Sharding first implemented by Apollo Cryptocurrency

By We Play Coins
Added on Jul 19, 2019
Sharding first implemented by Apollo Cryptocurrency

Apollo currency recently announced that it has successfully implemented database sharding for the blockchain. The news was tweeted out by the official account @ApolloCurrency.

The tweet was posted yesterday –

What is Apollo Currency?

Apollo Currency is a privacy focused cryptocurrency with the largest number of features. It was started to solve multiple issues with the current, popular cryptocurrencies in circulation.

Apollo is an all-in-one currency offering its users endless possibilities that go beyond making secure payments for goods and services. Apollo is a universal currency that can be tailored to use in almost every sector of life and business. From the creation of token shares for corporations, to the founding and management of highly secured decentralized organizations.

Apollo is not simply an ERC20 token that was printed instantly. Apollo is its own cryptocurrency with many usable features and many new features being developed. This event was not set up with the goal of raising money for a project that had not been started. The only goal of the coin distribution event was to distribute Apollo into as many hands as possible, as quickly as possible.

What is sharding?

Blockchains work on a storage model. Over time, the storage requirements can get huge. Database Sharding is a technique used to split database tables into separate “shards” that is stored on multiple systems. This reduces the space requirement and also makes the database truly decentralised. Sharding was implemented as a practical requirement but conforms to the vision of Apollo Currency.

What problems does Apollo Currency solve?

The monetary system within Apollo allows users to instantly create currencies or tokens that can be traded privately on Apollo’s decentralized exchange as well as freely on external exchanges. These currencies can easily be backed by Apollo giving them an instant, tangible value.Possible use: Crowd-funding, ICO, Finance, Charity, Voter IDs, Escrows, Coupons, Currency, etc.

Using the Apollo asset system, a user can issue tokens representing anything from public and private equity to real world commodities. Unlike other markets and cryptocurrencies, users will be able to trade these assets with 100% privacy.Possible use: Shares, Bonds, Private Equity, Public Equity, Commodities, Derivatives, etc.

Encrypted messaging on the Apollo blockchain will allow any user to send and receive 100% private, untraceable messages and data files from one account to another. Utilizing the Olympus protocol, the user’s IP address and the transaction carrying the message will be invisible.Possible uses: Untraceable Communication, Untraceable File Transfer, etc.

The Apollo data cloud allows uploading to the blockchain for storage, retrieval and publishing of information. This gives a user the ability to upload a file to the blockchain, therefore receiving an irrefutable time stamp for that data. This time stamp could be helpful in establishing an absolute date for legal documents such as contracts and intellectual ownership.Possible uses: Voting, Permits, Evidence, Court Records, Transparency, Death/Birth Certificates, Contracts, Wills, Trusts, Escrows, Maps, GPS Data, Signatures, Medical Records, Arbitration, Delivery Records, Certifications, etc.

This system in Apollo can be used to create a unique alias that acts as a representation for a specific set of text. This will encrypt the chosen text into the alias. This text could be your account number, a website, email address, etc.A specific alias can be claimed only once (like a domain name), therefore it can be sold privately or publicly and transferred to any other account. The most basic use is sending funds to an account number, instead of typing out the entire account number you would simply write in the alias.

The Apollo voting system allows users to create public or private polls. Polls can be used to direct and manage funds from an account, elect officials or simply to gauge public opinion. This opens up near endless possibilities for collecting absolute, verified responses from designated sources.

Phased transactions are transactions set up to occur after a certain condition is met. This could be after another transaction is sent or received, after a passage of time or after a certain block number is hit.

Apollo supports multi-signature accounts allowing more than one user to control an account.

The Apollo decentralized marketplace allows users to buy, sell and trade physical and digital goods using the Apollo currency. Users can list goods to be sold locally or even worldwide. Trading will be decentralized and untraceable allowing the free trade of any item. Future updates will include a review and reputation system aiding sellers in building a positive reputation based on experiences.

Accounts can be created in a way that allows group control. Utilizing the Apollo voting system, a group can be granted the ability (via initial ownership or ownership of a specified token or asset) to vote on the transactions that are spent on the account.Possible uses: Private Investment Fund, Private Insurance Fund, Charity Fund, Decentralized Autonomous Organizations (DAO)

The Apollo authentication system allows users to authenticate an account using the blockchain to prove that they are the overseer of an account.

The account leasing option allows the user to lease the forging power of their account to another user. This allows for the creation of forging pools, increasing the chances of generating a block, as well as generating an income from transaction fees.

Read more about their revolutionary currency on their website.