developing their own blockchain technology to assist them with their business operations. This approach has become increasingly popular, as seen in recent Coinbase research, which found that more than half of the Fortune 100 organizations, the largest and best-known US corporations, are innovating and investing in blockchain initiatives to help them remain competitive in the global market. Additionally, data from Findstack also reveals that the blockchain market will reach $60 billion by 2026 and will enhance global GDP by $1 trillion by 2030, demonstrating that the technology has a promising future.?
Because the technology's features can provide numerous benefits and are relevant to a wide range of industries, the usage of blockchain for businesses is becoming the new "trend" and useful tool. StarWORKS Global is aware of this and is participating in the current transition by establishing our own blockchain network called StarCHAIN. Our blockchain network is intended to aid our business operations and provide solutions to numerous challenges that may arise in the modern era. So, how exactly does StarCHAIN function within our organization??
How StarCHAIN operates
To understand how StarCHAIN works, we must first understand the fundamentals of blockchain operations. The technology is a distributed public ledger of transactional data that is distributed across multiple computers/nodes in a network. All of these nodes collaborate to verify transactions and add them to the finished ledger. The technology is changing the way we transfer value and providing numerous benefits to businesses such as increased security, trust, immutability, transparency, efficiency, composability, and cheaper costs.?
After we’ve discovered the fundamentals of how blockchain works and what kinds of value it provides to businesses, let’s talk about StarCHAIN. If you haven’t known before, many blockchain networks out there are sacrificing at least one of the key properties known as blockchain trilemma (security, scalability, and decentralization). StarWORKS Global addressed this issue by creating StarCHAIN which employs a Proof of Stake Authority mechanism, which is a hybrid of Proof of Stake and Proof of Authority.? The StarCHAIN consensus mechanism operates in such a way that validators' identification acts as the number of tokens staked rather than their capital. Later, the chosen validators will be responsible for proposing and validating blocks to ensure the integrity and security of transactions. StarWORKS Global can get numerous benefits from this consensus mechanism, including a low potential of centralization, shorter block time, reduced costs, and lower chances of manipulation from unwanted parties. Check out our post here if you want to know more about the details regarding proof of stake authority.
Why StarWORKS Global is using our own proprietary blockchain StarCHAIN??
We opted to create our own blockchain network because we thought it would be a good fit for our business operations, and it is. Using StarCHAIN has provided us with numerous commercial prospects that we would not have received if we had adopted another blockchain network. StarCHAIN has the potential to attract a large number of people interested in gaining benefits through staking, particularly because the process is more secure and trustworthy. It is also well-suited to assisting with the operation of blockchain-based products and services, such as how we use it to assist with our StarPOINTS reward programs and the operation of our STARX token series throughout our whole ecosystem.?
Here are several main benefits that StarCHAIN has:
These benefits and advantages that StarCHAIN has can bring new opportunities for not only our businesses but also for every company that joins our ecosystem and becomes our business partner. Through StarCHAIN, we’ll make sure that transactions are much faster, secure, and make your business operation much more optimal.??
StarCHAIN is a public blockchain
If you haven’t known yet, there are four types of blockchain integration (public, private, hybrid, and consortium). The public type blockchain is the most popular type that is being integrated by many businesses, including our StarCHAIN. The public blockchain means that anyone can view transactional data on it without the need for an agreement or permission from anyone. Although it will remain anonymous, the network can record critical data such as your wallet address, when you make the transactions, how much you send through the transactions, and the wallet address destination to where you send your assets. It’s very different from other types as the other is usually only accessible and can be seen by a small group of people.??
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Is that possible if we use other blockchain networks?
The truth is it is possible, but it’s not feasible for us since we already have many products and services that already operating on StarCHAIN that may be impacted if we decide to use different blockchain networks. It will negatively impact the operation cost such as increasing the amount of money we need to prepare, as well as increasing concerns about what might happen if we operate on other blockchain networks, increasing the risks and making our business operations more ineffective and chaotic.?
Can every business start developing its own blockchain network??
Each organization has the capability of developing its own blockchain network, but many of them usually face significant challenges in terms of resources such as human resources, operational costs, and the appropriate technology to aid in operations. Each of them usually will confront distinct challenges regarding money circulation; for example, when they integrate proof of work consensus, they will have to pay a large charge for electricity. As a result, organizations must be more mindful in developing the best strategy to prevent these difficulties so that every transaction in the blockchain that you've developed is stable, fast, and secure.?
There are also many cases where businesses develop their own token but use another blockchain network because another network has features that will be helpful or because these businesses don’t have the ideal capabilities to create their own network yet. Our STARX tokens serve as one of the examples. It is called “tokens” because we use protocols from another network which is ERC-20 from Ethereum while still also combining it with our own network.? ERC-20 has become one of the most popular protocols since it has a huge community, and a fast and stable network, as well as making it easier for us to maintain our tokens because the network provides many helpful features. The adoption of ERC-20 protocols makes StarCHAIN an Ethereum-compatible blockchain.?
What does Ethereum compatible mean??
StarCHAIN employs smart contracts protocols based on Ethereum's ERC-20 standard but constructed on our own blockchain network, allowing StarCHAIN to connect and be interoperable with Ethereum. Previously, we relied solely on ERC-20, employing ether scan and other ERC-20 features to help us, but now we merge several parts of ERC-20 with our own blockchain network and capabilities.?
Get to know more about ERC-20
Since our StarCHAIN is also Ethereum compatible as we mentioned above, let’s get to know more about ERC-20 and how the protocols help us with our business operations. ERC-20 is a protocol used to issue and implement tokens on the Ethereum blockchain, making every token issued using this protocol interoperable, easily exchangeable, as well as compatible with Ethereum’s blockchain services. Since our STARX is issued using ERC-20 protocols, the tokens can be integrated into many things such as representing loyalty in the rewards program, in-game assets, physical assets such as gold or real estate, and even crowdfunding to raise money for certain initiatives or development.?
So, what were the reasons we chose the ERC-20 protocol??
We began integrating the protocols a few years ago because the standards provided benefits for our businesses. One of the key reasons was the gas prices on ERC-20 were one of the cheapest among other protocols at the time with it being around $1 dollar. Years later, the protocols have grown in popularity and offer more advantages for our businesses:??
We hope that through this article, everyone will gain a better understanding of our proprietary blockchain in a more technical and in-depth manner. Please let us know if you have any questions about this specific topic, and we'll get back to you to discuss more about our products and services soon.?