Technology behind COTRUGLI BaaS
COTRUGLI BaaS is based on HashNET, an innovative blockchain based infrastructure and horizontal enabler for new business models, products and services, not only blockchain based but also conventional businesses and public services on their way to digital transformation. HashNET is efficient and high-impact decentralized solution to social innovation challenges leveraging Distributed Ledger Technology (DLTs).
This revolutionary algorithm, enables the platform to have unsurpassed number of concurrent transactions, so it can be used in most challenging, high performance environments that require high processing speeds.
HashNET consensus uses "redundancy reduced gossip" and "virtual voting" protocols based on a distributed computation and algorithms from theoretical computer science, which provides a fair and fast, byzantine fault tolerant consensus algorithm. It is a new consensus substitute platform and is designed to run on a non-permissioned (public) network thereby, reaching a larger community.
HashNET is designed to solve the blockchain scalability problem using the revolutionary algorithm discussed above. It is a new consensus substitute to blockchain, keeping all the good characteristics from blockchain (decentralized, transparent, pseudo anonymous) and increasing speed up to 50.000 TPS.
HashNET comparison
1
Current test applications (Notarization, Diplomas, Self-Sovereign Identity, Data Sharing) will be almost impossible to scale to EU levels (with millions of users daily) on platforms they're currently running on.
2
HashNET is an EU product which is important in security context.
3
Has significantly lower implementation costs as opposed to other relevant platfroms (up to 3 times lower).
4
High transaction throughput and low time-to-finality makes it significantly better suited for potential future uses in IoT related use cases.
5
Supports Solidity contracts - all existing applications and smart contracts already being tested on EBSI v1.0 can be easily ported and tried out on HashNET.
6
Code base is written to be modular from beginning, so new functionalities (like additional Virtual Machines, updated consensus mechanisms) can be easily implemented as opposed to platforms with monolithic code bases.
Tabular presentation of HashNET functionality in relation to competing providers:
Support at every stage of your blockchain journey
Blockchain technology unlocks huge potential for organizations – cost savings, faster dealings and streamlined processes. However, there is no ‘one–size–fits–all’ approach for deployment. We are confident in our ability to support your end–to–end blockchain journey.
To make your business processes more robust, efficient, and secure with the Blockchain, contact our experts and they will assist you through the entire process.
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COTRUGLI Blockchain as a Service Project is co-financed by the European Union from the European Regional Development Fund.