In the Coinstelegram.fund rating, the project received the highest rating: 5 out of 5 points
Blockchain technologies are one of the leading directions for the development of our world. The decentralized registry and the capabilities it provides have revolutionized the concept of finance, security, and independence of data operations in just a few years. To date, hundreds of billions of dollars are invested in the development of blockchain projects around the world. Even states appreciated all the advantages of this technology, and began to develop their own cryptocurrencies, or transfer some state institutions to the blockchain.
Today we will tell you about a project whose main goal was to create a new generation blockchain. The decentralized registry that the Libonomy team managed to implement is significantly different from its predecessors, as it uses some of the advanced developments from the world of technology, which we will discuss below.
What is the Libonomy?
Libonomy is a new blockchain technology that utilizes their own-built AI consensus engine to enhance all the problematic areas of blockchain technology – improved speed, introduced full interoperability, upgraded security, expanded usability and redesigned reward system. It is a platform that is serving as a bridge in connecting all other blockchain technologies on a strong and fast, but low-cost network. They have enabled dynamic upgrades saying goodbye to the blockchain forks as well as created a multilingual SDK that allows community to create cross-chain decentralized applications on the Libonomy blockchain.
AI plays a very important role in how Libonomy blockchain works. With the help of artificial intelligence, the network regulates the basic parameters, which are static in other blockchains. Depending on the use case and network load, the AI engine can distribute resources and adjust parameters to enhance throughput and overall scalability.. In addition, with the help of audit and exploit-finding pools AI engine plays a critical role in the security of the entire network, as it regularly audits itself preventing any part of the system to be compromised. This is where the team members’ deep knowledge of machine learning came in handy.
Perhaps the most advantage of Libonomy blockchain is interoperability with other blockchain protocols, which is an absolutely unique feature. Within the Libonomy ecosystem, it will be possible to interact with different, incompatible blockchains. And this is a truly revolutionary technology, which is a further development of the ideas of decentralization.
Libonomy Blockchain use cases
Due to its versatility, which has not been previously achieved by any blockchain start-up, Libonomy has a wide variety of applications. Below are the main areas in which the use of Libonomy technologies can show excellent results.
- Money transfer
- Payment channels
- Fund raisers
- Decentralized exchange (DEX)
- Know-Your-Customer (KYC)
- Digital Voting
- Social security verification
- Tax collection
SUPPLY CHAIN MANAGEMENT:
- Enterprise Resource Planning
- Payment on delivery
- Package tracking
- Food tracking
- Product tracking
SECURE DATA STORAGE:
- Patent library
- Medical records
- Car odometers and other
- Tokenization platforms
- Real estate
- Utility contracts
- Decentralized social media
- Application layer
- Other decentralized Apps
As we can see, the project really boasts a very wide range of possibilities. This ensures that the project is in demand and popular among representatives of various fields.
Jun 2018: Research has started and will continue for the duration of the project
Sep 2019: Development has started
May 2020: First big milestone is the release of public testnet
Jul 2020: Final Libration of testnet has been started
Oct 2020: Launch of the mainnet
Nov 2020: Mainnet Libocoin release
A very important factor in evaluating any project is the expertise and reputation of the team. The creators of the project, which are Fredrik and Therese Johansson and Richard Haverinen, have extensive experience and understanding of machine learning technologies, artificial intelligence and neural networks. High-quality education and decades of commercial experience have allowed the founders to assemble a team that has managed to integrate advanced AI, big data and machine learning technologies into the blockchain.
Libonomy is a new project that hasn’t been adopted by masses yet, but that marks its only drawback; it’s a blockchain that’s built on a new type or architecture solving all the major issues we’ve had with earlier technology – speed, interoperability, dynamic updates, security, decentralization, hybrid ecosystem and overall scalability. In the category for the greatest growth potential Libonomy certainly makes a strong case; it’s not just because of the ideas behind the project, but the fact that they have already been realized by the Libonomy team.
This project has a very large potential for development, which secured it a place in the ranking of the best blockchain startups in 2020 according to Coinstelegram.Fund. In addition, our fund’s analysts have come to a unanimous decision to include Libonomy in our investment portfolio.