“The biggest problem in the P2P trading market is that it is difficult to prove the quality of the product, and many people are paying the high cost for purchasing fake goods. We plan to build a chain-based system to enable honest transactions. ”
Representative Dongoh Kim of Cube System recently met IT shipbuilder and explained ‘Cube Chain’ – block chain technology and its using service model. He said, “I believe that using the block chain technology to create a platform that trades the expensive used goods and can create the new market”.
Kim joined Samsung SDS in 1993 and has worked for 10 years. During the dot-com boom, Samsung Electronics cooperated with its colleagues to build a venture company. After the bubble burst, he joined Kaon Media and worked as the first research director for five years and then as a research director for five years at the T-Map developer. During his time at Engram Technologies, he developed a technology to recognize camera finger movements on smartphones and applied for a patent in 2014.
The Cube System is a newly launched start-up. The number of employees is 21, including 14 research and developing personnel. Currently, they are developing a block-chain commodity trading platform that allows the core developers from a securities company to become a CTO and track the history of goods.
◇ Processing by the form of 27 cube blocks · · · Excellent speed and security
Cube Chain is a block chain technique that ties 27 blocks into one cube and connects those cubes each other to store the data. The core technology of Cube Chain( Cube Engine) keeps 27 blocks in a cube shape and build them being three special blocks.
Special blocks form in ‘Indexing Block’, ‘Statistics Block’ and ‘Escrow Block’. The Indexing Block is a set of block height (block name), which provides fast searching speed. When we search for a specific transaction, it retrieves all the data and improves the speed problem of the existing block chain.
Data processing in Cube Chain is fast. If the existing block chain can process only one node at a given time, Cube Chain can process 24 nodes excluding the three special blocks of 27 blocks constituting by cubes. It also has excellent security with combining double encryption by connecting cubelization ( the process of chaining 27 blocks into a cube) and the produced cubes.
Cube Chain is also equipped with a block-chain based cryptographic compensation system. It rewards by coin to trade in the platform and it can be reused within the platform. Cube Chain issues coins by combining a proof of work (POW) and a proof of Stake (POS).
At the time of 5 years, 12 years, and 25 years after the initial coin issued, the rate of POW to POS was adjusted to 7: 3, 5: 5, and 3: 7. As time goes on, we will increase POS rate and reduce resource consumption by mining. POW and POS rate is designed to be automatically controlled by the cube engine.
◇ Building an honest commodity trading ecosystem utilizing block chain technology
Cube’s P2P trading platform is nearing the completing step of pilot testing. Recently, we are in the process of conducting some actual product trade test and plans to launch a service to trade products in the near future.
Kim said, “Currently, P2P transactions are conducted based on mutual trust so there is no systematic safety device that can guarantee the quality of goods. As a result, there is a phenomenon that the market is not active. ”
“If we implement a block-chain platform that guarantees the quality and authenticity for the product, we believe that a new trading market had not existed until now will be created,” he said. “We will record various information in the block chain from the production and distribution stages, everyone will be able to see it. ”
Kim confidently believed that Cube System will be a successful example of the messenger construction project being pursued by the Middle East government. He said, “Middle East is promoting the introduction of ‘Cube Chat’ messenger, and Cube System is participating in related projects.” “Once Cube Chat is implemented in September of this year, it will be a global success of Cube System.”
By Kim Nam Kyu 2018.05.14 06:30:00
Official Site: http://cubechain.io