Intro to AiBlocks
AiBlocks is an open-sourced payment networks system forked from Stellar. In reality, Stellar was created to send value across the internet, making it easier to convert digital currencies into local currencies & vice versa. AiBlocks plans to replicate that but make it more focused driven into a particular function in an industry as a whole, in our case, the usage and development of artificial intelligence (Ai). We hope to spur the trading industry, making it easier to be able trade on platforms without borders and restrictions.
What is AiBlocks for?
AiBlocks is there to compliment current systems in the market. It is not aimed to disrupt any other currencies that are out there. It is just a network that allows developers to be creative, to create blockchain based programming, riding on a network that can transact cheaply and quickly on a daily basis. There is an option where you can also build applications / tokens on top of our blockchain. Here is an example.
You might want to represent the British pound (£) on the AiBlocks network. You can create a token to represent that pound in digital tokens and promises to return that same value back to the person once they return the digital token back to the original address. So, like USDT, USDC and many of the stable coins out there, you are able to represent the value of a fiat currency in a 1:1 exchange rate. The people that hold that token can use it to trade cryptocurrency on any exchange that accepts it and deem it redeemable on the value set earlier. Hence, it is a conversion from physical money, governed by a recognised government and this token is just riding on top of the existing ecosystem without creating any new asset class.
The implementations are huge. Why do we say this? Because you can transact in 1 particular currency that everyone agrees to its value anywhere you are in this world. You can be any nationality, holding any sort of currency but transacting it in the British pound (£), standardized value without fluctuations of local, less stable currency. Best of all, everything is online, protected digitally by yourself instead of relying on a third party, like a bank.
How does it work?
To make it easiest to understand for everyone, AiBlocks is a big accounting book with in and out ledgers. Where AiBlocks really function is that, during the creation of these ledgers, in the initial stage, the creator gets to set all the predetermined rules, making it a MUST to follow for anyone that is part of the ecosystem. In the standard blockchain system, there will be independent computers, checking and verifying transactions, keeping all the ledgers in checks and accounts safe. All ledgers are updated every 5 seconds.
By forking the current Stellar network, a unique algorithm, called the Stellar Consensus Protocol (SCP), keeps everything in sync. There are many ways to get agreement across a decentralized system—Bitcoin's visionary proof-of-work method was the first and is still the most famous. But, like many first drafts, proof-of-work left room for improvement. SCP strives to be better by being configurable, fast, and highly energy efficient.
By having the best of both worlds, improving on the Stellar network, we are able to run the core software of AiBlocks, making sure that all nodes are up and running, verifying transactions by the minute. Ensuring all accounts are debit or credited correctly is key, thus having more nodes that are connected to the ecosystem will only bring more benefit to our network. As of now, there are hundreds of nodes running across the globe and you can also be a part of it by downloading and installing our software.
We are also opening the API for everyone to use and access where you don't have to understand the complex system of distributed consensus, you can just read our API instructions and be on your way to creating a brand new token & issuing digital assets.
Where is AiBlocks going?
To put it very simply, AiBlocks wants to unleash the creativity power in the digital economy. Any enterprise, developers and even users can embark on this journey together with us. Sending value across the globe digitally has never been easier.