About Equibit Group
Equibit Group solves a current equity market need by replacing antiquated and expensive single-trust system with a peer-to-peer network. It exponentially increases openness and forces transparency on a system that is growing in popularity among investors and issuing companies. Integrating seamlessly with the original Bitcoin protocol also allows Equibit to more easily gain traction within an already robust community and to take advantage of the growing pool of capital.
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When a network node discovers new equibits the units contain a null issuer information field signifying that the unit is presently in a null state. This null state is the equivalent of a blank stock certificate, which would then be signed and sealed by an offering corporation and delivered to the investor. The Equibit system digitally models these same operations. Often this blank stock in itself has very little value but, as will discuss later, there is a limited amount of these null units in the system.
The Bitcoin protocol has long suffered from an issue known as transaction malleability. The
5 information used to generate the transaction ID can, in certain circumstances, be modified by a network node to generate a different transaction ID without impacting the sender, recipient, or amount transacted. Note that this just changes the hash; the output of the transaction remains the same and the bitcoins will go to their intended recipient. However this does mean that, for instance, it is not safe to accept a chain of transactions.
The Atomic Cross-Chain (ACC) trading protocol, as designed by TierNolan, to ensure the
safety of a trade between buyer and seller. In an atomic trade, both parties to an exchange must complete 7 their side of the transaction and any of the parties may back out of the transaction at any time prior to completing the process. ACC requires 4 separate transactions, one on each chain to transfer value, and 2 additional “refund” transactions that are timelocked to the future and are only posted to the blockchain.
There are a number of types of communications that have to happen in an equity market. In order to facilitate these a secure, peer-to-peer communications system is needed in order to maintain the decentralized nature of Equibit. Equibit thus contains its own communications system using Secure Sockets Layer (SSL) and Elliptic Curve Cryptography (ECC) digital signatures. These communications all happen off-blockchain and are stored locally on the network nodes involved in the discussion.
Facilitates between sellers and buyer
The Equibit system facilitates the bid/ask process between potential sellers and buyers. These offers are done off-blockchain using the messaging system. The process can be initiated by either the seller (ask) or the buyer (bid) of an equity. The offer terms are packaged and broadcasted to any users of the system. As with other message types within the system, the sender has to complete the required PoW to send the message. Offer messages can be safely ignored, responded to (with counter-offer terms), or can be used.
In order to distribute earnings issuers will need to select the date and time of record which the system will use to determine who all the investors are at that given date. An amount of bitcoins will also be specified as the gross amount of the dividend. After confirming the date and amounts the system will allocate the gross dividend across the relative share of authorized equibits held at each address and initiate bitcoin transfers to the payment address specified by each one.
Brent Kievit-Kylar CHIEF SCIENCE OFFICER
Nathan Wosnack BLOCKCHAIN OFFICER
Christian Saucier DEVELOPMENT DIRECTOR
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