Yosemite X's Open Sources Public Blockchain to work without a Native Cryptocurrency

Yosemite X's Blockchain works without native cryptocurrency

Yosemite X, a blockchain technology company based in Palo Alto, California announced the release of their open source public blockchain. Unlike all blockchain technologies out there, Yosemite X's eliminates the need of a native cryptocurrency to operate on.

Blockchain was probably the buzzword of 2018. Even though the technology offered enormous benefits compared to existing solutions, many businesses refrained from using the same since it was thought that such a solution needed a native cryptocurrency. The year 2018 has proven that cryptocurrencies are volatile in nature.

Yosemite X's unique approach, to do away with native cryptocurrency to operate blockchain, will give developers and businesses a unique advantage to build solutions without the risk of volatility in crypto prices while reducing costs associated. Blockchains also provide enhanced security, lightspeed transactions, and greater transparency.

Even though every enterprise seems to work on own blockchain solutions, Yosemite X said, most of these blockchains are simply permission based blockchains, pointing to their centralized server system nature with limited and shared access pre-determined amongst partners.

Executive Opinion

The Founder of Yosemite X, YT Kim, said, "Blockchain technology has great potential to innovate the financial network system currently built on old technologies. However, the existing public blockchains are impractical for business entities to implement their blockchain-based services, due to the high price volatility and unfair distribution of cryptocurrencies, and blockchain scalability issue. Yosemite X has implemented a new way of designing a scalable public blockchain for enterprises, without needing a native cryptocurrency."

Yosemite X's approach

Yosemite 's solution operates and transacts with fiat-backed stablecoins, thus businesses can lower their project operating costs. Many public blockchains sell their native tokens using an ICO (Initial Coin Offering). In contrast, Yosemite has managed to develop a validation algorithm which enables any token generated by an account to be used as the network transaction fee.

The public nature of the blockchain means anyone can participate in the process. Their Proof-of-Transaction mechanism makes sure that providers who generate the bulk of transactions and are the most active on the network are only allowed to participate in block production. This innovative consensus mechanism ensures the sustainable growth of Yosemite X's blockchain ecosystem driven by network participants.

According to the announcement, Yosemite has also managed to resolve the price volatility issue of cryptocurrencies. It ensured that the transaction fees to be paid with tokens that have an equivalent amount of fiat currency reserved backing their net value.

The company's approach has several benefits over traditional blockchain solutions present today. Offering greater transparency and lower costs along with the use of fiat-based currencies make the solution ideal for many businesses.

Yosemite Card, a 0% transaction fee credit card is expected to launch in March this year. Many businesses from a variety of industries such as energy trading, education, and digital contracts are currently making use of Yosemite Blockchain.

Yosemite X's blockchain whitepaper can be downloaded here and Yosemite test-net is also available for public review.

Update:Corrected small typo
PC: Pablo, Unsplash

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Anurag Chawake Opinions expressed by techsutram contributors are their own. More details

I am an Engineering Student with a keen interest in Blockchain, Cloud Computing, AI, ML and related startups. I am currently working with Techsutram as a Writer/Intern.

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