How this blockchain startup could help people transform traffic in Iran
4 April 2019 9:59 PM IST
A private sector Iranian blockchain startup is offering a unique mix of decentralized facilities that could enable the general public to meaningfully tackle traffic congestion in Iran and beyond.
- According to the Locon whitepaper , its blockchain is divided into a financial and a nonfinancial subnet to balance network access and management with network security.
- The financial subnet is a fork of the Ethereum permissioned public blockchain that has been tweaked to utilize a proof of stake consensus algorithm and support a higher capacity of transactions per second.
- Underpinning the entire nonfinancial and financial subnets are, respectively, a data-sharing facility and a token economy facility that uses a cryptocurrency called Locoin as its native asset to incentivize constructive contribution and deter malignant behavior.
- Based on the proof of stake algorithm, when employing any of the facilities offered by the Locon platform, users will have to lock in a certain volume of tokens.
- The roadmap envisioned for Locon sees the company release its DAICO , a set of rules that allow token holders to vote for reimbursement of contributions if they are dissatisfied with the project's development, in addition to its public ICO, in the second quarter of 2019.
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