StopTheFakes is a Blockchain-based decentralized service aiming to detect counterfeiting and infringement of intellectual property rights, created on the Ethereum smart contract platform. Blockchain technology has been implemented by using the open source license. The project has its own token, which is the only method of payment within its framework. Our basic idea is to build a completely transparent and reliable system that could transfer data from users to right holders. We assume responsibility for providing the necessary infrastructure and bringing together those who want to learn about any infringement of their rights and those who can provide them with this information owing to their geographic location or other factors. We assume responsibility for ensuring that customers remunerate providers and retain part of the remuneration as a commission fee. Tokens issued by us will be the only means of payment that customers will purchase for remuneration purposes. Their quantity is limited, and Blockchain technology principles guarantee protection against forgery. Ethereum’s smart contracts ensure the fulfillment of the commitments undertaken. The operating principles and technical specificities of the system, the total quantity of tokens, timelines for their issuance and conditions for their acquisition are described below.
Cryptocurrencies
Bitcoin was the first decentralized cryptocurrency operating since January 2009. It was followed by Namecoin, launched two years later, in April 2011. Now, thousands of various cryptocurrencies are in existence, but only a small fraction of them are actively traded on exchanges and exchanged for fiat currency. As of March 2017, the total cryptocurrency market capitalization surpassed $25 billion. With some $18 billion, Bitcoin captures the lion’s share of this market. A dramatic growth followed, and the market grew five-fold in less than six months. According to the data from coinmarketcap.com, as of September 16, 2017:
Cryptocurrencies as a method of payment
Since we intend to use tokens as a means of remuneration for customers to pay for the doer’s services, we will now examine this aspect of using them. The following are the key advantages of cryptocurrencies over fiat currencies as a method of payment:
- Payments can be made 24/7, 365 days a year.
- Considerably less time is required to make a transaction.
- There are no legal or geographical barriers to transactions.
- Low cost of transactions, an absence of extra commission fees or intermediaries.
The factors mentioned above make most payments in cryptocurrencies transnational. Up to 46% of all transactions vary from $100 to $1,000, and 34% of transactions exceed these amounts.
Market and Industry
Throughout the centuries, humankind has invented technologies to obtain more products, and streamlining processes to ensure less waste of efforts and resources. History can be divided into periods from one industrial revolution to another. A breakthrough occurred in the 20th century. The development of science and technology helped reduce expenses to the minimum. Companies started spending more money on advertisement and less on production, so the 20th century became known as the Age of Information.
The Cryptocurrency Market
In 2017, the most successful (as of today) cryptocurrency, Bitcoin, reached several times its all-time highs in the exchange rates in relation to fiat currency. An explosive-like growth in popularity of ‘virtual money’ resulted in the de-facto recognition of this trend’s viability in financial technologies by government bodies and public institutions. Initially, cryptocurrencies were the prerogative of geeks, developers, and enthusiasts, hence numerous myths. To reject this stereotype and deal with reliable, scientifically proven figures, all data on the cryptocurrency market presented in this document are taken from The Global Cryptocurrency Benchmarking Study, a research study by Dr. Garrick Hileman and Michel Rauchs, published by the Cambridge University in April 2017. VISA helped these researchers in their work. Data from other sources is indicated separately. Currently, the number of active cryptocurrency wallet users varies from 2,900,000 to 5,800,000 people all over the world. They own 5,800,000 to 11,500,000 wallets.
The table above shows clarifications on some points, which may not be immediately apparent, but important for understanding the internal structure of the project. They system configures HS, a hash amount of the files received from the Doer in the Alert, which records not only their quantity, but also their size and the name of each file for additional recording and comparison purposes. In addition, the Doer’s Module configures a block to be sent to Blockchain, which contains information from the Alert, namely: 26 How it works Requestor’s Module Doer’s Module IPFS-based decentralized database Ethereum Source of an Alert — Cell phone, PC Billing System Processing Server Date and time of recording; Date and time of sending; GPS coordinates of infringement; Doer’s ID; Request’s ID; HS entry and more. 27 We use IPFS (Inter Planetary File System, a content-targeted, peer-to-peer hypermedia communication protocol. IPFS network knots generate a distributed file system to store large amounts of data. This architectural solution will help reduce transaction costs when working with the distributed service StopTheFakes.io. An internal billing system is developed to make external payments and to allow Doers and Requestors to create SUB wallets. As a result, one click will suffice to audit the internal payments and transactions by referring to smart contracts created in Blockchain Ethereum.
The Token
Ethereum-based tokens are being created to ensure full functionality of the service. We intend to use the existing Ethereum blockchain; there are no plans to create our own blockchain. Smart contracts protect the service from unauthorized access, fraud and other illegal interventions. STF is a functional token specifically designed for use on the StopTheFakes.io platform. In other words, it allows participants in the StopTheFakes.io platform to receive and send signals informing of infringements. A total of 29,000,000 tokens is to be issued. Repeated or additional issuances are not planned. Rate of exchange: 1 Ethereum = 520 STFCoins Distribution of the tokens issued:
Visit This Site For More Information :
Website : https://stopthefakes.io/
Whitepaper : https://stopthefakes.io/docs/WP_En.pdf
Telegram : https://t.me/stopthefakes
Twitter : https://twitter.com/StopTheFakes_io
AuthorBitcointalkProfile :https://bitcointalk.org/index.php?action=profile;u=1092622
ETHAddress:0x75E034D8AD1Bc8c800d0b1520A10f3B80df48e00
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