Multi-awarded European tech startup OriginTrail has developed a blockchain protocol for the food supply chain, Food Safety Magazine reports. While the company’s first claim to fame is traceability solutions, it has now taken that to a new level with a blockchain program.
OriginTrail recently launched an initial coin offering (ICO) token sale on Jan. 17.
The Origin protocol is described as “a decentralized peer-to-peer network” in the FSM report. This is demonstrated as a network with 4 layers with access traced from the consumer’s point of view to the level. The four layers of the OriginTrail Decentralized Network (ODN) are:
- Application Layer. The applications are developed with the consumers in mind. This serves as the entry point for the solution stack to be followed by the transaction(s).
- ODN Network Layer. This layer handles the accessibility apart from data governance found in the underlying data layer. This is where one finds the network of nodes possessing the decentralized database’s parts vital to the transaction. This is also where the supply chain data is kept in graph form. To access the data, one party needs to go through the data exchange API.
- ODN Data Layer. Connectivity and data management is handled through this layer. There are several data sets involved in a blockchain and they come together in this layer.
- Blockchain Layer. To ensure payment processing while maintaining data integrity, OriginTrail incorporates the blockchain network in this layer. Data recorded here earns a “fingerprint” using a cryptographic hash.
Among its core base, about 373 reported contributors were invited to take part in the 24-hour ICO presale. The priority boarding aspect was done by invitation only based on eligibility that the company identified.
The criteria was set based on the pegged value of its chosen cryptocurrency, ETH. Reported minimum contribution is 0.5ETH. Most of its early support base consisted of more than 5,000 individuals with enough faith in OriginTrail to “transform the supply chain industry.” according to the company’s blog post. Through word-of-mouth advertising, the project gained ground and eventually succeeded in going 5 times beyond the token sale hard cap of $22.5 million.
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Larry Powers
Why do you want blockchain?
Isn’t blockchain more than a ledger? Isn’t blockchain ALSO a scheme that will perform instantaneous electronic-fund-transfers, in BITCOIN or some other "crypto-currency" that is NOT the US Dollar?
Who ARE you?
IF you have to buy a crypto-currency with US Dollars…
AND you have to PAY and RECEIVE PAYMENT in a crypto-currency…
THEN, it is the CRYPTO CURRENCY, that is the MONEY; and the US Dollar just becomes the "entry fee" you have to pay, to get a day’s worth of "tickets to ride", at the Carnival.
So, what happens if the crypto-currency decides, "We’re only going to allow 100 crypto-currency ‘units’ to be sold, in exchange for US Dollars; but, if you pay, in Euros, Yen, or Yuan, you can buy all you want!"?
"It’ll never happen," you cry.
"Why not?"
How’d the USSR collapse? It went broke! The ruble went from about 1-to-1 (in the Communist world) with the dollar, to A THOUSAND rubles to the dollar, in a pretty quick span of time.
"So what?" you say. "All we have to do, is say, ‘No, we’re paying in US Dollars!’"
Try writing a check, at the grocery store.
Try getting through, to Customer Service, via PHONE, and not via the Web-site!
The USA can PRINT dollars! And, I don’t care if not another country in the world will accept US Dollars; I will. Anything that can be bought with money, that can NOT be bought with US Dollars, I don’t need!
So, it doesn’t matter how low, on the ForEx markets, the Dollar goes; we’re good.
But, with regard to crypto-currency, TODAY is like it was, when there was still a pay-phone on every street-corner, in town, and at every gas station, in the sticks.
Have we really lost THAT much confidence in our own SELVES, that we don’t want to use dollars, any more?
Because, it’s not the Government, that owns the Dollar! This is a REPUBLIC! If the People don’t like what the Government is doing, they CHANGE it!
[Where’d Donald Trump come from, again? IT COULD HAVE BEEN A MAIL-CLERK!!! People wanted a change. And, they made one. Maybe they’ll make another. Whose country is it?]
Is there something I need to be educated about?
Because, it could be. I looked down my nose at BITCOIN, from Day One, as an attempt to undermine the USA. So, I know nothing about it, excwpt what I wrote, here.
Do I even know THAT? You tell me. Because, I don’t know.