Understand the main characteristics of Smilo Wallet in 5 minutes
What is the Smilo Platform?
Smilo is a unique full-featured hybrid Blockchain platform that supports hybrid transactions, hybrid smart contracts and hybrid decentralized applications — with ‘hybrid’ referring to both public and private. Smilo uses their unique Blockchain technology to facilitate an alternative protocol for decentralized applications, including GDPR compliant private transactions, reasonable scaling and accurate cost predictions.
Smilo Wallet Behind-The-Scenes
The below graph is an simplified but it is still helpful way to to envision transactions and how wallet.smilo.foundation works at a high level.
- A user creates a wallet and sign a transaction.
- Once a transaction is signed, the contents cannot be altered, so is then propagated to the chain.
- A node is simply a full synchronized Smilo node that has access to the Blockchain
- Signed transactions will be processed inside the Node Mempool after going through some verification's to make sure they are valid. Validators can then pick the transactions that they prefer from the Mempool.
- From the Mempool, the next step is the state transition function. The state transition is always implemented equally way across all other nodes.
- After the state transition the block is processed and sealed. Then the Validator will broadcast the new block to the rest of the network.
Advanced Spam Protection mechanism
In Smilo, there are two types of addresses: client and smart contract. There is an extra field in smart contract addresses that allows users to call the contracts.
In Smilo, there are two ways of protecting the nodes from Spam.
The same as in Ethereum, block gas max limits are specified by the Validator nodes to ensure that only enough transactions are included in a block, which allows Validator nodes to protect against gigantic blocks that could take long time to process, halting the chain.
The bellow picture shows how much XSP (SmiloPay) a account can have, given its ballance is 31634.9982 and XSM 0.022785949510770 XSP
2 - SmiloPay
As you can observe in the screenshot, the second mechanism to protect the smilo network from spam is the SmiloPay token. In order to create a transaction, all accounts are requited to have the same GAS cost in SmiloPay. If a account does not possess it, the transaction is refused and never reaches a block. SmiloPay can only be obtained by staking XSM tokens.
SmiloPay tokens are a currency which is issued to users who own Smilo tokens, SmiloPay tokens cannot be traded and can only be consumed, representing the fee to use network resources, such as: transactions, computing, storage and bandwidth. For every Smilo token you own, you will receive a certain amount of SmiloPay, and each SmiloPay token represents a share of the network resources.
To be able to calculate the exact amount of Smilos you need to stake in order to have a more customized throughput and other details, visit smilopay.io
Smilo combines the best of blockchains with a safe and reliable “free from transaction costs”, making the large and complex smart contracts economically viable, stable and continuous. The Smilo network protocol is highly scalable and gives real-time transaction feedback realized by the network.
Usually, high transaction volumes lead to higher gas prices, that lead to lower overtime accumulation of SmiloPay, ensuring that a attack on the chain wont last long.
Smilo is a Public Enterprise Blockchain
The Smilo Public Enterprise Blockchain uses Ethereum as a vendor lib, and extends some essential building blocks of Ethereum (e.g., the account model, EVM, modified Patricia tree, Web3.js, RLP encoding method and many more) implementing new technical features that are tailor made for the actual needs of both enterprise and individual users.
We believe that the new features give both users and developers added flexibility and powerful tools to achieve their goals, thus contribute to the Ethereum ecosystem and pay back to the community in areas where Ethereum is just not focusing at the moment, but are very much needed for broader Enterprise adoption.
Links and resources
9. Testnet links (Block explorer, Faucet, Wallet, Remix)
13. Smilo Secure Wallet available at Google Play
15. launchpad.net/~smilo — Ubuntu packages for go-smilo blockchain
Be part of the Smilo hybrid blockchain movement!
Smilo’s development is not motivated by profit for either its developers or early adopters. In order to finance the project and guarantee its future, we invite everyone who sees potential to consider donating/investing to the project, and we hope that the vibrant cryptocurrency community will help Smilo to achieve its goal of making permissioned ledgers obsolete.
#NO-ICO #ICO-FREE #NOT-AN-ICO