The increase in the opportunities in Blockchain technologies got a lot of individuals and companies, both existing and startup, to lean their efforts on it. Even professionals are starting to educate themselves about everything related to Blockchain.
Posted June 6,2018 in Economics and Trade.
The increase in the opportunities in Blockchain technologies got a lot of individuals and companies, both existing and startup, to lean their efforts on it. Even professionals are starting to educate themselves about everything related to Blockchain. The market size for blockchain is expected to grow a lot bigger than it is now so it is reasonable that a lot of people are interested in it but with the sudden popularity of blockchain and increased interested clients and users, Blockchain suddenly have some problems and issues to deal with thus the Smart Quorum Platform was built.
Smart Quorum is a marketplace for the things involved in blockchain transactions. It supports the blockchain innovation by supporting businesses or clients, professionals, and blockchain enthusiasts to connect with each other, transact, and collaborate on a blockchain technology. The birth of Smart Quorum was a chance to solve the complexities involved in a blockchain innovation especially in the part of the smart contract. Smart contracts are contracts which includes the agreement between parties and rules of the contract, it controls transfers of digital files and currencies, and it enforces credible transactions. To put it simply, smart contract facilitates smooth and secure negotiation, but again, blockchain development is not as simple as it sounds so developing a smart contract that is acceptable for everyone is hard but this is where Smart Quorum Platform comes in with its Smart Contract Quorum.
Smart Contract Quorum is an important part of Smart Quorum Platform. Smart Quorum Platform is the platform, it is the marketplace where transactions and discussions between parties happen while Smart Contract Quorum facilitates it. Smart Contract Quorum acts as the rules or protocols of the platform, facilitating it accordingly and securely for the safety of all parties involved. But how does Smart Quorum does it? Let's look at the system architecture to get a better grip on how clients and professionals benefit from this.
Smart Quorum Platform has three principal categories in relation to users which are the project initiators, developers, and technical administration. Project initiators are the ones who place orders. They purchase the currency used in Smart Quorum, they place orders that indicate the important details of the work including its complexity and payment, they are the ones who choose and approves which contractor they want to work on it, they participate in the platform discussions, and lastly, they approve, reject, or comment on work results. Now that orders are placed, the next category is the developers or auditors. Developers apply for the order place after considering all the details provided by the project initiators and once approved, they can start working on it. Payment follows once the work receives a completed status. Developers also do participate in the platform discussions. Finally, the technical administration. They monitor, assign penalties, and informs all users in cases related to behaviors during a discussion, violation of platform rules, and the call for direct participation both from the founders and technical personnel of the platform.
Note that project initiators can check the developer's profile as well as the feedback provided by the developer regarding the placed order thus helping the project initiator in choosing which developer to approve. The developer then works on the task and using the Smart Contract Quorum, the final report which includes the specification of the task are then submitted. The submitted final report then will be subjected to evaluation by the project initiator as well as the community to see if the work done has fully complied with all the requirements. The payment will be received by the developer once the project initiator assigns completed status and if not, project initiators are expected to provide comments so the developer can re-work or improve the work. In case the project initiator did not accept or even comment on the developer's work within three working days, the work automatically receives a completed status and the developer, as well as the contributors, will be paid.
Because Smart Quorum Platform acts as a marketplace for clients and professionals, Smart Quorum proposes Smart Quorum coin or SQR as the coin for the ecosystem. The following are the SQR token sale details and coin specification:
Price: 1 SQR= $1
Maximum coin supply: 25M
Premined: 1M (5%)
Staking age: 4 Hours
Masternod price: 3000 SQR
Difficulty retargeting: Every block
For more information, visit the following pages:
Bitcointalk ANN Thread: https://bitcointalk.org/index.php?topic=3297005
Bitcointalk User: Kalikanan
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2079149