JD coin bringing resolution in Blockchain with version 4.0 soon

JD Coin is built for practical real-world use cases where traders need no prior trading experience

BRAND CONNECT

Published: Aug 20, 2020 02:54:47 PM IST

Updated: Aug 20, 2020 07:40:43 PM IST

JD coin bringing resolution in Blockchain with version 4.0 soon

JD Coin, based out of USA, kicked off its success journey in April 2018 with a simple yet challenging mission of creating a secure process of trading, designed for mass adoption with industry-leading transaction speeds. JD coin is coming up with the next generation blockchain aiming to resolve the problems carried away with the previous generations of blockchain. Blockchain 4.0 is poised to solve the issues of the previous generations of blockchain in a more structured & scalable manner with the help of AI, ML, Data Compression, Sharding, and many other advanced technologies.

JD Coin, founded in April 2018, started its journey with a simple, yet challenging mission: to create an industry-leading secure process for trading at high transaction speeds. At its core, lies a game-changing next-generation blockchain, designed to solve the problems plaguing the current public blockchains in their practical use cases, namely scalability. This is solved through the incorporation of such technological breakthroughs as sharding, data compression, and the use of AI.

The company behind the platform is based in Idaho, United States.

The JD Coin platform is poised to take the cryptocurrency industry with a storm, by providing its customers with leadership in solving the challenges the user currently faces in terms of transaction speeds, high gas fees, and performance of the platforms they use. The technologies underlying the platform allow JD Coin to perform at a relatively affordable rate. The most important factor determining the usage costs of any blockchain platform is the consensus algorithm. In JD Coin, the consensus algorithm is multi-layered, using proof of stake, proof of reputation, and proof of history to validate the transactions. The platform itself is built to be user-friendly, allowing traders with little to no prior experience to join, and begin using the service.

The consumer and enterprise-friendly JD Coin is built for practical real-world use cases where traders need no prior trading experience. JD Coin is leading us to a world of faster processing and sustainable technology.

Blockchain technology has come a long way from being simply a form of digital currency. It delivers various benefits to the consumer and enterprise sectors alike, such as immutability of data, anonymity, privacy, secure transactions, and cost-efficiency in operating an infrastructure built upon the technology.

First-generation blockchains are limited in scalability due to their focus on mining. While mining results into a secure network, the drawback is limited transaction speed. Fourth-generation blockchains such as JD Coin aim to overcome these challenges through the introduction of a blockchain infrastructure, which has the abovementioned features built-in as a layered solution.

Fourth-generation blockchain infrastructure aims to solve these challenges through a structured manner with the help of AI, data compression in blocks, sharding, and built-in support for interoperability. By incorporation of the technologies as a stack, it becomes possible to do things not possible in first-generation blockchain, such as instant transactions through atomic swaps, or building stable sidechains for enterprise applications.

Another important element which fourth-generation blockchains address, is resource-efficiency in enterprise computing.

As the number of transactions in blockchains increases and volume goes up, the blockchains become very large and storage hungry. This inevitably leads to increasing demand for computing power. This can be addressed through innovative software solutions which is more efficient in the long run. Fourth-generation blockchains may explore IoT -devices as validators, or distribute the rewards for validators through staking.

DeFi has been trending recently as a typical use case for fourth-generation blockchains, as the smart contracts often require high throughput and transaction speed.

Exploring the Use Always-On Connected Devices as Nodes

The significance of nodes on any blockchain is to keep a copy of all the transactions in the network. While blockchains offer a secure way to validate transactions, but in some enterprise applications this comes at a cost to scalability. Especially in IoT environments, it becomes important to conduct some of the transactions off-chain, and have them validated. Practically, this means that the IoT devices would run on a network with no consensus mechanism until the transactions are validated by a trusted node. Using this sort of mechanism as a solution for some enterprise networks offers interesting benefits, such as rewarding the users of the IoT devices for participating in data-sharing schemes.

Multi-Layered Hybrid Consensus Algorithms

A crucial component of any blockchain system is its underlying consensus algorithm, which determines its performance and security. Therefore, to address the limitations of different blockchain systems, several existing as well novel consensus algorithms have been introduced. Multi-layered consensus algorithms such as a combination of Proof of Stake and Proof of History or Proof of Reputation will help in providing solutions for enterprise applications, especially regarding automation and IoT.

As fourth generation blockchain is being adopted by the industry, new consensus algorithms are focused on the last mile use cases. In the long run, each enterprise use case may use a specific consensus mechanism tailor-made to the specific use case.

Use Case Scenarios

1. Academic and professional certificates.

2. Copyright and royalties for artists and media producers.

3. The provenance of stories for journalists.

4. Authenticating Art and digital media.

5. Securing and authenticating public records and trade deals.

Fourth-generation blockchains incorporate important milestones in the development of technological breakthroughs needed to foster growth in enterprise applications in the broader blockchain economy. They bring forth solutions that allow the integration of applications with utility-scale use cases and permit innovative products in the fintech segment to penetrate the market with a broad impact and scope. Integration of such technologies as IoT, AI, and interoperability allows fourth generation blockchain platforms to disrupt such diverse markets as public utilities, law, and finance. JD Coin sits at the forefront of this transformative era. Through its technology stack, it has a fair chance of becoming a leader in this budding market.

Disclaimer: The views, suggestions and opinions expressed here are the sole responsibility of the experts. No Forbes India journalist was involved in the writing and production of this article.