Core Accziom Technologies
Accziom is building on Bitcoin and Ethereum. Both Blockchain projects are the oldest and most mature in the marketplace.
Bitcoin meets the definition of money – a store of value, a unit of account and medium of exchange. Or to put it another way, Bitcoin is durable, portable, divisible, has uniformity and is limited in supply.
Proof of Work provides a method to prevent unauthorised changes in the Bitcoin blockchain. This work is essentially carried out in the real world with mining equipment which depends on electricity. Electricity carries a real world cost.
Based on the current schedule, all Bitcoin will be mined and in circulation by the year 2140. After that, there will continue to be a mining cost for holding Bitcoin and it’s likely that Bitcoin will be treated as demurrage money. That’s money which is kept moving and in circulation because it’s better to have a call on the money via receivables rather than actually holding the money because of the cost created by mining.
There are 100 million Satoshis in each Bitcoin and that makes Satoshis a naturally powerful unit of account since there is no need to include decimal places. A single US dollar is worth about 5,000 Satoshis at today’s rate of exchange. Bitcoin makes for a perfect Global Reference Currency (GRC) because it’s dependent on a single input – energy. Energy is measured in Watts and this is a universal measure and all Bitcoin mines wherever they are have to contend with energy as a primary input. https://arxiv.org/pdf/1805.07610
Ethereum is far and away the most active Github of all the Layer 1 Blockchain projects – 3,600 followers versus a mere 162 followers for Cardano Foundation.
Smart Contracts are what really brought the Ethereum protocol to the attention of the software world – snippets of Turing complete code capable of executing program functions based on network inputs. Ethereum contracts are increasingly providing the backbone to an emergent, decentralised internet.
Today, it’s possible to stake your Ethereum to secure the proof of stake network and generate a reward yield – something like a dividend reward from holding shares.
Accziom uses Bitcoin to provide backing to our MERc project token. That essentially makes MERc a Bitcoin Stablecoin with micropayment potential. Micropayments are small amounts of value used for accessing semantic information from the Accziom bSeach system. The MERc token utilises zero knowledge proofs to provide security and privacy as well as limit costs of the micropayment transactions. Ethereum smart contracts are used to provide compute functions and allow the MERc system to function.