Building the Evolved Blockchain with Smart Contracts 3.0
We’ve designed the next evolution of blockchain architecture. A blockchain that actually achieves the promise that all blockchains have aspired to. One that provides the highest level of resistance against attacks. One that rewards its ecosystem of contributors. And, one that, perhaps most importantly, scales in throughput as more resources are added to the network, providing the maximum possible increases in speed.
We want to live in a future where data is used to produce a better quality of life — where data is democratized and where data is available on open platforms that insure both security and privacy. Platforms that break down the current barriers and data silos that self-interested business models have created and open up universal access on a DataGrid™, where real-time data can be exchanged and leveraged much like power grids for electricity today.
To this end, we’ve created a working prototype of this open standard driven message server that functions much like WhatsApp to provide secure end to end onboarding and access that will support vibrant data marketplaces.
To fuel its success, the DataGrid™ Blockchain (DGB) needs to harness the blockchain’s promise of:
Open decentralized access
Optimal scaling to unleash the transaction speed necessary now and in the future
Individualized control to ensure our individual autonomy and data privacy
Knowing that blockchain solutions are still early in their maturity, we explored all the major projects currently being promoted and discovered not one satisfies the DataGrid’s need for security and scalability while remaining decentralized.
The DataGrid Blockchain catalyzed by our eXtensible Blockchain Object Model (XBOM) builds a ledger that puts the coding, execution and settlement of all asset transactions directly onto the blockchain — delivering an evolved approach to Smart Contracts that provides increased speed of development, higher quality, and a future proofed development infrastructure.
Our teams background had us primarily focused on Industrial Internet of Things (IIoT) and SmartCity applications. What we discovered is that all the potential use cases for the blockchain in other sectors like Fintech, Supply Chain / Logistics, and Government would benefit from our evolutionary DataGrid Blockchain (DGB) and has expanded our vision for a future of democratized data innovation.
Blockchain’s Big, Bold Future
Cryptocurrency is Here to Stay…and It’s Only Going to Get Bigger
Worldwide spending on blockchain solutions is expected to grow from $1.5 billion in 2018 to an estimated $176 billion by 2025 and then onto $3.1 trillion by 2030. Companies in nearly every industry are rushing to take advantage of the perceived benefits of the blockchain phenomenon and many are seeking to adopt their own private versions of blockchain and cryptocurrency. The financial sector accounts for over 60 percent of the market value of blockchain 2018, but the technology has spread to nearly every industry from transportation and energy to healthcare and agriculture.
By 2025, the business value added by blockchain will grow to slightly more than $176 billion, then surge to exceed $3.1 trillion by 2030, according to a recent forecast by Gartner. “Product managers should prepare for rapid evolution, early obsolescence, a shifting competitive landscape, future consolidation of offerings and the potential failure of early stage technologies/functionality in the blockchain platform market.”
Data Marketplace Opportunity
Data is the New Oil
Real-Time Data Marketplaces
The final piece of the puzzle are marketplaces that enable the free, frictionless, and secure exchange of real-time, anonymized data produced by IoT Smart devices between device owners and data consumers.
Any entity can build a marketplace on top of Prasaga and then allow device owners to sell their devices’ or algorithms’ data streams. Device owners can set an “Ask” price that data consumers can then bid on and subscribe to these data streams.
Existing data marketplaces deal mainly in static historical data stored on the cloud. While useful to a degree, the diversity and quantity of data are insufficient for most data consumers’ needs. Data liquidity is, therefore, a persistent issue. By supporting the integration of a vast array of IoT smart devices, marketplace owners can offer unprecedented liquidity.
Data consumers can choose between a variety of trusted data sources and receive the quantity of data they need.
Prasaga enables a whole new field of innovation, especially social innovation, around the access to real-time data streams. Niche marketplaces can be setup to service specific verticals. Innovators can use this data to find new ways to approach problem solving.
AgTech companies can buy real-time soil sensor data produced by farmers to better understand crop performance in a given geographical region without having to buy the sensors themselves. They can then sell these insights to the local government.
The DataGrid will open opportunities for data marketplaces to be built on the DataGrid Blockchain by innovators and system integrators who specialize in unique data verticals. The DataGrid Blockchain combined with our message server technology will enable these marketplaces to build large transaction volumes — building to a 68 Trillion GB volume by 2025.
There are 23 billion devices on the planet that make up the Internet of Things. Those billions of devices are already creating 35 trillion gigabytes of data per year.
By 2020, there will be 31 billion devices, creating 62 trillion gigabytes of data. By 2025 there will be 160 trillion gigabytes of data.
Our Evolutionary Technology
Enabling Blockchain to Fulfill Its Potential Promise
Today, there doesn’t exist a decentralized Blockchain architecture optimized with safety-critical systems design principles in mind. A system that has a fully adjustable balance around the scalability trilemma, the problem that you can only have 2 of these 3 characteristics in a system: security, scalability, and decentralization. The evolution we will achieve in speed and next generation contracts will accelerate the adoption and implementation by 5 years or more.
Parallel Processing All Transactions
We have begun development of this next-generation global ecosystem that addresses the trilemma through hybrid consensus protocol leveraging both Proof-of-Work (PoW) and Proof-of-Stake (PoS), called the DataGrid Blockchain (DGB)1 . The DGB allows compartmentalized and customizable blockchains to run in parallel as the entire network retains Bitcoin-level security.
Scalable through sharding with full consideration of Internet latency and transmission protocol issues using proven parallelization models that theoretically can run as fast as network limitations allow.
Evolving the current approach to how accounts are created, and transactions are recorded that facilitates the parallel execution of transactions across all chains.
Developing a method for having the programming of all transactions happen on the blockchain and keeping all code needed to a minimum and eliminating the introduction of errors.
Critical System Level Security
We are building the safety-critical systems foundation layer that enables secure, private, interoperable messaging networks for large scale Industrial Internet, financial technology, and decentralized applications.
Deliver a fully transparent high-integrity platform for the world’s data.
Engineer a truly decentralized and distributed system with safety-critical system principles.
Bitcoin-level security for a permission-less blockchain without sacrificing scalability.
Reinventing Smart Contracts with XBOM™
The eXtensible Blockchain Object Model (XBOM) creates an infrastructure for developers that delivers faster application development, more efficient marketplaces, and a more scalable decentralized network.
Designing a system from the bottom up that leverages code inheritance, allowing for exponential improvement.
Your assets, under your control in your secure account — by creating a more efficient way of executing marketplace transactions on a trusted decentralized network that delivers the economic benefits, autonomy, and security back to its participants.
A smart asset approach that addresses on-chain execution and recording of transactions delivering the ideal approach to privacy, regulatory compliance and sound digital monetary policy.
XBOM architecture will provide a wide variety of additional functionality not facilitated by current Smart Contracts. In the XBOM structure, each account is essentially its own virtual world, where all assets and data are in the control of that account alone. This enables both open, permissionless blockchain ecosystems and private chains, that we refer to as Associations, on the same single chain, which share all hashpower for full chain security and immutability without sharing of any private chain data.
Association Accounts will function as Bridge Accounts. A Bridge Account enables association chains to engage with the opened ecosystem, enabling enhanced security and immutability of all transactions on both sides of the Bridge in two ways. All options are the associations choice and it is dynamic.
Bridge Accounts can be a restricted use license, only sharing the PoW hashpower security and contribute to the DGB economy valuation via high level commerce metrics for GDP recording from associations. No incentive rewards, transactions fees, or anything will be paid internal to such Associations.
Bridge Accounts can choose fee free license via on chain settlement using DGT between bridge accounts, again with no private transaction data revealed. The associations enables Enterprises and Sovereign Nations to use DGB and XBOM under a restricted use binary license and migrate over time from the permissioned closed state to the open chain as they gain trust in the technology.
XBOM design enables accounts to hold all your assets, physical (i.e. titled property) or digital in your account on the Blockchain, not referenced from a wallet to a Smart Contract where ownership is yours only as long as the intermediary is active. Moving assets into an account that is on the blockchain, will allow for fractionalization of those assets. This is ideal for many of the promising projects in blockchain such as Real Estate, equity and financial markets that leverage dividends.
Multi-sided markets will be better supported by having all the assets secured and recorded on chain. KYC/AML and market regulations will be supported natively in the smart objects used to transact commerce in accordance with the jurisdictions that govern them. Imagine having inherent in your account, the credentials necessary to legally comply with different nations securities laws allowing participation in or protection from any level of investment opportunity on a global level.
We have an optimal solution… at the native chain level with a native coin.
Purpose-Driven Projects Fueled by the Right Incentives
Our core mission is to build a global community of incentivized stakeholders. We’ll do this by building a network that promotes our blockchain ecosystem to accelerators, technology incubators, and innovation labs. We will establish both evangelists and influencers in key markets and promoting tech talks at meetups and startup conferences…engaging the highly aligned entrepreneurs to consider migrating there dApp solutions to our blockchain platform.
The key to engaging each of our stakeholders will be achieved by the superior advantages of our technology, incentive programs, and shared purpose of improving the quality of life around the planet. Our platform has a built-in method to contribute back to philanthropic concerns as part of the fee structure.
We will recruit and onboard quality projects that can leverage our unique technology platform focusing first on IoT and Smart City, as well as Government, Supply Chain, and Fintech initiatives. This will guide our investment fund efforts into the global ecosystem of projects built on the DataGrid Blockchain.
The DataGrid Blockchain and message server technology will be used by a variety of stakeholders:
Device Manufacturers – Device manufacturers will have the opportunity to integrate with Prasaga as part of the production process. That way, IoT Smart devices can come already supported by Prasaga, making it simple for the device owners to start leveraging their data.
Systems Integrators – Systems Integrators will drive the initial adoption of Prasaga because they have access to the device manufacturers, device owners, and companies employing IoT Smart devices.
Device Owners – Device owners with IoT Smart devices connected to Prasaga will have the opportunity to sell the data produced by their devices.
AI and Machine Learning (ML) Companies – AI and ML companies require vast amounts of data to train their algorithms. These algorithms are only as smart as the data they are fed, so the trusted, real-time data available on the DGB will help power greater innovation.
Municipalities – All levels of government will be able to take advantage of both selling data on Prasaga for profit and buying it to power solutions that improve quality of life.
Companies – Any company with IoT Smart devices can take advantage of Prasaga to anonymize and exchange real-time data without the security risks traditionally associated with IoT.
Data Brokers – As more IoT Smart devices are connected, data brokers will be able to buy up data streams from devices owned by companies and people, repackage them, and then sell them to data consumers.
Key Market Use Cases
An IoT Data Marketplace
Our technology platform is a comprehensive framework that allows companies and people to maximize the impact of the data produced by industrial and commercial IoT smart devices. It is the core infrastructure that lays the foundation for inter-silo and inter-device connectivity; the open communication standards that provide a common language for all smart devices; the foundation that drives the adoption by smart cities, industries, and people; and the marketplaces that enable the secure, real-time exchange of anonymized data.
With Prasaga’s proven message server technology, any IoT smart device can connect and start broadcasting data streams securely. Once this data is available in the marketplace, anyone can purchase it. This could be AI and ML companies looking to train their algorithms, cities wanting to become smarter, and buildings searching for ways to become more efficient. The DataGrid does for data what the electrical grid did for electricity. It offers a way to move data around quickly using one unified standard accessible to anyone.
The DataGrid Blockchain and message server ultimately provides new opportunities for companies and people to collaborate around data. They can sell their data securely and anonymously for profit to those who need it instead of just letting it accumulate in a silo. This will unlock a new generation of innovation around leveraging data from IoT devices for the greater good. The AI of the future will need trusted data from vehicles, refrigerators, and factories to improve lives and efficiency.
A key building block of our technology offering is to openly ‘grantware’ license our message server technology running on the DataGrid Blockchain. Our team has a great deal of expertise and existing relationships to catalyze opportunities from supply chain logistics to a full DataGrid marketplace. To understand these use cases we’re providing a deeper look at this sector and applications of our technology.
By Making IoT Smart Devices Work, Prasaga Aims to:
Save Lives – When IoT works the way it was designed, lives are saved.
90% reduction in traffic fatalities
22% lower crime rates
50% drop in chronic disease treatment costs, saving over $300 billion in US alone.
Help the Environment – IoT can have a positive impact on the environment.
19% percent reduction in global greenhouse gas emissions
30% less vehicle emissions
Increase Efficiency – Companies and people leveraging the power of their IoT smart devices can improve efficiency.
Farmers increase yield by 15%
10% less home energy use
20-30% less energy use in factories
What are the Challenges with the Internet of Things?
The Internet of Things (IoT) refers to the idea that traditionally “dumb” devices like toasters, washing machines, and industrial equipment can be equipped with data-producing technology and connected to the internet. It’s an idea that has been around since 1982, but it didn’t come to fruition until sometime in 2008 or 2009 when the number of connected devices exceeded that of people2. This growth was fueled predominantly by global demand for Smartphones and tablets; the number of connected “dumb” devices was still relatively low.
By 2018, this number jumped to 7 billion3. That’s 7 billion connected fridges, thermostats, industrial machines, and HVAC systems, among others, that are continuously producing billions of gigabytes of data. By 2025, the number of connected “dumb” devices is set to triple to more than 21 billion. Organizational IoT spending, predictably, is set to grow as well, reaching some $3.9 trillion by 20214.
IoT offers a glimpse into a bright future: Cities could become smarter by using data to optimize traffic, reduce carbon emissions, and improve quality of life; factories could achieve greater efficiencies in their industrial processes and ultimately save energy and money; companies could cut costs through predictive maintenance and increased automation; farmers could better understand the health and movements of their cattle; and Machine Learning (ML) and Artificial Intelligence (AI) companies could finally get access to the massive amounts of data needed to automate the world. These were the promises of a better world, a more efficient factory, and a more effective algorithm.
But lost amongst the unfettered growth and potential are questions of IoT’s actual effectiveness. Connecting every single thing to the internet does seem like a great idea because data produced could be shared in real-time and then used to solve all manner of problems. This was supposed to be the evolution of the internet. It was supposed to usher in a new era of collaboration and automation. Instead, the industry has been mired in failure—a fact recognized by Cisco in late 2017. Kevin Bloch, the company’s CTO, suggested that 75% of IoT projects are failing.
The question is, why? What is it about IoT that has made it so prone to failure?
Challenge #1: Silos Resulting from Over-Fragmentation
As data emerged as the “new oil” in the wake of connected device proliferation, companies scrambled to add connectivity and sensors to their hardware offerings. Suddenly, everything from fridges to televisions to HVAC systems were labelled as “Smart.” Washing machines were sold that could sense gray water composition, cars became more computerized than mechanical, and wearables offered new opportunities for transmitting health data to doctors. While some value was realized, the market became fragmented with devices. Instead of working together to create common standards, companies did what they always default to when faced with new opportunities: try to create the standards that would eventually become globally accepted by everyone else.
This resulted in data and device silos. Each company had its own silo of data and fiercely protected it. If, for example, you bought an LG Smart fridge, the data produced by it would stay strictly in the LG silo. Car companies getting data from vehicle sensors kept that data in house, viewing it as an asset and not something to be shared. It also meant that each successive company trying to break into the IoT device space found it increasingly difficult and expensive to gain any sort of traction, and cross-industry collaboration simply doesn’t exist.
The problem with silos is that they don’t readily communicate with each other and are often islands unto themselves. Consider the “Home Assistant” race between Google and Amazon. Both are rushing to connect to as many external devices as possible and create their own ecosystems, but not with each other. Now imagine you have an office with Smart devices from a variety of vendors. The silo approach means that the devices won’t be able to talk to each other, let alone with external devices, like weather sensors, unless the vendor has enabled it within its own ecosystem. So much for the unprecedented opportunity for data sharing that IoT was supposed to offer.
Challenge #2: IoT Devices are not Inherently Secure
While some companies have launched head-first into IoT initiatives, others have been afraid to connect their devices to the internet. Do so, they say, and risk exposing everything to the world. They have a right to be cautious. IoT devices have proven to be a valuable attack vector. Target Stores Inc., for example, had details of 44 million credit cards stolen because the attackers were able to access Target’s network through a Refrigeration Management company6. Combined with the pervasive belief that IoT device security is little more than an afterthought, the threat is real and on-going.
These security issues extend to consumer devices as well. Check the firmware on your WiFi router or smart fridge and you’ll likely find it to be two years old. This is because device manufacturers stop updating the firmware after only a few months of a new piece of hardware being released. These updates are time-consuming, expensive, and generally cannot be performed automatically. They require specialized knowledge and the risk that the device may be rendered dead after the update. What this means is that billions of devices are running firmware that are vulnerable to exploits.
It’s remarkable that so little attention is paid to the security of IoT devices, given the importance of cybersecurity today. Flagging security protection and data that is not sharable has left consumers with little choice but to be wary of their smart IoT devices. And if companies can’t comfortably connect their devices to the internet to increase efficiency and cut costs, then it stands to reason that IoT adoption would be slow.
Challenge #3: Data Produced by IoT Devices isn’t Being Utilized
For IoT to actually deliver value at any level, the data produced needs to be utilized. In other words, if the data is simply created and stored, it doesn’t add any value. Cities can collect all the sensor data they want, but if they don’t use and apply that data to make improvements, then they can hardly be called Smart Cities. Many local governments and the majority of companies are unaware of the potential cost savings, synergy creation, and other benefits of their connected devices, so the data just sits there. And because all of this data is seen as an asset to protect, there is very little sharing.
This hoarding in silos hurts data-consuming companies like AI and ML companies. Their algorithms require vast amounts of correct and complete data to produce meaningful outputs. Since it is algorithms that will power much of our future “Smart” initiatives, it’s quite important that they can get the right data at the right time. Unfortunately, much of the data being used is historical data. There is currently no way for such a company to tap into real-time data streams that they don’t own. All of that real-time data instead goes to waste in silos or is discarded.
To achieve the Smart future that has been presented to us, it’s critical that IoT device data is shared with the companies that need it to solve problems and that companies are open to understand that the sharing of certain types or subsets of data will not destroy their competitive edge, nor will it cause the company to be a takeover target, but can acutally be used as a strategic and tactical asset by the corporation and add to the bottom line revenue.
The siloed, unsecure, and underutilized nature of IoT provides a clear opportunity for a solution that can facilitate the sharing of trusted real-time data in a way that is secure and reliable so that innovators can get the data they need to solve pressing global problems, companies can reduce costs and monetize their data, and smart cities can improve lives and reduce carbon emissions.
More Specifically, a Solution that:
Provides support for inter-silo and inter-device connectivity so that data can flow and be accessed freely
Supports Open Standards of communication so that all devices can talk to each other
Allows for the anonymization of data so that companies can be certain that the data cannot be traced back to them
Prioritizes security of the data being exchanged
Establishes a marketplace that goes beyond the current historical data markets by providing access to real-time data streamsalignnarrow
Such a solution could allow one stage of an assembly line to communicate directly with the previous stage when problems are spotted; an HVAC system to use external traffic and weather sensors to optimize building temperatures; and your coffee machine to turn on based on your alarm clock setting.
In other words, a solution that makes IoT work the way it was envisioned. That solution is Prasaga.
Prasaga’s Potential Impact
We all benefit when data is shared between companies and governments; when innovators and problem solvers can get access to the data they need when they need it. This is how solutions to major problems are found, how the next generation of technology achieves mass adoptions. Prasaga envisions a world in which IoT smart devices and the data they produce are harnessed in ways that maximize impact.
Prasaga enables cities to become smart enough to continually improve the quality of life of their inhabitants. Better traffic, optimized public transportation, less crime, lower carbon emissions and low operational costs of local government services. It’s all possible when data is shared.
IoT smart devices that can communicate with each other are able to manage themselves without human intervention. For example, an x-ray device in the assembly line could initiate a shutdown of the entire assembly line if it detects errors in the work done upstream by the soldering device. This could save countless human hours and material and increase profitability.
Greater Workforce Productivity
Prasaga encourages automation that leads to greater workforce productivity. Connecting IoT smart devices together and allowing them to communicate means less time required for menial tasks done by humans. Attention, then, can be focused on value-added work and decision making.
Supply Chain Integrity
Transparency is imperative to building meaningful relationships. Recording of information that is verifiable and transparent. Interactions between many different groups, such as producers, manufacturers, carriers, standards organizations, vendors, and consumers can be recorded transparently. This enables certified parties to share information in order to build digital ecosystems that provide greater visibility into the standards of production across various sectors.
Companies that leverage Prasaga could realize significant cost savings. Assembly lines can be optimized based on real-time data, farmers can get timely soil and meteorological data to make better planting decisions, and buildings can use external data to make HVAC, plumbing and lighting systems more efficient and cost effective.
New Revenue Streams
Prasaga creates new opportunities for profit by allowing IoT smart device owners to sell the data those devices produce. A person, for example, could choose which grocery company to sell their refrigerator data to.
Smart Cities & Intelligent Industry
“Smart city” is a term frequently associated with the potential of IoT. It evokes images of autonomous flying cars, Minority Report-style crime prevention, retina scans for identification, directions on sidewalks, and a host of other innovations that we only read about in science fiction novels.
In reality, a Smart City is simply a city that increasingly uses data to improve efficiency and enrich lives. This could mean using data collected from water supply networks to better understand consumption during times of drought, from dumpsters to improve garbage collection, or from public buses to optimize schedules and routes.alignnarrowIn reality, a Smart City is simply a city that increasingly uses data to improve efficiency and enrich lives. This could mean using data collected from water supply networks to better understand consumption during times of drought, from dumpsters to improve garbage collection, or from public buses to optimize schedules and routes.
There are examples already in use around the world: Amsterdam allows owners to rent out their private parking spaces and then uses the data to analyze parking demand; Barcelona provides its gardners with data about how much water is needed by specific plants; Santa Cruz, in California, uses historical crime data to figure out where to deploy police in the future.
It’s all relatively elementary. Smart cities, as it turns out, really aren’t that smart. Sure, there are some successes, but they seem aimed at solving very specific problems with historical data rather than real-time data. It’s a start, but nowhere near the smart cities we envision, where decisions that impact our lives are made by algorithms in real-time. This interconnectivity is what’s going to make a difference, not standalone, siloed projects.
Unfortunately, Smart cities suffer from the same problems as the IoT industry. Private companies are often involved in smart city projects, which means the siloed approach shuts down any possibility of sharing data. Instead of optimized public transportation routes, there are silos full of bus data that has never been analyzed. Instead of efficient waste management, there isn’t available data generally available because the waste management company is worried about security. Infrastructure costs are also significant. Not many cities want to “start over” by having to tear down buildings or rip up roads just for the sake of being “Smart.”
Intelligent industry isn’t that much different from Smart Cities. The idea that manufacturing companies could use data to make more accurate predictions, increase efficiency, and operate without any human intervention sounds great in theory. In practice, it’s a lot more complicated because the same problems persist as described above.
What Impact does Prasaga Deliver to Smart Cities and Intelligent Industry?
Prasaga puts access to real-time data streams directly into the hands of city administrators. It means cities won’t have to invest millions to install the infrastructure themselves, nor will they have to pay private companies that will just end up siloing the data anyway. Cities can leverage data produced by citizens and companies to make better decisions and get data from their existing fleet of IoT smart devices.
Factories and manufacturers can plug all of their IoT smart devices and existing algorithms into Prasaga. They can then build new algorithms that take advantage of the data streams now available. The potential for increases in efficiency are staggering. What once required human intervention can now be automated.
Prasaga puts access to real-time data streams directly into the hands of city administrators.
At the heart of Prasaga message server is the core infrastructure that facilitates the flow of data from IoT smart devices. It’s like the electrical grid that delivers electricity. Any electrical device can plug into it in any location. This fact alone has made device innovation possible because the electricity to power the devices doesn’t have to be generated in the same location. Prasaga is making this possible for IoT smart devices. Any IoT smart device anywhere in the world can connect to Prasaga and start transmitting data.
The cost to set up the infrastructure is minimal. No physical transmission wires to be laid or power stations to be built. All that is needed is a message server that receives data, filters it, and then broadcasts it. The filtering helps cut down on the amount of unnecessary data being transmitted, improving the value of the data.
With the Core Infrastructure in place, the next step is to create a common language that all IoT smart devices can speak and understand. Any device, old or new, can connect to the core infrastructure and start transmitting data without the need for modification. The open standard that Prasaga uses is an XML-based protocol that is already supported by IoT smart devices. Like how Instant Messengers use the open internet protocols to allow humans to talk to each other, devices can use Prasaga.
The need for Open Standards is clear. Consider the internet without the TCP/IP protocol or if mobile phone networks couldn’t talk to each other. Open Standards have to exist for any technological advancement to succeed. Without them, we lose the incentive for innovation because creating closed protocols that are accepted as the standard is prohibitively expensive. Prasaga provides that Open Standard so that the barriers to innovation remain low.
Key Partner Opportunities
Prasaga has a number of areas for both smart cities and intelligent industry that we will recruit key innovators and projects to the DataGrid around:
By connecting traffic systems to Prasaga, AI can pull in important, real-time data to optimize flow. This could mean using traffic volume data to match the traffic lights with actual traffic flow. This could reduce vehicle emissions by up to 30%, or tracking events like water main breakages, emergency vehicle routes, and other anomalies to re-route traffic.alignnarrowBy connecting traffic systems to Prasaga, AI can pull in important, real-time data to optimize flow. This could mean using traffic volume data to match the traffic lights with actual traffic flow. This could reduce vehicle emissions by up to 30%, or tracking events like water main breakages, emergency vehicle routes, and other anomalies to re-route traffic.
Street lights can use traffic data streams to adjust brightness levels based on traffic flow. Low traffic density would result in dimmer lights and, therefore, cost savings and the extension of the life of the light. Street lights can also transmit their own data streams to aid in maintenance and general asset management.
Office buildings are home to a variety of IoT smart devices from as many manufacturers. Using Prasaga, building owners get access to vast amounts of useful data. Lights can be dimmed or turned off when no one is present, air conditioning or heating in meeting rooms can be optimized based on meeting schedules, and garbage can sensors can aid cleaning staff. External data streams can also be of use: HVAC systems can make decisions based on traffic and weather data. For example, the air conditioning could be delayed by 30 minutes if traffic is particularly bad one day.
When IoT smart devices within a smart city are connected to Prasaga, autonomous emergency service vehicles can be provided with critical real-time information regarding traffic and other events that could dictate travel time to the hospital. For example, an autonomous ambulance on its way to the hospital, gets an update that an accident is blocking traffic on its originally planned route. This new data causes the ambulance reroute so that it can get to the hospital without delay.alignnarrowWhen IoT smart devices within a smart city are connected to Prasaga, autonomous emergency service vehicles can be provided with critical real-time information regarding traffic and other events that could dictate travel time to the hospital. For example, an autonomous ambulance on its way to the hospital, gets an update that an accident is blocking traffic on its originally planned route. This new data causes the ambulance reroute so that it can get to the hospital without delay.
When an entire assembly line is connected to Prasaga, the different stages can tell each other what to do. If one stage detects a problem in the work of another, it can initiate a shutdown and notify the operators. A Smart Factory producing refrigerators could also detect problems from refrigerators sitting in customers’ homes and make adjustments on the line immediately.
A Long-Term Approach to Fiscal Policy
Prasaga Token Roadmap
Roadmap to creating a global monetary policy.
Intelligent Governance to manage a dynamic next generation currency.
Decentralized, federated, community governed money supply policy.
The Smart Object Model (XBOM) allows tracking of all ledger activity to create a true Digital GDP.
We have broken our funding stages into a two-tiered approach focused on sequential technology milestones and growth accelleration based on business development and community building.
Financial & Governance Models
Stability and Growth Built on Proven Systems
There are four core financial models in the DataGrid Blockchain. These are the following:
Monetary Policy Model
Gas Price Model
Node Staking Model
The Monetary Policy Model manages the supply of the DataGrid Token, changing the rate of increase or decrease based on economic information.
The Treasury Model manages the budgets for the Prasaga Foundation, the Prasaga Philanthropic spending, the wealth redistribution function, and a short-term surplus.
The Gas Price Model manages the average gas price with respect to the total DGB economy, to maintain profitability for node operators and enable competitive pricing for differentiated service.
The Node Staking Model manages the node DGT staking requirement for (re)registering a node for the DGB. The objective for node staking is to discourage various forms of attacks by attaching monetary costs to such attacks, while balancing the staking amount with encouraging a large diverse pool of node operators.
Combined, these four models manage the main aspects of the internal financial aspects of the DGB.
Monetary Policy and Treasury Models
The Monetary Policy Model and Treasury Models are independent of each other and are controlled by independent governance bodies. However, they have both direct and indirect relationships. Therefore, these are discussed together.
Monetary Policy Model
The responsibility of the Monetary Policy Model is to manage the supply of DGT coins in the total DGB economy. This is equivalent in concept to decentralized money supply management. To accomplish this there must be a means to increase the supply of DGT as well as decrease the supply of DGT.
Increasing the DGT supply is accomplished through block incentives. As such, the Monetary Policy Model affects the increase of the DGT supply by managing the amount of DGT per-block incentive.
Decreasing the DGT supply by definition means burning DGT. Psychologically burning coin is difficult, even though theoretically it increases the value of the remaining coins in circulation. That is, a node operator on validating a block expects to earn transaction fees and possibly an incentive reward. Burning some of the transaction fee and eliminating the incentive reward, if needed to manage the DGT supply is unlikely to be a welcome state.
Therefore, the Monetary Policy Model uses a novel approach. An optional, variable DGT bonus is given to each node as it (re)registers on the DGB. This bonus, just like the stake, earnings and incentive rewards are not received until the node completes a lifecycle. The amount of the bonus may vary and may be zero, based on the Monetary Policy Model’s determination of the target DGT supply. Any bonus that is not delivered to the node is burned.
Burning the DGT instead of delivering it as a bonus is not sufficient on its own. The critical missing piece is the source of the DGT for the bonus. The bonus DGT is supplied from the Treasury account, which in turn is collected from the transaction fees taxes. As a result, burning some or all of the bonus directly reduces the DGT supply. Because the bonus only impacts the node registration stage, when DGT supply reduction, or reduction in the rate of increase is needed, the Monetary Policy Model reduces bonus returned to the node through the Monetary Policy smart contract, the nodes already registered on the DGB do not feel the impact directly.
Gas Price Model
The Gas Price Model uses the following equation: Average Transaction Gas Price = (P*Y * GG%) / transaction count
The DGB average transaction throughput gas price is set periodically using the above formula. Essentially the intent is that the DGT spent on gas is on average GG% of the economy. GG% is managed by Gas Price Governance.
Node Staking Model
The Node Staking Model uses the following equation: Node Registration Stake = (P*Y * SS%)/node count
The node registration stake price is set periodically using the above formula.
The intent of the node registration stake is to discourage a majority attack by setting the per-node stake such that a 50+% attack (P*Y * SS%/2) is a large enough financial commitment to deter such an attack. SS% is managed by Node Staking Governance.
The governance refers to any actions carried out on the network that change the rules of the decentralized system. The governance model from Prasaga takes inspiration from modern democratic and monetary policy systems. Recommendation Boards will be comprised of Subject Matter Experts from a range of communities including developers, cryptographers, economists, legal experts and other domain experts who specialize and contribute to the network development and sustainability.
To democratize the process, key policy and ultimately implementation decisions will be based on a majority or super majority plenary vote from the DataGrid Blockchain community. To balance the voting, the weight of each individual will not be determined by how many validator nodes or tokens are held, to lessen the self-interested impact on the governance decision-making process, we envision a one person one vote system which is further enabled by the XBOM account and smart capabilities.
There are four proposed vertical areas of governance: Technology, Monetary, Treasury and Community. Each Recommendation Board will comprise of a panel of experts at first appointed by the foundation and tasked with day-to-day responsibilities to engage with Prasaga ecosystem and outside experts. The boards will propose recommendations to the DataGrid Blockchain Community for final vote before major changes or new features for the ecosystem are implemented.
An outline of responsibilities for each Board is noted below, we fully expect there will be sub-committees that report up to the main boards:
Technology Board: work related to building and releasing updates of the DataGrid Blockchain, and other technical issues.
Monetary Board: work related to monetary policy around token supply and treasury, and other economic and commercial governance issues.
Treasury Board: work related to managing the budgets for the Prasaga Foundation, wealth redistributionand philanthropic spending.
Community Board: work relating to marketing and promoting the DataGrid Blockchain globally, and the appointment and management of ambassadors for outreach and education.
Prasaga Foundation, as the originator of the network, will help initiate and coordinate the Boards and sub-Committees in order to get them established and self-sufficient. It is intended that the Boards will as soon as practically possible be independent from Prasaga and comprised of a majority of non-Prasaga members. Any member of the community can apply to join an expert Board and/or Sub-Committee, there will need to be a vetting process to ensure best representation for the community in their ecosystem of experts and final plenary vote. Each board shall include seven members with a term of 5-7 yrs.
This Prasaga document is for information purposes only and is subject to change, revision and update at any time. Prasaga does not guarantee the accuracy of, or the conclusions reached in, this document, and this document is provided “as is.” Prasaga does not make any, and expressly disclaims all, representations and warranties, express, implied, statutory or otherwise, whatsoever, including, but not limited to: (i) warranties of merchantability, fitness for a particular purpose, suitability, usage, title or non-infringement; (ii) that the contents of this document are free from error; and (iii) that such contents will not infringe third-party rights.
Prasaga and its affiliates shall have no liability for damages of any kind arising out of the use, reference to, or reliance on this document or any of the content contained herein, even if advised of the possibility of such damages. In no event will Prasaga or its affiliates be liable to any person or entity for damages, losses, liabilities, costs or expenses of any kind, whether direct or indirect, consequential, compensatory, incidental, actual, exemplary, punitive or special for the use of, reference to, or reliance on this document or any of the content contained herein, including, without limitation, any loss of business revenues, profits, data, use, goodwill or other intangible losses.
Recipients of this document are specifically notified as follows:
Any token issued by Prasaga is not intended to constitute a security in any jurisdiction. This Prasaga document does not constitute a prospectus nor offer document of any sort and is not intended to constitute an offer or solicitation of securities or any other investment or other product in any jurisdiction.
This Prasaga document does not constitute advice to purchase any token issued by Prasaga nor should it be relied upon in connection with any contract or purchasing decision.
No representations or warranties have been made to the recipient or it advisers as to the accuracy or completeness of the information, statements, opinions or maters, express or implied, arising out of, contained in or derived from this Prasaga document or any omission from this document or of any other written or oral information or opinions provided now or in the future to any interested party or their advisers. No representation or warranty is given as to the achievement or reasonableness of any plans, future projections or prospects and nothing in this document is or should be relied upon as a promise or representation as to the future.
Potential purchasers should assess their own appetite for such risks independently and consult their advisors before making a decision to purchase any token issued by Prasaga.
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