Yoc is a fully decentralized platform. Its main function is an opportunity to create and place smart contracts and the decentralized applications on its basis. It is difficult to overestimate the advantages of these applications since they minimize any risks connected with different types of activity. The management of finance when the ICO is carried out, service insurance, trade, logistics, the creation of partner programs, the creation of new platforms for gamblings are the most popular spheres of use of these contracts and applications nowadays. It is an incomplete list of potential opportunities of the blockchain technology use. The Yoc platforms allow involving in a simple and convenient way to use the full resources of the most modern and advanced technologies existing nowadays.
Yoc keeps up with good times
YOC is not just a new start-up, it is a steadily evolutive and growing platform that was launched in 2016. At the same time growth since September equaled a very significant 300%. Furthermore, the tasks that have set at the construction phase of this platform are mostly fulfilled and it’s time to move on in order to become maximum useful for their users.
Switching to the Ethash Algorithm
Basically, the Ethash algorithm is an improved Scrypt algorithm on which Yocoin was previously implemented. The platform itself provides undeniable advantages in the use of smart contracts and Dapps.
Advantages of smart contracts:
1. Time rate and updates in real time – by automating tasks that are often performed manually smart contracts can significantly speed up workflow.
2. Reliability: besides reducing the risk of mechanical error, the decentralized nature of the Blockchain ensures that data can be recovered if lost. At the same time, cryptographic protection of the platform practically excludes the possibility of hacking.
3. The decentralized nature of the platform eliminates the risk of manipulation.
4. Cost optimization = reduction of intermediaries number + cutting down expenses in m/hrs.
5. Opportunities for new business models: a private network for exchange of solar energy based on Ethereum smart contracts is being created in New York.
The main business dimensions suitable for smart contracts:
Securities processing: smart contracts will help to automate the dividends payment, additional share issue and the voting process at the global meeting of shareholders, as well as reduce the costs and risks associated with the presence of counterparties and the maintenance of inefficient paper documentation.
Transactions and messages
It has already been written that Yocoin is a transaction state system. In other quarters due to transactions that occur between different accounts, the global state of Yocoin changes or moves rom one state to another. The transaction is a cryptographically signed part of an instruction that is first defined by an externally owned account, and then it is ordered and transferred to the Blockchain.
There are two types of transactions: sending messages and contract creating (in other words, such transactions create new contracts in the Yocoin network).
Regardless of type, all transactions contain the following elements:
- nonce – the number of transactions that were sent by the sender gasPrice – the amount of Wei that the sender is ready to pay for the gas unit necessary to complete the transaction
- gasLimit – the max amount of gas that the sender is willing to pay for carrying out this transaction. This amount is set and paid in advance before any computations are made.
- to – address of the recipient. At the time of the transaction associated with the creation of the contract, the address of the contract account does not yet exist, so an empty value is used instead
- value – the amount of Wei that will be transferred from the sender to the recipient. In transactions involving the creation of contracts, this value is the starting balance for the newly created account
- v, r, s – the designations used to create the signature that identifies the sender of the transaction
- init – intended only for transactions involving the creation of contracts. Init is started only once and is not used further. When init is run for the first time, this element returns the body of the account code, which is part of the code that is permanently associated with the contract account
- data – the input data (parameters) for calling the message (data is an optional element that is only for message calls). F.ex., if smart contract is a domain registration service, then calling this contract can expect an input field (for example, a domain and an IP address).