XtraBYtes, the only coin currently working towards building a PoSign technology network, released an update regarding its modules. What does this all mean though? Today, we will break down all of the features of this coin into terms we can understand in a non technical manner.
So first, and most importantly, XtraBYtes’ developer Zoltan Szabo, aka Borzalom, is working on the PoSign, or Proof of Signature concept on the XtraBYtes platform. This is a specialty in both work and theory, and separates itself from other coins by being able to actually sign off inside of the VITALS (Virtual Information Transmissions Aligning STaTiCs, STaTiCs standing for Services, Transactions and Trusted in Control) network, verifying that each signature to the blockchain is trusted and secure; and does not use the currently popular proof of work and proof of stake concepts, which, when finished, should be revolutionary in the blockchain space; as it's the only coin of its kind to currently do this.
The XtraBYtes network itself does all the heavy lifting, and makes sure that with each transaction to the STaTiC nodes, that it signs and secures to the trusted STaTiC nodes only; making it not only one of the most secure blockchains that will be available, but it will also help with both data storage and those seeking to build on its platform and use that storage, and ensures security for future users of both the XtraBYtes platform and any hosted applications on the XtraBYtes platform that would use the network to both develop and function on. Basically, think of it in the terms of a giant, decentralized hard drive for applications and storage.
The STaTiC nodes talk with each other on the XtraBYtes platform, and owners of the STaTiC nodes receive rewards for both services being used on the blockchain, transactions on the network, and transaction fees that occur – which gives STaTiC node holders a great reason to hold and not “break” their STaTiC nodes! Each S...