Cryptocurrencies, blockchains, and decentralized networks are relatively new concepts that are quite complex, yet intriguing and impactful for enterprises looking to advance technologically. Geneca is up to date on the most current cryptocurrency technology and recently helped business enterprise client, DNotes Global Inc., with the development of their newest version of digital currency, DNotes 2.0.
The client: DNotes Global Inc.
About DNotes, cryptocurrency, and blockchain
DNotes is a form of digital currency founded and brought to market in 2014. It is a blockchain-based payment system that eliminates the middleman for fast and efficient exchanges of digital currency. DNotes Global Inc. aims to bridge the gap between traditional centralized monetary systems and new decentralized models.
Traditional monetary currency validates transactions through a centralized point. Cryptocurrency however, does this through a decentralized network using blockchain technology. The blockchain is the series of confirmed transactions (blocks) that occur within the decentralized network. Every individual in this network has access to the blockchain and can see each block thus once a block is verified, it cannot be changed.
The client’s problem:
Transition from Proof of Work to Proof of Stake
DNotes Global Inc wanted to advance the technology of how blocks are verified for their blockchain. Their goal was to develop DNotes 2.0. transitioning from Proof of Work (PoW) to Proof of Stake (PoS).
Proof of Work vs. Proof of Stake
Proof of Work (PoW) is the traditional consensus algorithm in a blockchain network. Proof of Work verifies transactions forming blocks in the chain by using computers to race to solve complex computer calculations. The first to solve the problem is financially rewarded. However, this process requires enormous amounts of energy and electricity making it unsustainable for the future.
Proof of Stake (PoS) is a new consensus algorithm. Like PoW, it’s purpose is to verify blocks, but it achieves results through an entirely different process. Proof of Stake chooses who can solve the algorithm from those who have a stake in the cryptocurrency. They solve the calculation and receive the transaction fee. As PoS is a newer process, variations are still evolving, but they all require less expensive equipment and less electricity than PoW and reward loyalty to the currency.
DNotes chose Geneca for their cutting-edge technology and leadership
DNotes Global Inc. recognized Geneca as a technology leader. They wanted a current company with cutting-edge technology that could help and expand their internal team to execute their plan for rapid expansion. Cryptocurrency and blockchain are uncharted territories for many industries, but Geneca understands its power to impact and transform future marketplaces. DNotes needed a company who understood the complexities of digital currency and blockchain, as well as someone who shared their business philosophy and vision.
The challenge:
Maintain DNotes integrity within cryptocurrency community
As a business enterprise building and evolving a cryptocurrency, security is of the utmost importance. DNotes cryptocurrency must be secure, and the cryptocurrency community must hold a high percentage of confidence in DNotes. This confidence is built through having a strong vision and being able to execute it on time and as promised. Technical prowess is foundational to cryptocurrency success. The transition from PoW to PoS requires what is known as a hard fork, which risks losing both security and percentage of confidence. Geneca needed to complete a hard fork and transition DNotes from PoW to PoS efficiently to maintain the cryptocurrency’s integrity within their community.
Geneca’s solution
Geneca completed the transition work from Proof of Work to Proof of Stake to help DNotes Global Inc. launch DNotes 2.0.
Results
Geneca completed a hard fork transition for DNotes from Proof of Work to Proof of Stake. A hard fork is a very large undertaking in the cryptocurrency world. It is quite a precarious and complex process that must be done in order to transition from one consensus algorithm to the next. The ability to do this kind of work on time is pertinent in maintaining DNotes digital currency’s credibility, confidence, and security. Geneca made the transition quickly and efficiently to deliver satisfaction for DNotes Global Inc. as well as the digital currency’s stakeholders.
Geneca’s transition work helped DNotes Global Inc. create and finalize DNotes 2.0. With this new version of DNotes cryptocurrency, DNotes provides stakeholders with new incentives and increased influence. Because Geneca understood and shared DNotes Global Inc.’s vision for the future, we were able to successfully transition DNotes from Proof of Work to Proof of Stake in the development of DNotes 2.0. Geneca continues to be the technology partner for DNotes Global Inc. providing cutting-edge custom software development to achieve additional goals as a cryptocurrency bridging the centralized and decentralized markets.