Root Blockchain (RBC) ICO review
Root Blockchain employs a unique mechanism to increase the speed of transaction confirmation on the blockchain, while at the same time keeping the costs low. Only digital fingerprints of the actual transaction data are stored in the blockchain. Storage of the actual data itself is optional. If data storage is opted for, Root Blockchain provides a separate secure digital vault for encrypted data storage. How does the project create value to the ecosystem and differs from competing projects Root Blockchain offers several business models: Private Blockchain - Customers may choose to have their own dedicated blockchain, where only their transactions will reside.
Consortium Blockchain - A private blockchain for two or more parties. Consortiums are ideal for linking customers and vendors. Secure, encrypted data storage is provided as an optional feature. This is linked to, but physically decoupled from the actual blockchain. The entire Root Blockchain offering is wrapped in an API layer which ensure that businesses can easily be up and running in a minimal timeframe.
Blockchain is an exciting new technology that has the potential to disrupt industries and at the same time presents new business opportunities. However, blockchain has its share of drawbacks, namely:
- The blockchain size - this directly affects the speed of operations on the blockchain.
- Transaction data size - this will add to the blockchain size as well as increase transaction costs.
Root Blockchain solves the above problems with its unique offering - Blockchain as a Service (BaaS) - the first hybrid blockchain with flexible options for both enterprise and retail customers.
Root Blockchain is completely API driven, which means that businesses can reap the benefits of blockchain technology without the accompanying complexity and costs involved. Simply connect your existing business to the Root API and get going.
Root keeps the blockchain size small by using a unique mechanism - only cryptographic hashes of the transaction data are stored in the blockchain. Storing the actual data is optional. Since a transaction cost is directly proportional to the volume of data, by not storing data, a user can keep their transaction cost low. This is also useful if the data is confidential in nature and the user does not want it to be publicly available.
If the user requires to upload data along with the transaction, the Root Blockchain is integrated with a secure vault for the encrypted storage of digital assets.