Hello everyone, let me introduce you to this amazing project called VNAME. In this 21 century, the world of innovative & investment phase there has been an overwhelming development of the blockchain and cryptographic market. The development has been dynamic to the point where specific related problems, safety and user remain uncertain. Internet has connected the entire world. One of these projects is VName, it works by putting away a client’s epithet, and in addition what blockchain stage their address has a place with, and if the moniker is checked, in a mapping that is gotten to by their address.
VName works by putting away a client’s epithet, and in addition what blockchain stage their address has a place with, and if the moniker is checked, in a mapping that is gotten to by their address. It is worked in a way with the goal that you can just know the epithet of somebody in the event that you have their address, also, not the a different way. The nearest reference to an epithet’s related address is a hash of the address put away with the epithet, which is exclusively used to check the address on a moniker from outside of the mapping, and can not the slightest bit be returned to an address. This is expected with the goal that VName can be utilized to confirm that an address belongs to somebody, however anticipates having the capacity to switch query an address by utilizing an epithet.
HOW DOES VNAME WORK?
In simple words, VName works by matching a user’s blockchain address to a nickname. A user inputs the destination address of the transaction and our helper script identifies this input and automatically shows the corresponding nickname. The user can, without any modification of their current way of transacting, quickly verify that the receiver of the transaction is indeed who was intended to. This picture15 is just a simple demonstration on how VName would integrate with existing sites (e.g. exchanges, wallets). Information and presentation will probably vary.
The success of this platform has also brought about the occurrence of other crypto platforms and exchangers. The great platforms has also brought about development of great investments where by investors come by to invest via crytocurrency for the acceptability of such investments. The investments which work via the great blockchain technology brings about more investors and individuals, which means the technology is widely acceptable because people are readily accepting the technology bringing about huge about of transaction on daily basics. Every investors or individual on the blockchain works via a wallet where he or she has secure its assets to be able to carry out transaction process. Wallets differ from one another, a bitcoin wallet differs from an ethereum wallet and so on but they are all made up of decrypted passwords individuals input while creating them. The password is encrypted into numbers and letter both in upper and lower case. For example the ethereum address is made up of forty two character. Any mistake in any of this characters while making a transaction will lead to the loss of such transaction and asset involved. The transaction is lots to different factors.
· It’s either lost to an address that hasn’t been created.
· It has been transfers to a different kind of wallet that cannot receive such transaction.
· The transaction going the wrong individual which also means loss of what’s involved in the transaction.
The probability of the occurrence of all these outcome has been proved with the amount of transaction carried out yearly and quarterly in relation of USD to the crypto currency unit at that time. The probability of making mistakes with the address that has no means of verifying the receiving end of the transaction has brought about transaction risk. The unavailability to determine who receives or sends cannot be determined via the wallet addresses. The amount of transactions shows great percentage of threat with variation in percentage to the yearly and quaterly sum of transaction that occurs in a year and has proved the need of a solution to this problem. There is need for a process to foresee where the transactions is headed than going about things blindly.
This factor has also been proved by trading and exchange platform with the value of transactions to the amount of money in USD. The opening of wallets keeps increasing with transaction so there is really great need to eliminate the occurrence of transaction risk in blockchain transaction via the different wallets available by giving a means of verification of addresses that eliminates factors that bring about making mistakes in the provided forty two characters when going about transactions.
THE VNAME SOLUTION
To deal with these problems I highlighted above there is need for a system that facilitates the current transaction mechanism. This should be simple means which must be easy for individuals using it and mustn’t complicate the user privacy for speedy and secure transaction means.
With the input if the address on the decentralized platform, it will determine the blockchain and the matching nickname attached to it and this will work for every website that imports java script.
The determined information the details listed below
Nickname of the address
If the nickname is verified or not
The address itself
An optional discretion of the address
Other information might be added in the nearest future
You readers can try out the demo version on the website which am going to give an information on below. The demo version is based on ethereum wallet address only. The VName platform works by storing the assigned wallet address to the nickname. The platform can be used to identify and address and not the other way around which keeps users privacy and at the same time keeps transaction transparent.
The platform gives two types of verification options
Unverified are free usernames and has to be six-character long. They are open to one or multiple users to use it.
Verified are not free and are limited to one user only. Nicknames can’t be shared between two individuals once it has been paid for via the VName token and its length between one to five characters.
There are also available free options for individuals who want a nick name but are not bothered about others using same nickname.
The NAME token protocol based off the ERC-20 and ERC-223 standard called COALITE, This protocol allows the user to call the transfer function for NAME and send the adequate amount of tokens to the VName contract, which then accepts the sent tokens and verifies the nickname only if the right amount was sent.
In the event that an incorrect amount is sent, the VName contract will revert the transfer preventing the tokens from being taken out of the user’s balance.
The purchase for verified nickname will be done via the use of VName tokens under the NAME code. Investors are informed that this financing mechanism DAICO, will be the complement of the one already used where 10% of NAME were acquired by private investors.
The issuance of tokens will be of NAME 300,000,000 that will be divided:
· 10% was acquired by private investors.
· 10% in incentives to generate strategic alliances with the blockchain wallets and exchanges.
· 10% will remain in the hands of the founders of VNAME.
· 5% will be used for bounty programs.
· 3% destined to advisors.
· 62% destined to the DAICO.
VName decentralized technology will bring low transaction risk estimating the potential market because of the rapid increase of acceptability of the new era transformation globally. Transaction must take place with these various address on various exchanger platforms with tokens which also varies too.
A Soft Capital of NAME 60,000,000 must be achieved, reaching the equivalent as the total sale of the Pre-Sale. When investing in VName, the investment made by the token holders will be used for business development. After identifying the main areas that will make up the business and estimating their budget, the token holders are informed that the use of their investment.
The business is evaluated from a holistic perspective making the VNAME team considers the global success is associated to the different angles of the business, for which the budgets were evaluated independently. The financing model contains the main benefits of its predecessors, the DAOs (Decentralized Autonomous Organizations) and the ICO (Initial Coin Offering). The model was proposed by the founder of Ethereum with the aim of obtaining a less risky financing for investors in a decentralized manner. The DAICO format allows token holders to control the withdrawal of funds, while also allowing to close the project in case the team fails in the development, realization or execution of this.
The DAICO consists of three primary phases:
· Announcement phase
· Investment phase
· Development phase
MAIN DAICO FEATURES
The main points of the DAICO insured by the Intelligent Contract will be the following:
· Tap will initially be settled to 100,000 gwei / sec. Which is equal to 0.0001 eth / sec. This sets a weekly limit of withdrawal to around 60 eth / week. These withdrawals will be to guarantee the operation and improvement of VName.
· In case an increase in the withdrawal limit is necessary, said increase will be submitted to a vote where all the NAME holders will participate. The system will be through a simple majority.
· To create a withdrawal limit increase poll, at least 15 days since the last poll must elapse.
· To reduce the risk of voting fraud, each token holder that has voted will get their tokens frozen 1 hour before to 1 hour after voting finishes.
· The date and duration of polls will be announced at least 48 hours in advance, otherwise, they cannot be created.
· The withdrawal poll will be considered valid if a minimum of 20% of the holders of NAME participates.
· The project closure poll will be considered valid if a minimum of 70% of the holders of NAME participates
SOLUTIONS THE PLATFORM OFFERS
• Identify a problem & work on the solution
• VName project validation
• Functional Demo on Ropsten Network
• Exchanges’ listing agreements
• Worked on exchanges using VNAME API agreement
• DAICO, polls and voting research and whitepaper.
Day Zero — March 14, 2018
• Website launch
• BitcoinTalk post
• VName Whitepaper v1.0 upload
• Q2 2018:
• DAICO begins
• Voting polls and standard whitepaper
• VNAME browser extension.
• Exchange Listing
• Q3 2018:
· Verified nicknames market
· Integration with several wallets and exchanges
· Implementation of addresses verification in different blockchains/ cryptocurrencies
· Integration with ENS for automatic purchase.
• Q4 2018:
• Adding additional data to nick registration (color, bold, font, and more).
• Regular work to add compatibility to more cryptocurrency blockchains.
FEDERICO SENDRA: CEO
JUAN SOBRAL: CTO
ANDRES TUGENTMAN: MANAGER
ILAN GARCIA: BLOCKCHAIN DEVELOPER
FLORENCIA PEREIRA: FULL STACK DEVELOPER
SEBASTIAN PUGLIESE: HEAD OF DIGITAL MARKETING
GABRIEL OLTARZ: LEGAL AND OPERATIONS
LAURA GALAVIZ: ADVISOR
For more information:
Author: laut merah
MY BITCOINTALK PROFILE : https://bitcointalk.org/index.php?action=profile;u=1953653