Competing blockchains will begin to specialize in certain kinds of market services as the industry matures.
As the concept of decentralized processing and communication at the core of blockchain technology begins to catch on, specialized blockchains far beyond Bitcoin or Ethereum are beginning to come to market.
Blockchain, beyond the technology, in fact, represents a powerful new paradigm for business beyond the bits, bites, and altcoins.
Implementing the technology allows business processes to be redesigned. It allows clarity about interactions at real time that is not possible now because of the way the internet and other communications have been built and interact. Plus, of course, all those regulatory barriers that dictate how information can be shared and with whom.
For now, the excitement is all about cyber coins of all flavors and how those are tokenized. But beyond that surface discussion, another one is also going on.
Specialized blockchains rather than just alt coins built on a common chain (like Ethereum) are on the rise.
Why will this matter? Because the core functionality of the communications protocol will be designed from the ground up for a specific kind of even more specialized interaction. This is not hard to understand when considered from two of the areas blockchain applications and specialized blockchains have always come – finance and energy. The regulatory environment, while equally thorny, is that way for different reasons.
But regulation and operations of a utility (with energy distribution) are not necessarily how a bank will or should run, even on blockchain and online. Industry adapted blockchains themselves, as a result, will probably be required at some point in the future. In fact, they are beginning to make an entry to the market. Look for specialized blockchains in areas like utilities and banking first. But that will just be the first of an ongoing wave of innovation in the next level of the blockchain.
Rublix is a company that is entering the specialized blockchain space with a financial focus. The company’s “Hedge” product is a platform uniquely designed for trading predictions, analysis and education. Traders can post predictions in the form of smart contracts – or what is called a “Blueprint.” In turn, they are rewarded with system tokens for accurate information.
Customers, in turn, can purchase such Blueprints using system (RBLX) tokens to unlock the prediction. If the Blueprint is correct, the posting trader receives a reward and improves their hedge ranking. If the Blueprint is not correct, the customer keeps their tokens.
In this way, users can learn from blockchain-verified traders, earn rewards for high-quality content and be a part of a community of successful cyber traders.
This part of the vision is first being launched via Ethereum smart contracts. However, Rublix is taking this one step further. They are building their own blockchain to address what they see as the still-primitive nature of blockchained systems in general. These include extensibility, scalability, and on-chain data availability.
Rublix’s plan is to build on the success of an ETH-based prototype while coding and launching a separate blockchain to work from in the future. The Rublix blockchain is envisioned as one that enables real-time market pricing data to be accepted by the chain while maintaining integrity by utilizing multiple data sources and a consensus process to determine value.
This will give traders, fund managers, investors and users the power to write smart contracts and execute commands based on the underlying price of a stock, cryptocurrency, foreign exchange market or other sources.
The Rublix blockchain is intended to be an efficient and high-quality blockchain for global use and the flexibility to address the following criteria:
Purpose and Functionality: The blockchain will source financial data from multiple feeds and post the authenticated information on-chain. This will be used to build decentralized apps that require such a trusted market. The Rublix blockchain will be built on Python with a focus on enabling app development.
Quality of Information: In order to ensure the highest quality of information, the appropriate incentive models and consensus mechanisms must be created. Rublix is implementing a unique verification process on a sophisticated architecture to create integrity for data validation and access.
Scalability: Decentralized apps built on the Rublix blockchain will utilize a unique consensus model that can handle millions of connections concurrently.
Technically, the Rublix blockchain features a few unique twists that will aid in its ability to service its ecosystem. These include:
A Proof of Authority model: Provides a high level of security wherein a hacked authority cannot overwhelm the network. This consensus model will lower fees, make microtransactions affordable, is energy efficient and more secure than “proof of work” protocols and has substantially higher scalability. This also means no mining is required.
A Faster Protocol: The proof of authority protocol allows a faster operational time than proof of work alternatives. This means no more orphan blocks and wasted disk space, more and longer forks, long reorganization time and a greater degree of wasteful hashing power.
Economically Sustainable: Validators who start to create blocks will generate a fixed reward for securing the network. That said, there are no plans on utilizing a block reward mechanism like Ethereum or Bitcoin.
Here are the details of the upcoming Rublix token sale:
Token name: RBLX
Token base: Rublix
Token sale details: Airdrop and private sale only