BigTangle is a protocol for the internet of value.
- BigTangle is a cryptocurrency network extending the directed acyclic graph with Markov Chain Monte Carlo (MCMC) as consensus algorithm and distributed Proof-of-Work.
- Through the use of industry standard big data technology in conjunction with the parallelizable architecture, BigTangle sees itself as a successor to Bitcoin and Ethereum that blockchain and smart contract are BigTangle special use case.
- BigTangle focuses on economically important key use-cases. Custom token issuances, market, exchange, mining and contract are supported.
- Key Feartures are: Ease of Use, Completely Feeless, Real-Time Confirmation, Infinite Scalability, Permissionless, Trustless, Decentralized, Distributed Proof of Work and Quantum Security.
By providing scalable infrastructure, BigTangle allows the global transaction volume to be processed in one network. Most importantly, this offers infrastructural cost advantages by eliminating complex, costly processes of traditional payment processing.
For banks and central banks, the token issuance protocol can be used to issue bank-backed tokens denoting conventional fiat money. Fiat money transactions can then feasibly be processed within seconds on a worldwide scale.
BigTangle is a decentralized exchange.
Markets for stocks, bonds etc. can easily be realized by creating new token equivalents. Companies can publish stocks and use the BigTangle network. The existing stock markets can be fully integrated by using BigTangle as a financial back-end.
Under the assumption of trustworthy suppliers issuing authenticity tokens, it is trivial to track product authenticity via token transfers. This allows the trustless tracking of inventories in supply chains for consumers and middlemen alike.
Decentralized E-commerce Platforms
All products and services can be tracked on the network, enabling anyone to build decentralized e-commerce platforms.
Storage Blocks are used to store user data. User data is identified by address and usage is legitimized by the corresponding private key signatures and the user data can be encrypted. User data is treated as a value object and can be transferred and traded. The BigTangle Mainnet limits the size of the storage. We thereby create an application layer storage network based on pay for use.
Smart contracts Blocks are used to create a virtual distributed Operation System for decentralized autonomous corporations, smart contracts and any other distributed applications similar to other alternative blockchains. The distributed applications can be implemented in any modern language and are not limited to using specialized languages. The relevant code and state data is saved in the block as VM containers using technology such as Docker Composer or Kubernetes Containers. The execution of Smart contracts blocks changes the state data and creates new Smart contracts blocks. As an example, the Mining Reward Process in BigTangle is implemented using this Smart contracts and all nodes will execute the same computation for validated mining rewards based on the current data in BigTangle. As another example, the market exchange application is implemented in such a form that it uses only a specific node for execution without further validation.