2017-12-14 23:55:43

Blockchain technology is changing the world. To find out how, you have to understand the technology itself. This post aims to help you comprehend how this revolutionary technology works and what it actually is.

Distributed ledger technology (DLT) is a digital system for recording all kinds of transactions of assets. However, unlike traditional databases, the transactions and their details are recorded in multiple places at the same time, meaning, that distributed ledgers have no central data store or administration functionality. The main principle of operation of DLT is usually to process, validate and authenticate transactions or other types of data exchanges. Once the consensus by majority of the parties is achieved, each record is timestamped, signed by a cryptographic signature and stored in the ledger.

Ixian DLT has its own specifics, which make it interesting and appealing. Ixian DLT does not use Proof-of-Work algorithms and does not require the whole blockchain history in order to function. This allows users to fully operate Ixian DLT on devices with limited processing power and storage. Ixian DLT also offers better scaling options in terms of micro-payments, especially when using it with services like streaming real-time content, video broadcasting and anything that requires the ability for many small transactions in short periods of time.

Traditional (proof-of-work) concepts which are employed by the majority of current blockchain platforms use an inordinate amount of computing and natural resources. In order to reduce our power usage, we elected to solve the problem of blockchain growth with an innovative consensus algorithm instead. This is an important feature, which integrates well with our redacted blockchain to reduce operating complexity and, consequently, energy. With the awareness that we should protect the environment and save it for the coming generations, we addressed the importance of sustainable technology during the development of the DLT. By meeting the economic, social and environmental aspect of the sustainable technology, we can proudly say that our technology is environmentally friendly (green).

One of the most important features of this DLT is that it will generate its own cryptocurrency named IxiCash (or IXI). IXI has a great utility value. It has multiple roles, namely:

IXI is a digital currency – it represents both a monetary payment unit and method, as well as a unit for performing transactions on the DLT, S2 and within Spixi messenger. IXI will enable frictionless transactions and offer a lower barrier for processing these end-to-end transactions.

IXI is an atomic unit of value exchange inside a particular market or app, which will create a transactional economy within the S2 streaming network and Spixi messenger. This feature allows users to earn value and spend it on services that are part of the inherent ecosystem.

IXI gives access – and enables users to contribute to a value-adding action for the network or market that is being built.

IXI enriches user experience – by allowing IXI users to use all functionalities of the S2 streaming network and Spixi messenger, and to connect with users even in unstable environments (such as countries that limit global internet access).

IXI serves as a toll – through usage fees, users get additional revenue by connecting other users among themselves, expanding and securing the Ixian network.

IxiCash will open a doorway to developers and users to fully exploit this revolutionary technology. Stay tuned for more details about IxiCash. To know more about Ixian DLT read the technical whitepaper.

Stay awesome,
Team Ixian