The Unique Consolidation Between Decentralization and Centralization: Coexistence In Cryptocurrency
Cryptocurrency prides itself as the harbinger of a decentralized economy: an economy that embodies laissez-faire principles and inclusivity on a global scale. Peer-to-peer networks enable individuals to connect globally with one another without the necessity of a central server or centralized entity. Simultaneously, blockchain technology was conceived of to be an immutable solution and an un-tamperable technological innovation that can be utilized for a variety of use cases: escrow, data records, land registry, identity verification, investment records, medical records, proof-of-ownership, logistics and supply records, consumer privacy and many more! However, Cryptocurrency has entered a new era of its existence: an era that amalgamates the benefits of decentralization with the validity, trust and cooperation of centralized entities. In 2018, discussions regarding centralized entities on the horizon, entering the market such as the CBOE, Ameritrade, Fidelity Investments, Goldman Sachs and Bakkt (an intercontinental exchange that has partnered with Microsoft and Starbucks to bring about mass adoption of cryptocurrencies) have ushered in a new ubiquitous ethos and question within the cryptocurrency sphere: how can we leverage the benefits of decentralization and centralization? Although this seems like a paradox, centralized entities can bring about the prosperity and the global validation and acceptance of decentralized technologies in many ways, such as notarization, network observation, technological validation in the eyes of the state, network certifications, legal evidence, proof-of-ownership, protection of intellectual property and judicial validity on the basis of blockchain technologies immutable and traceable features. Many projects within cryptocurrency have embraced this notion of prosperity between centralized authority and decentralized technologies; one of these projects is the Sharder Protocol and its revolutionary Bean Cloud D’app! Bean Cloud has garnered massive attention due to the many partnerships that have been created and consolidated in recent months and one of them is an incredible feat.
Bean Cloud: The Doctrine Of The Bean
Bean Cloud is the first D’app that has been built within The Sharder Ecosystem. Bean Cloud is a data storage, certification, and security platform that services P2P finance, small loans, consumer finance, e-commerce, ERP system, etc. Bean Cloud stores data such as e-contracts, payment documents, and investment records on-chain and provides security certificates and legal evidence for the data based on blockchain’s traceable and immutable features. The Sharder Ecosystem is a decentralized global data storage solution that amalgamates the benefits of decentralization and centralization. Bean Cloud is a depository for data preservation, as it services include secure and trusted data protection, electronic signatures, which signify ownership and equitable contract signatures and cloud storage that is based off of the blockchain system. Bean Cloud is growing at an exponential rate, on November 5th, less than two weeks ago 72,153 copies of certified data were stored successfully and 238 users are utilizing Bean Cloud’s technology! Now, on November 16th, over 122,774 copies of certified data has now been stored on Bean Cloud and now, 240 users are utilizing Bean Cloud’s technology! In less than 270 hours, Bean Cloud’s copies of certified data has almost doubled! Full nodes operating on Bean Cloud are stable and are operating successfully! As well, according to the performance test of the Sharder Chain ,ordinary payment transactions can reach 1000tps+ but storage transaction is less. Currently, Ethereum can only handle roughly 15–20 TPS and the Ethereum block time is approximately 20 seconds, whereas Bitcoin’s average TPS is around 5 TPS and Bitcoin’s block time is approximately 10 minutes: This means that the Sharder Chain and its ecosystem can handle up to 200 times more transactions per second than Bitcoin at this moment in time! TPS will be improved constantly and will be accelerated according to requirements. This is similar to public chain infrastructures, we are doing the same thing as well. Therefore, the current TPS won’t be the final goal we wish to achieve. We will never cease to enhance the system and to boost TPS. Huniu, an OTO platform that exists on WeChat, is now connected to Bean Cloud and will be utilizing its data storage and security services. Bean Cloud was first released in 2011, and by 2018 it was one of the world’s largest standalone mobile apps by monthly active users, with over 1 billion monthly active users (902 million daily active users). Sharder has been hard at work developing Bean Cloud for global application and universal utility!
Sharder’s business department has been researching further into the logistics and auto-rental industries in recent weeks and have contacted over 20 businesses that exist within this space. Four of those businesses expressed their willingness to pay for Bean Cloud’s contracting and notarization services. The Sharder Protocol understands the many difficulties that small to medium size businesses face in our evermore corporate world; Bean Cloud’s early goal is to understand the requirements and pain-points of small to medium size businesses and provide them with blockchain as a service based legal services which will in return, simplify their contract signing processes: simultaneously, this will provide legal validation for their data. Data security, integrity, and preservation are crucial components to online data storage. The data security of Bean Cloud is blockchain-based and developed in collaboration with Born Soft Group. Bean Cloud offers online storage for photos, documents, contracts, etc. Bean Cloud offer corporations and individual entities data security when storing important documents, original works, contracts, patents, etc. All stored data is encrypted with blockchain-based technology, establishing a secure user experience. In the event of an infringement, certification will be issued to protect the rights of users and their data simultaneously. Bean Cloud in its own right is the Guardian of patents and intellectual property, as it stores certified and notarized contracts that validate an individuals intellectual property: no one will ever be able to infringe on your sanctioned knowledge! Notarized digital contract signatures; digital contracts are electronically signed, encrypted, and these digital contracts are issued a blockchain certificate that can never be tampered with. The contracts are also notarized, thus eliminating any risk of infringement, tampering, or breaching.
Bean Cloud: The Bean That Merges Centralization And Decentralization: The Hangzhou Internet Court Of China
The city known as Hangzhou, with historic roots dating back over 1400 years ago, is the capital of the Zhejiang province of China. The uniqueness of this great city is that it is the capital of two entities, a Chinese province and also, Chinese eCommerce; Hangzhou is considered the “capital of Chinese eCommerce”, solidifying Bean Cloud in the largest eCommerce city throughout the entirety of China. Bean Cloud, as it’s technology focuses on a variety of utilities, among them eCommerce finance, puts Bean Cloud in a prominent position within centralized entities that participate in legislation and judicial cases among the various eCommerce businesses that exist within the city. The Hangzhou Internet Court began hearing cases on August 18th, 2017 and since its conception, over 10,000 cases have been decreed within the Hangzhou Internet Court! “China’s first court specializing in Internet-related cases has handled more than 11,000 cases since its inception a year ago, according to the court.” “The court has concluded more than 9,600 cases and the average duration of a trial is 38 days, about 50 percent shorter than conventional courts, according to the court.” Source: http://www.chinadaily.com.cn/a/201808/18/WS5b77c8f4a310add14f386801.html The notion and execution of efficiency in the 21st century is one of the focal necessities that centralized entities and technologies must embody or perpetuate; in a society that is constantly advancing at a rapid pace, efficiency is necessary in every aspect of society and human ingenuity. The Hangzhou Internet Court plans to open up a data center for cases related to the internet as well! Sharder’s Ecosystem main focus is Big Data; this recent turn of events puts Sharder in a unique position that can open up an immense amount of opportunity for The Sharder Protocol in the long run as a decentralized ecosystem that assists in the storage of the Hangzhou’s Internet Court big data through the utilization of Bean Cloud! The Peoples Republic of China also plans to set up internet courts throughout Chinese cities which include Beijing and Guangzhou, giving Bean Cloud and Sharder as a whole an extremely optimistic opportunity to possibly expand its reach (over forty million people live in these cities) and audience to these particular cities to serve their eCommerce and data validation needs! Bean Cloud is already an official judicial node/evidence storage platform for the Hangzhou Internet Court of China; this puts Bean Cloud in the crossfire and on the forefront of opportunity between centralized judicial government institutions throughout China while simultaneously emphasizing Sharder’s decentralized architecture and ecosystem in China! Due to the fact that Bean Cloud is already an evidence storage/judicial node of the Hangzhou Internet Court, when internet courts are constructed in Beijing and Guangzhou, Bean Cloud will be in a unique position to possibly leverage its position in the Hangzhou Internet Court to expand to other internet courts in Beijing and Guangzhou!
Conclusion: Bean Cloud And It’s Unique Position To Merge Decentralization And Centralization
Bean Cloud is on the forefront of a decentralized ecosystem and centralized judicial institutions through this amalgamation of decentralization and centralization. The Sharder Protocol and Bean Cloud as a whole can leverage both the benefits of judicial centralized validation and legitimacy and decentralized anonymity and individual autonomy. Bean Cloud has garnered over 120,000 copied of certified data and only 10 days ago, that number was approximately 72,000; this is an unprecedented amount of growth over recent days as the Protocol garners more attention with a wider audience. Centralization and Decentralization can co-exist and collectively foster an ecosystem within cryptocurrency and blockchain that is beneficial for the entirety of the planet: The Sharder Protocol understood this incredible paradox, and utilized it within their own protocol!
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Disclaimer: Cryptocurrency investing requires substantial risk, do not invest more than you can afford to lose! I am not a financial advisor and I am not responsible for any of your trades. I am an investor of Sharder Token and the information within this article represent my own thoughts and opinions. It is incumbent that you always do your own research before investing in anything!
A Unified Front: The Amalgamation of Decentralization and Centralization: Bean Cloud was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.