Moscow, Russia, 14 July 2021, ZEXPRWIRE, Projects and applications that need to process hundreds of thousands of transactions per second cannot yet apply Blockchain. Current Blockchain platforms consume too much energy, affecting the environment. OZC Smart Chain was born to overcome the above disadvantages of Blockchain”- Mr.Alex Morozov – Co-Founder & CEO said.
After more than a decade of development, Blockchain technology has shown the world its outstanding advantages when applied in areas such as: transparency, high security, decentralization, etc. However, Blockchain platforms currently have too many problems that need to be solved, which creates a big barrier when applied in practice.
Current problems and solutions of OZC Smart Chain
Currently, other Blockchain platforms are using consensus algorithms that have many weaknesses, such as:
- The ability to process transactions is too small: Bitcoin only 7 transactions/sec, Ethereum 15 transactions/sec, Cardano 250 transactions/sec, etc often overload the transaction system as well as almost impossible to apply to fields that require higher transaction processing capabilities such as e-commerce, online advertising, etc.
- Unrealistic high transaction fees: from the problem of the ability to process transactions being too small and the unreasonable transaction fee calculation mechanism, the transaction fees are high, creating a big barrier for application in industries with high transaction costs, large data and transactions processing volume, low-cost requirements.
- Using too many resources, equipment, energy, etc compared to actual needs is to verify transactions and protect the transparency, decentralization of the network. The costs incurred during the operation are too much, up to tens of billions of dollars per year, which are consumed without bringing any real benefits to the community and society.
- In addition, the use of a large amount of energy, including the energy that turns into and emits CO2 gas, severely affects the environment.
OZC Smart Chain is a new generation Blockchain platform using O-DPoS (Open – Delegated Proof of Stake) consensus algorithm, a consensus algorithm built and developed by the founding team of OZC. With O-DPoS, the OZC system will work with a central 21 Master Node cluster that connects to many other 21 Master Node clusters to create a Master Node multilayer system. These Master Node clusters create a threaded multi-layer processing system similar to the governance mechanism of a government with the following breakthrough features:
- Transaction processing capacity of up to 1,000,000 transactions per second when reaching 10,000 active Master Node clusters.
- Extremely low transaction fees, almost zero
- Use fewer resources such as: requires an average configuration device to be able to participate as a Master Node, using less electrical energy, etc.
- Environmental protection is one of the highlights of OZC when it comes to low energy consumption, using a low enough resource to build, operate and protect the system. Limit unnecessary wastes generated like current Blockchain platforms.
OZC Founding Team
OZC was designed and developed by the first team of more than 30 advanced engineers, experts in the field of blockchain who have been engineers , developers in tech firms such as: Microsoft, IBM, Google, etc and the main Blockchain platforms worldwide such as: Ethereum, Cardano, Tron, etc.
OZC builds a team and governance system according to a decentralized model, OZC always has an expansion mechanism to attract new human resources to participate in operating and developing. The central cluster of 21 Master Nodes is shaped like 21 CEOs who jointly operate OZC, making OZC unaffected by anyone or an organization, only the common value of OZC is the most important.
Introduce about the first CEO of OZC
Co-Founder & CEO
Mr. Alex Morozov was born in 1978, he graduated from Bauman University in Moscow with a degree in Computer Science. He has worked as a technology development engineer for five years in Rusian Army. He is also a senior engineer at Yandex, the largest search engine in Russia.
From 2014 to today, he has focused on research and development as an expert for IBM’s Blockchain projects, Telegram and numerous Blockchain projects in Russia and worldwide.
With OZC, he is a pioneer in leading the team and community as the first of 21 CEOs to build and operate OZC together.
The post OZC Smart Chain – Green, Fast and Low Cost Blockchain Platform appeared first on Zex PR Wire.