Project Radium Update #17 -- Delegate Fees
Last update we mentioned that there were some some new functions we wanted to tell you about, but were not quite ready, but now they are.
One of the challenges that has plagued many traditional blockchain based projects has been the difficulty of adoption. The larger business world is understandably wary of bitcoin and other blockchains, due in part to the complexity of the currently existing infrastructure and concerns about taxes and finance compliance. Having and managing a wallet with some coins or other blockchain assets has been a de facto necessity for a company looking to implement trustless distributed blockchain based solution. We have developed a solution.
Using the Delegate Fee system, a business or other entity can use all the functionality of the Radium SmartChain, without worrying about the extenuating complexities of wallets and exchanges.
Lets consider Bob’s Business. Bob has some important files, perhaps a contract or a deed to some land that he wants to prove he has ownership of. Bob also does not want to buy or own any cryptocurrencies. Using a Delegate Fee enabled version of the SmartChain, Bob can generate a valid Radium public/private key pair and build standard Smart Transactions to create an identity, record a fingerprint or a note.
Alice is a Delegate Fee provider. Alice and bob make a deal, and in exchange for a fiat currency (or snacks), Alice will add the required Radium fees to Bob’s transaction and send it to the Radium blockchain. Bob is happy because he was able to create an identity and verify his files without the complication of wallets and coins. Alice is happy because she got some local currency (or snacks) in exchange for paying Bob’s fees.
Delegate Fee providers will also require a Delegate Fee enabled version of the SmartChain, and a local wallet with some Radium coins. Because Bob does not use a synced version of the SmartChain, Alice as his Delegate Fee provider will run the standard tests and checks to make sure that the Bob’s Smart Transaction is valid and will be accepted by the SmartChain. If there is a problem with Bob’s transaction, Alice would refuse to pay the fee, and notify Bob of the issue so it could be corrected.
ut where is 3.0?
Good question! I have been working hard building and testing the delegate fee protocol, so that it could be included in the 3.0 version. I want to get to it just as bad as you, because that means we can take a short break, hopefully over the Christmas holidays. There are a few more little things that need adding, such as upgraded notifications, however I am very happy with the current progress. We keep a public list of what needs to be done, what exactly we are working on, and what we have accomplished on Trello. So, please feel free to come by and check on us from time to time by clicking here!
Our website, https://projectradium.org has been updated and is now live! We will continue adding additional documentation as it is developed.
As a part of our continued Alpha testing and development, we have made the following improvements:
- Bug fixes
- Significantly improved the memory usage while hashing large files
- Removed file size limitation for 32 bit builds.
- Built encoding maps for Cyrillic languages (won’t be implemented till sometime after 3.0)
Until next time,
The Project Radium Team