Eventos Rufo

SHEKEL – IMPROVING CRYPTO TECHNOLOGY

SHEKEL – IMPROVING CRYPTO TECHNOLOGY

The crypto ecosystem has seen a lot of highs and lows, many have come with promises. While some have fulfilled their mandates, others have fallen along the way. That’s the way it is.

decentralized currency

But that shouldn’t be the way it is. Businesses are meant to deliver on their promises. Oftentimes, the failings of businesses could be poor planning or any of the cursory faults that are associated with businesses failing but then it could also be a lack of proper knowledge or the right technical know-how to operate in this business climate.

However, it’s not my call this time to reason why others have failed, but to point out why "Shekel", the Dash fork, is bound to be successful. I hold no crystal ball, but when I took a look into the caliber of individuals that make up the team behind "Shekel", I was encouraged to look into their proposition and product of which is this write up piece about them and their coin.

Being relatively new and still gaining traction, the crypto ecosystem is fraught with a lot of challenges. Over the years, there have been several upgrades to the originals as we know it. Since Bitcoin, we have had Ethereum, Dash and a host of others which have sought to change the way transactions are carried out and overall improve on the system.

It is this same desire that has driven the team behind "Shekel"; to improve on the system, and that’s why the team came together to take a closer look at the crypto ecosystem with a view to understanding where challenges may exist and propose ways to tackle it.

The result of this brainstorming session is the "shekel".

The Problem

It was observed by the team that in a masternode based cryptocurrency, a single entity has the tendency to outgrow the rest of the network to become the majority, thus, negating the principle of fairness and decentralization upon which the ideals of cryptocurrencies stand.

They were able to identify ways in which masternode owners could game the system to becoming the overwhelming majority in the masternode and POS staking network, thus creating an environment of centralization and a relative unfairness in block rewards distribution. This flaw is totally averse to the ideals of cryptocurrencies and must be addressed to mitigate against the resulting insecurity in the network and a possible collapse of the network.

The Shekel solution

To understand the shekel solution, it is pertinent that you get a grasp of the POS (Proof of Stake) staking system. The POS staking system was first introduced in 2012 and used first by Peercoin. The system seeks to reward miners based on the number of resources they have at their disposal rather than the POW (Proof of Work) staking system that rewards based on the amount of work done. To strengthen this system, incentivized staking was introduced to assure the security of the system and to also put in check the masternodes.

Using this incentivized POS staking system, the gurus behind Shekel have created a Dash fork that ensures fast, zero-cost, anonymous payments to anyone, anywhere in the world. Shekel is big on security and takes anonymity seriously and that’s one of the major features of the Shekel Blockchain. It is a self style privacy-backed Blockchain network. Shekel guarantees security and privacy in a truly decentralized Blockchain network.

To mitigate any challenge that may arise to fault fair distribution of rewards, the Shekel has been optimized by the introduction of a seesaw system that tilts rewards in favor of incentivized staking under certain thresholds to ensure that fairness is maintained in the system at all times.

In lay terms, this simply means that where there are too many masternode in the network, the system is primed not to give any incentives.

There is so much to look forward to with the Shekel, they come with so much promise and it’s my hope that they will deliver on those promises.

https://shekel.io/

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