Introducing Newton (NEW) — Building an ecosystem for a community based economy based on blockchain
Since 2009 when bitcoin was first launched, we started seeing a lot of projects that wanted to bring a new decentralized governance model into traditional finance and currency. Nearly every blockchain based platform focused entirely on disrupting ‘currency and payments’. The innovations in this space started happening on the limitations of the previous platforms, notably around core problems like scalability, privacy and security.
If we talk about the current state, a lot of the old problems have now been solved with the introduction of new consensus algorithms like Proof of Stake (PoS), Practical Byzantine Fault Tolerance (BFT) algorithm, DPoS and many others. Niche and privacy focused coins such as ZCash, Monero and Dash have also joined the bandwagon to provide better anonymity and security. The scalability problem is also addressed with newer blockchain platforms handling thousands of transactions per second.
As most of the core problems are now addressed, we now need a complete ecosystem built around cryptocurrencies. By ecosystem, we mean different kinds of applications, tools and technologies utilising blockchain based decentralized payment infrastructure. Internet is just a shallow protocol but what makes the internet interesting is the applications built on top of it. When we talk about the internet, we don’t talk about the TCP/IP protocol, but we rather talk about different applications such as Facebook, Google, Email, etc. which are built on top of the internet protocol.
Just like the internet, we need more applications built on top of the blockchain protocol to cater a wide array of use cases. We need online e-commerce stores accepting cryptocurrencies, crypto based remittance mechanisms, social media applications built on top of the blockchain where the users are rewarded for their content instead of big corporations, and simplified crypto based POS machines for every shop in the corner of the street. This is what we call an ecosystem and only a handful of companies are working actively towards building a sustainable crypto based ecosystem for mass adoption of cryptocurrencies, and Newton is one of them.
Newton — community based crypto economy
Newton is a blockchain project that aims to develop a new community based economy where the users are rewarded based on their contributions to the ecosystem instead of large corporations who suck all the profits based on the activity of users. Newton offers a customisable blockchain platform where entire services can be built and offered, instead of just standalone applications (DApps).
According to their website, ‘Newton Project aims to build infrastructure for a community-based economy through the provision of services around governance, collaboration, and incentives, Newton comprises an underlying public chain (New Chain), distributed storage service (New Net), and New IOT (which covers more than a dozen sensors). Its main net was launched in Dec 2018, which reportedly features a “Main chain and Sub chain” structure, POA consensus mechanism’
How Newton Works?
Newton has all the ingredients built in for providing a crypto baed economy. The Newton blockchain platform can handle up to 5,000 transactions per second which will facilitate high throughout applications like e-commerce, IOT device interactions and trading.
Newton blockchain platform is called NewChain which has the interoperability built in and it natively supports BTC, ETH and other mainstream blockchain networks. To attract the developers into the Newton ecosystem, they have developed an IDE called NewStudio which has all the proper tools and APIs needed to build a service on top of Newton’s NewChain.
Newton blockchain platform has a native currency called NEW, which is currently being traded at $0.0029 USD. NEW has surpassed a total market cap of $35 Million USD with a daily 24 trading volume of just over $2.7 Million USD. These impressive traction made Newton one of the top 100 cryptocurrencies according to Coin Market Cap (CMC).
The total supply currently stands at 100 Billion NEW coins which is fixed since the launch. We recommend NEW to any investor who wants to have platform based cryptocurrencies in their portfolio.