SOOM 4th Blockchain's innovative consensus algorithms, named Proof-of-Group-Stake and Proof-of-Transaction, not only makes mobile mining possible but opens the way to a multitude of performant, secure and practical blockchain based smartphone applications.
SOOM Blockchain 4th Blockchain is a platform-as-a-Service designed to meet the needs of organizations that want to make full use of the great potential of Blockchain without the costs and development costs, maintenance, and improvement of the network of networks complex nodes. Innovative features of the fourth Blockchain, such as clustering algorithms, the structure of a multiple-block, and the exploration of mobile, allowing the platform to support various projects based on the classic and based smartphones, in a variety of industries such as system payment, supply chain management, banking services or telecommunications and real estate.
4th Blockchain ecosystem will not only make use of cell phone technology, but will also improve the speed of operations, increasing security while limiting the cost of the transaction. To allow exploration of cellular, SOOM Tech has designed two groundbreaking consensus algorithm called POGS algorithm and Proof of a Transaction Verification (POT).
The goal is to give every opportunity for smart phone users to benefit from the results of blockchain. An extra layer of security has also been designed in conventional double security system to prevent hacking smartphone during the transaction process. This is possible by creating a private key that is innovative, updated after each creation of a new block.
The different between Ethereum and bitcoin is that Ethereum proposed to build a platform that extend the concept of bitcoin beyond the currency. However Ethereum wants to make a platforms where developers and entrepeneurs can build distributed application for the blockchain network without having to use the previous blockchain technology.
Nowadays there is still a lot of platform using 3rd generation of blockchain most of them are trying to solve all the problems that appeared in first and second generation while in other way they are adding new concept and innovation to the existing cryptospace. Their main goals is to solve the scalability, speed and energy consumption and they also introducing new approaches, technical structures, consensus algorithm and etc..
SOOM make this issues and problems into their motivations, by using the 4th blockchain generation they want to make blockchain application that could be accessed to a huge number of individuals, this 4th blockchain is a blockchain-as-a-service platform designed to fullfill the needs of organisation that willing to fully take the advantages of blockchain tremendous potential without have to pay anything and burden of developing.
There are many blockchain projects on the market. SOOM has the opportunity to play with DASH. Being a motto for the future is not impossible for SOOM. This is one project that currently has technology that has never been heard before, such as Seele and AERGO. SOOM is a project like this that attracts all the interests of blockchain lovers.
The thing that you have to know is that 4th blockchain generation have a lot of innovation and various features like grouping algorithm, Proof-Of-Transaction, and mobile wallet mining that allow the platform to support a tremendous variety of conventional and smart-phone based projects for big companies and industries such as payment systems, customer services, real estates, banking services, or even telecommunication.
As mentioned above, 4th generation of blockchain is developed by SOOM TECH, is a blockchain-as-a-services platform for both conventional and smart-phone usage. SOOM TECH not only make mobile mining possible but also opens the way to do multitude performant, and of course secure also practical blockchain based applications by using their innovative consensus algorithm called Proof-Of-Group-Stake.
The Foundation is committed to developing a robust governance structure and managerial assistance to general affairs regarding the overall operation and harmony of 4th Blockchain ecosystem.
- Presidency - Mr. Ki-Eob Park, Founder and President of the Board.
- Location - Established in Switzerland, Zug canton.
- Status - Non-profit organization, supervised by Swiss Federal Supervisory Authority. The Foundation is exclusively and directly serving charitable purposes. It does not pursue any profit and is not geared toward profit.
- Purpose - Overlook the development of 4th Blockchain ecosystem and support the evolution of the ecosystem.
- Governance - The Foundation board decides by simple majority vote. Board of trustees elected for one-year term. Re-election is possible for an indefinite period unless there is a reason for resignation.
- Supervision - Audited once a year by a Swiss external auditor. The auditor shall review the accounting of the Foundation and provide the board and the supervisory authority with the report on the result of the review.
The Functions :
Promote 4th Blockchain ecosystem by supporting and financing research and development activities deemed appropriate by the board of trustees.
Engage with various corporations, partners as well as banks, regulators and other third parties to the benefit of 4th Blockchain ecosystem.
Educate the public about 4th Blockchain ecosystem. Organize conferences, conventions and other events that promote the ecosystem.
SOOM Tech. is the corporate entity that is responsible for the development of 4th Blockchain core technology, maintenance of its network and expansion of the platform under the governance of SOOM Foundation.
- Presidency - Mr. Ki-Eob Park, Founder and Director.
- Location - Singapore
- Status - Private Limited
- Purpose - Development of 4th Blockchain technology.
The Functions :
Development of 4th Blockchain core technology.
Maintenance of 4th Blockchain’s network.
Development of SOOM Wallet. Customer support.
Development and issuance of SOOM Coins.
BaaS service provider.
Custom chain creation and maintenance services.
Consultancy and expertize services.
SOOMPAY is a S.Korea based mobile payment company providing merchants across Asia comprehensive solutions to support the major Chinese mobile payment services; Alipay, Wechatpay and Unionpay Quickpass. Merchants using SOOM Pay see transactions being automatically settled in their local currency while Chinese travelers enjoy seamless payment via their favorite mobile app.
The company ultimately seeks to harmonize the mobile payment environment by gathering the majority of successful mobile payments providers worldwide into one single application, SOOM Pay. Meanwhile, SOOMPAY created a SOOM coin based reward mechanism to not only decrease its affiliated merchants’ transaction fee expenses, but also to encourage the use of 4th Blockchain and SOOM coins among merchants.
Finally, SOOMPAY will be the first enterprise to take advantage of 4th Blockchain platform for the development of a mobile crypto payment service. The service will allow both customers and merchants to perform in-store transactions via the cryptocurrency of their choice, The service will be implemented into SOOM Wallet and state-of-the-art POS terminal called X-POS.
Card fraud like card duplication can be prevented
Private information can be protected
- Fast transactions
Provide faster transaction processing than banks
Support fast cross border transactions
- Low commissions
No bank and third-parties commissions. No need to worry about high cross-border commissions.
Useful for retailers and customers.
Useful for countries where banking infrastructure is at low level.
The SOOM Technology
4th Blockchain - By combining blockchain and time/space concept, 4th Blockchain benefits from increased processing speed and foolproof security.
Space-time Algorithm - The time and space algorithms use values of time and space for time stamp and live positioning.
512 Node maintenance - Securing time is a common feature for storing data in a blockchain.
With purpose to make mobile mining possible, SOOM TECH designed two innovative consensus algorithm named Proof-of-Group-Stake(POGS) and Proof-of-Transaction (POT) consensus algorithms. Based on these algorithms, 4th Blockchain core will be operating on P2P basis with widely increased speed. In addition, these consensus algorithms also speed up transaction.
- POGS (Proof-Of-Group Stake) - POGS consensus algorithm is developed by SOOM TECH, it uses Grouping technology, where each node is part a Group.
- POT (Proof-Of-Transaction) - Proof-Of-Transaction is a consensus algorithm to encourage transactions. The idea is to provide to nodes that performed a lot of transactions within a short time the opportunity to create a block.
Multi Block Structure :
- Mobile Blocks are generated through POGS, POT and POW in a 3-dimensional way by combining content, time and location data.
- An additional security layer is added by introducing a new Group Key for each of the 512 node
- A new block is created exactly every eight seconds
- Blockchain-as-a-Service : SOOM TECH will provide turnkey solutions for enterprises of all sizes and industries willing to incorporate Blockchain technology to their portfolio of services.
- SOOM Wallet : In the first phase of its development, SOOM Wallet serves as an easy-to-use and secure SOOM Coin storage device on mobile and desktop.
SOOM Wallet Avalaible on :
iOS : https://itunes.apple.com/us/app/%EC%88%A8%EC%BD%94%EC%9D%B8-soomcoin-wallet/id1420371656?l=ko&ls=1&mt=8
2017, 10 - SOOMPAY Office Opening - Seoul
2017, 11 - SOOM Foundation Opening - Switzerland
2017, 12 - 4th Blockchain International Conference in Jeju
2018, 01 - R&D Center Opening - Pangyo
2018, 02 - Technology and Service Conference - Macao, 4th Blockchain Technology Conference - Hanoi, Vietnam, SOOMPAY Technology And Service Seminar - Phnom Penh, Cambodia
2018, 03 - Head Office Opening – Las Vegas, USA.Branch Office Opening – Tokyo, Japan
2018, 04 - SOOMPAY Technology and Service Seminar – China, Partnership With Vimo – Vietnam
Partnership With Visa – Japan, ICO Submission.
2018, 06 - 4th Blockchain Technology Conference – China
2018, 07 - Partnership with Lotte – Vietnam
2018. 08 - SOOMPAY Operation in Vietnam
2018. 09 - SOOMPAY Operation in Japan , Soompay Operation in Russia
2018, 10 - SOOMPAY Operation in Korea
2018, 12 - One Year Anniversary Conference – Jeju , Introduction of 4th Blockchain in Korea, SOOMPAY Operation in Cambodia.
2019, 01 - Introduction to 4th Blockchain in Japan
2019, 03 - SOOMPAY Operation in Macao
2019, 06 - Introduction of X-POS in China and Japan
2019. 09 - IPO in Australia, Soompay Operation In The US
2019, 12 - Introduction Of X-POS Worldwide, International Conference, Soompay Operation Debut.
SOOM TECH take a lot of advantages than the other platforms that still running today, By using this 4th blockchain the versatility and security of 4th blockchain has nothing to doubt and it already attracted a variety other projects from multiple big countries and industries around the world.
More Information About SOOM :
Website : http://www.fourthblockchain.org
Telegram : https://t.me/soomofficialkr
Facebook : https://www.facebook.com/soomblockchain
Twitter : https://twitter.com/soomblockchain
Medium : https://medium.com/@SOOMBLOCKCHAIN