Webchain, a CPU mining cryptocurrency that offers public and traceable transactions, was built to allow developers to create personalized DApps through Ethereum based ERC20 and ERC 223 smart contracts. The platform’s token, WEB had no ICO but has yet managed to earn great credibility among community members. The webchain blockchain enables DApps to be secured by internet of things (IoT) and is mined via websites.
BlockPublisher discussed a few technical and core details with Pavel, who is the part of the representing staff of Webchain as their Project Manager. While describing how Webchain uses the blockchain technology to solve real world problems, he revealed that an update that will feature their very own DApp is to be released soon. He said:
We would like to give ability to our followers to create DApps (decentralized applications) based on our blockchain product. In a matter of few weeks (up to few months at max) we’re planning to release few projects, one of which is planned to showcase such DApp in action.
The nature of Webchain’s aim is not as straightforward as it seems. They aspire to exploit potential in the currently niche DApp market, which is being monopolized by data giants like Google and Amazon. It proposes a simple and decentralized way to transition this process to move to a decentralized future for the worldwide web.
In that regard, it implements DApps using the ERC20 and ERC223 standards and functions itself in a way so as to avoid any kind of exploitation by Application-specific Integrated Circuit (ASIC) machines. Pavel further discussed the consensus mechanism used at the Webchain core. He stated:
Consensus Mechanism [used is the] Modified CryptoNightV7 egalitarian PoW.
In order to keep an egalitarian distribution of work, Webchain will be continuously tweaking the hashing algorithm; preventing exploitation with ASIC machines, as nobody will design an ASIC knowing that it will be useless almost instantly after being implemented.
Even in the pertinent blockchain structure, Webchain aims to address the monopoly created by ASIC machines/chips, which concentrate greater processing power and therefore carries great manipulation in the blockchain production.
More details from Pavel and Webchain to come.