“We are very excited to announce this pivotal milestone in our existence, stated Smilo’s CEO and founder, Elkan Roelen, “With a small and dedicated team of 12 blockchain adepts we have taken quite a journey with many hurdles to overcome, with a fraction of the funding that other platforms had to their disposal, but we made it and we can’t wait to onboard new and existing dApps onto the Smilo Platform.”
“This blockchain protocol will allow organizations from both the public and private sector, seeking affordable and secure solutions for their interactions with individuals whose privacy is pivotal and GDPR compliance is becoming an increasingly important aspect, to develop applications based on Smilo’s open source code base,” added Roelen.
Smilo is a decentralized hybrid blockchain platform offering both public and private smart contracts, which addresses societal issues on privacy and transparency. It’s fully Ethereum compatible, including the latest Constantinople update (Geth v1.8.23), and can adopt any existing Solidity, Vyper, Pyramid, Flint, LLLL, HAssembly-evm and Bamboo-based applications or proofs of concept.
Smilo, with its >3.000 transactions per second (as benchmarked extensively on testnet), an unprecedented 99,99% sibling attack security, and infinite scalability through its highly-efficient consensus mechanism, challenges existing blockchain platforms in terms of performance and security.
Being the only protocol able to connect public to private interactions through its unique sharded private smart contracts on a decentralized chain, it will also take on established permissioned ledgers such as Corda and Hyperledger Fabric. The Smilo private smart contracts can be executed in a fraction of the time a public smart contract would need to pass through a transaction and are fully privatized and 100 percent controlled by the individual holding the contract. This is highly unique and unlike any other current smart contracts in existence.
On top of the disruptive evolution to existing protocols on the market, a key differentiator will be the cost model. Smilo is free. It has decided to commit itself to free transactions for its users.
In order to still be able to secure the network optimally and reward the full nodes sufficiently, it is working on a dual token system of Smilo (XSM) as a tradable subscription to the network and a stake.
Smilopay (XSP) will be released over time for transactions. The basic principle is – if you hold sufficient Smilo, your transactions will be free indefinitely.
In order to banish the volatile and speculative aspects of most blockchain projects, Smilo decided not to do an Initial Coin Offering (ICO) but focus on actual adoption of its technology. It has also decided not to pre-mine but has opted to allow its partners and early adopters to mine XMS organically through full nodes and these will be sold through the Smilo Foundation directly to users and clients at a fixed price of 1 euro each.
This means in the coming 18 months, Smilo will be offering its clients the transparency, security and stability that the amount of Smilo you would need to hold to achieve your required performance, is easily predicted upfront.
Smilo will also be listed on two or more decentralized exchanges in the coming weeks in case clients would like to trade in some of its XSM over time. After 18 months the fixed price will be gradually released to be determined by the market.
Through Smilo’s highly secure private smart contracts on its decentralized blockchain platform, individuals will be in full control of their personal data in their interactions with public and private organizations. Whether it’s one’s digital identity, medical record or any financial transaction, people can be assured their sensitive information cannot be viewed by anyone, except those whom they grant access to a particular part of data for a particular amount of time.
This makes Smilo’s solution GDPR compliant and as such an interesting solution to this hot topic for both public and private organizations interacting with its clients, users or citizens involving personal data access requirement. This will allow organizations to offer their clients, citizens or users full privacy of their data while offering the increasingly required transparency in return. Smilo will as such significantly improve client interaction, trust and reputation.
The Smilo team is inviting editors for a 30 minute livestream demonstration of the several elements of the Platform followed by a Q&A/AMA session when people interact and pose questions to the management team consisting of Elkan Roelen, CEO, Thomas Modeneis, CTO, Andy Kalbvleesch, head of operations and Patrick Joore, head of marketing.
The event is taking place on Wednesday, March 13, at 4.00 hrs. CET. Please RSVP before Monday, March 11 EOB via [email protected] You will then receive a VC login.
Source : BlockchainNews