Despite all the technological advancements of the past few decades, the economy of today is much the same as it ever was: Monopolies control what we read and how much data we share, business processes remain inefficient, and inequality abounds.
The Newton Project aims to change that with a vision of a decentralized community economy that provides direct benefits to all participants. This economy is a non-profit collaborative ecosystem which uses Newton’s NewChain blockchain as the foundation for higher-level economic infrastructure, and ensures market transparency, rationality, and fairness. While other popular blockchains like Ethereum and EOS offer speed of 3,000 transactions per second & Visa offers speed of 2,000 transactions per second, NewChain speeds past them with 5,000 transactions per second in real-world network conditions. Technology-wise, NewChain utilizes a Distributed Proof of Stake consensus mechanism, with one main chain (to handle Newton’s NEW tokens and accounts) and several sub-chains (to handle consensus, data structures and the hyper-exchange protocol).
Power to the People: NewID and Data Control
All users (indeed, all entities) on Newton’s network have at least one unique NewID, a decentralized digital identity stored on NewChain and protected with asymmetric encryption. This lets users manage their digital assets like NEW tokens, and control their transactions with other parties via smart contracts. Unlike Facebook which gathers all of users’ data, Newton users can use different NewIDs with different services, and choose exactly which data to share with their bank, gym, or social network.
It’s not just humans that have NewIDs. As we’ll see, digital identities can be granted to machines, containers, food, and much, much more.
Taking the Pain out of the Supply Chain: Digital Identities and Smart Contracts
How did your breakfast cereal get to you? Sure, you know it came from the supermarket, but what about before that? And before that?
Most consumers don’t really know where their products come from. Your cereal has passed through so many intermediaries like logistics, warehousing, and customs clearance, and if there’s a problem with it, it can be difficult to see where responsibility truly lies.
Newton’s supply chain system offers transparency to all customers. NewIoT including thermometer and hygrometer is used during the whole process of logisticsin order to record every piece of significant information. Each product is tagged with a NewID digital identity which tracks information like location, responsible party and description, and this information is recorded and updated on NewChain at each stage of a product’s journey in the supply chain. Using pre-set smart contracts, users can easily transfer ownership or arrange insurance claims and other common transactions to reduce the chance of conflicts, and if something goes wrong, anyone can check the product’s timeline on the blockchain to see when the problem occurred and which party is liable.
Buyer (Needn’t) Beware: Atom Hashing and Newton’s Physical Tunnel
A digital identity like the above works just fine with breakfast cereal or a loaf of bread. But what about high-end products like diamonds or fashion? The internet is full of fakes, and buyers must beware. Atom Hashing aims to give buyers confidence by employing techniques like machine vision and deep learning to extract the unique properties of real-world, non-digital products in real time, including weight, size, volume, shape, and more.
Once a product is verified via Atom Hashing, it needs to be shipped securely, otherwise damage or human tampering may happen in transit. This is where Newton’s Physical Tunnel comes in. The Physical Tunnel is a container standard that lets users track the location of their package in real-time, and onboard sensors can track temperature, impacts, water damage, tampering, and much more. This data is constantly uploaded to NewChain, and users can enter a container’s NewID to track progress. Since (like all Newton technology), Physical Tunnel is an open specification, third parties are free to build their own implementations and integrate directly with Newton’s community economy.
Cutting out the Middleman: Smarter Business through Smart Contracts
Traditional finance and legal systems are human-driven. Humans are talented and creative, but they also need to eat, sleep, and take vacations. They can also be biased or make mistakes.
Smart contracts put computers in the driving seat, and allows contracts to be rewritten and automated as program code that runs on NewChain. Since all code is open, anyone is free to read a contract and adjust it for their own use, and because all actions are recorded securely on the blockchain, dispute resolution can itself be automated.
This makes doing business more efficient, reliable, and affordable for everyone from individuals to multinationals. Newton’s collection of preset smart contracts enable insurance, lending, investments, and much more – allowing all parties to save time, money, and headaches.
Newton: A Freer, Fairer, Better Economy for All
By offering these features, the Newton Project makes economic processes faster, cheaper, and fairer for everyone. This allows a more equitable community economy where participants have more control over their assets, more confidence in their transactions, and more opportunities to do business with each other. As a result, more business gets done, and everyone benefits from economic growth.
Find out more on https://www.newtonproject.org/
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Media Contact
Company Name: Newton Project
Contact Person: Peng Qingying
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Phone: (+86) 17611706692
Country: Singapore
Website: https://www.newtonproject.org
Source: www.abnewswire.com
