Nigel Hughes, NOIZchain’s Chief Blockchain Architect and Principal Consultant at NEM, states that blockchain is the Internet of Verification. It is a cost-effective way to collect, store and validate information that is shared between multiple parties.
With NOIZchain being a marketplace for online advertising information, namely transactional data between advertisers and publishers in addition to consumer engagement data, the need for a secure blockchain technology is clear, and with NEM’s many unique blockchain features, the partnership with NEM was a natural and obvious choice.
NEM’s blockchain was designed and coded from the ground up for scale and speed. It is able to run 120 transactions per minute on its public chain. Projects running NEM v2.0, code-named Catapult, can now create private chains running at up to 3,500 transactions per second. This is much faster than other, conventional blockchains.
NOIZchain will use NEM Catapult to create its permission-based blockchain network, where the data collected from cognitive ads will be stored along with consumers personally identifiable information.
Should a consumer wish to sell their data for tokens, the transactions on the permission-based blockchain can be consolidated for each user and placed on the public blockchain with only generic information, such as an account number, being publicly visible. The two networks are synchronized so that all activity on the permission-based blockchain is verifiable on the trustless public chain.
NEM’s consensus algorithm is known as Proof of Importance (POI). Consensus on the NEM network is achieved by a very lightweight process known as harvesting. Harvesters, like miners, validate the transactions in the network, but they do so without the need for expensive mining hardware and energy consumption. Instead, harvesters are community members who have a certain importance score, staking their XEM coins (the cryptocurrency of NEM) to assist in the validation process. This is very similar to the Proof of Stake concept and trust scores that NOIZchain will be using to create decentralization in its permission-based blockchain.
NEM supports decentralised namespaces. These are human readable names that uniquely identify a personal or commercial entity on the NEM blockchain, thus avoiding naming collisions and publicly identifying the ownership of assets on the chain
The multi-signature feature of NEM is simple, secure and allows for control of an asset to be shared amongst multiple account holders. For example, when a smart asset is created by an advertiser to kick start the creation of a NOIZchain cognitive ad, a graphic designer, copywriter and publisher can all be connected to the same smart asset. If the advertiser wishes to update the visuals for the graphic designer, each party involved in the smart asset will need to approve the change by digitally signing a transaction with their private key.
NEM is also API driven and developer friendly. Developers can work in the languages of their choice with no need to learn niche languages and new coding techniques. It is also safe. Procedural code is off-chain with only the results of transactions committed to the blockchain. In the 4 years of its operation, NEM has never been forked nor suffered a loss of funds through theft, lock-in or other attacks and software related failures.
NEM has an enthusiastic and truly global community of developers, users and educators. There are many community driven projects, ranging from cold wallets to IoT and games. NOIZchain will grow and flourish with this community going forward.
These are the reasons NOIZchain has partnered with NEM and will be creating ALL of its NOIZ tokens on the NEM network.
As NOIZchain takes on the role of data custodian for the online advertising industry, NEM will power NOIZchain with super fast transactional processing times and minimal costs for advertisers and publishers whilst enabling consumers to control and monetize their information.
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NOIZchain is an ad network that secures and validates data using blockchain and Artificial Intelligence (AI). Its community of advertisers, publishers, consumers and social impact organizations is the driving force in the NOIZchain evolution.
About the NEM Blockchain Platform
NEM is an out-of-the-box enterprise-grade blockchain platform which launched in March 2015. NEM has industry leading blockchain features that include: multisignature account contracts, customizable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system. Companies with legacy systems can “plug ‘n play” with NEM.
About the NEM.io Foundation Ltd
NEM.io Foundation is registered in Singapore and is operating globally. It was launched to promote NEM’s blockchain technology worldwide. It is one of the most well-funded and successful blockchain technology projects in the cryptocurrency industry.
Originally published at medium.com.