NEM and Elíptica introduce the concept of Decentralized Integrity in Blockchain
Bogotá, October 17th 2018. — At the Blockchain Summit Latam 2018 in Bogotá, a new concept was introduced in the field of Blockchain technology, particularily with regard to Decentralized Applications (Dapps). The concept of “Decentralized Integrity” (Decentralized Integrity) was presented and technically explained by Pablo Romero, CEO of Elíptica and speaker of NEM (New Economy Movement), which is the blockchain on which this solution to Dapps scalability problem was built.
During the panel “Decentralized Applications. What are they and what are their benefits?“, held at the Hotel Casa Dann Carlton in the Colombian capital, Pablo Romero, CEO of Elíptica, presented the innovative concept of Decentralized Integrity, a contribution based on the possibilities that NEM Blockchain offers through its API (Application Programming Interface).
Romero explained that one of the important problems of Ethereum network is that smart contracts are decentralized within the Blockchain and, due to this, they are having scalability problems. That is, as the number of users introducing smart contracts increases, the network becomes heavier, slower, unstable, costly. And it is there where, through the great usability that the Blockchain of NEM provides, it was possible to find an answer.
“Given this situation, we created a solution: a layer on the NEM API, which is a service that allows you to run a smart contract of any size without having to decentralize the whole smart contract file but just its integrity. That is, we add an apostille and this generates a hash, that hash is published in the Blockchain and says that it belongs to a smart contract to be executed in the future. When it is executed, the hash is verified in the Blockchain, and if that verification fails because someone modified the smart contract in some way, then the contract is not executed. That is why the concept of Decentralized Integrity. And Decentralized Integrity has the great benefit that it involves only one regular transaction in the Blockchain, so it will not overload the Blockchain with big files. Therefore, it is super efficient”, he said.
Romero informed that a paper will be published soon, in which all the technical and practical information about Decentralized Integrity is extended, so he invited to take notice of the announcements to be made through Nem.io and eliptica.io social channels.
Blockchain Summit Latam is the most important Blockchain event in all of Latin America and was held in Bogotá on October 17 and 18, with the participation of developers, speakers and companies from all over the world.
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