Recently, BlockPublisher got in touch with the Chief Executive Officer of the platform APIS, a project that wants to make sure that the access to masternodes in a blockchain network is made easier for the normal crypto user so that maximum rewards can be reaped out by them. Ronny Yoo explained various aspects related to the platform in detail.
Talking about the products that are present in the APIS ecosystem right now, Ronny stated:
“APIS aims to build an ecosystem that could blend into people’s lives in the long term rather than just a token in short term. To make it happen, there are various technologies developed in APIS ecosystem those would help users use APIS Masternode platform. First, we have built ‘Smart Contract on Canvas’ which is set for users’ UI and helps them use Smart contract with ease.
Second, Current complex and inefficient address can be transformed with ‘Address Masking’ so anyone can read and use it just like an email address in our daily lives.
Third, Current fee system that is being imposed on every transaction is improved by ‘Mineral System’. A user can pay a transaction fee of transfer and Smart contract on APIS platform by Mineral. With this Mineral system, transactions would increase and trading itself would be much easier, which contributes to cryptocurrency’s commercialization.
Fourth, as we use computer programs and smartphone apps, we get numerous update services by providers. But on Blockchain, however, it is hard to correct detected errors and almost impossible to add new functions. To improve this, we have made a contract code update by the initial provider possible for an already deployed Smart contract. When the provider does not want this implementation, freezing the Smart contract to disable an update is possible as well. This would give dApp ecosystem an infinite possibility for expansion.
Lastly, the current security system provides a single certification-private key to protect assets but we thought this was not perfectly safe. So we have implemented ‘Transaction Two-Factor Authentication(2FA)’ which adds another signing to private key signing, using unexposed password so users can protect their asset without anxiety.
With these functions, APIS will build and develop its ecosystem to lower the boundary of
cryptocurrency and expand Blockchain’s area.”
Right now, many people do not have enough information regarding masternodes and how they fit in the blockchain arena. Besides relaying transactions in the network, masternodes have special functions associated with them that make them different than the other nodes. Periodic rewards are obtained by masternodes for performing their functions.
APIS wants to spread the awareness regarding masternodes and wants to ensure that crypto user can get easy access to these without having to go through hectic technical procedures. If setting up a masternode is made easier and faster, more people can get additional benefits. With most of the crypto projects focused on becoming the next bitcoin, APIS has adopted a very viable niche of masternodes in the blockchain arena. It will be interesting to see how things turn for this project as developments are made in the blockchain world.