This whitepaper describes how RealTract is going to disrupt and transform the blockchain industry and cryptocurrency market with the launch of the first practical smart contract in the world. RealTract is going to launch Smart Contract 2.0 on the Blockchain 4.0. RealTract aims to create a truly democratic and decentralized blockchain enabling common users to get the benefits from the blockchain technology and digital currencies.
There are many technical difficulties around blockchain core technologies, which need breakthroughs and out of box thinking. At present, the infrastructure to support development of blockchain applications is unstable and time consuming. There are a number of major problems related with the current blockchain and smart contracts such as Low transaction throughput, Energy costs, Difficult to use, Uncompetitive Applications, low Transaction speed, Transaction fees, Issues of interoperability and Platform lock-in, lack of robust security for smart contract 1.0, etc.
The current blockchain architecture and technologies along with application scenario are limited by performance, applicability and stability of the underlying chain. Therefore, there is an urgent need to study the underlying mechanism of Blockchain, and redesign or improve the various key technologies of blockchain to solve the various associated problems.
RealTract aims to solve the problems such as low applicability, transaction congestion, high commissions, long confirmation latency, weak resistance to quantum attacks, slow communication and transactions, incapability in crossing and merging chains, large space for storage and etc. RealTract would optimize and improve blockchain technology in all aspects including protocols and mechanisms, and become a genuine infrastructure of Blockchain 4.0. Blockchain 4.0 uses a multilayered architecture which provides a solution to the issues faced by current blockchains such as the lack of scalability and low transaction throughput rate. Blockchain 4.0 incorporates many advance features like dynamical sharding functions for transaction scaling.
Blockchain 4.0 is secure, fast, scalable, and versatile.
The goal of RealTract is to create a trustless and decentralized system in which transactions are similar to real-world transactions. RealTract accomplishes it by designing its network as a multi-layer blockchain. Multi-layer chain has basically two layers viz. SupplyChain and MainChain. SupplyChain is the place to store the temporary transactions and in the pending order of the smart contract. MainChain is the place for recording and saving all the completed transactions, the information of contracts that have ended and user-encrypted information. It provides enhanced transaction speed, extended storage space and increased security with Proof of Truth (PoT) and Proof of Stake (PoS) algorithms. Moreover, it will inevitably make sure that it does not depend on the miners, inexpensive energy, and avoids attacking 51%.
Infinity Block Graphs (IBG) technology with infinite scalability helps keep transactions from overloading, speeding up transactions to 2 million TPS, bringing down the costs to nearly zero, and ensuring absolute security.
With the ability to create a deal, contracts can be applied more effectively in reality by adding: creation of multiple conditions, and the time of the contract. RealTract Smart Contract 2.0 is a significant improvement over the Ethereum smart contract 1.0 that is prevalent at present. In addition to maintaining the excellent operating mechanism of the older version, smart contract 2.0 adds conditions and algorithms to completely protect the interests of the parties, when participating in the transaction.
The Proof of Result (PoR) algorithm is included in the RealTract smart contract as a tool for evaluating and documenting the credibility of the parties involved in the contract. It also increases the security for the transaction parties. PoR is also a tool to handle disputes between the parties or the buyers and the sellers.
The cryptocurrency market has shown amazing growth in 2017 with the market capitalization crossing the half a trillion mark. Yet, after scaling new heights, there was drastic decline in the market. The main reason is the narrow base of the cryptocurrency market among the general public. RealTract’s offering of Smart Contract 2.0 on the Blockchain 4.0 would greatly increase the user base of the cryptocurrency market and blockchain usage. As the number of users would increase hugely, the price volatility of the cryptocurrency market would also reduce thanks to the expanded huge base of cryptocurrency and blockchain investors and users.
With the introduction of RealTract tokens (RET) as the digital currency for the cryptocurrency users, RealTract will be uniquely positioned to utilize its token and smart contract framework in conjunction with its revolutionary platform to solve the problems hampering the blockchain industry and cryptocurrency market. We plan RealTract crowdsale to fund our futuristic and pioneering platform. RealTract token (RET) tokens would initially be built on the popular ERC-20 standard. The ERC-20 standard allows RET tokens to immediately work with all the apps that conform to the standard. We would swap ERC-20 standard after the completion of RealTract Mainnet. Out of the total supply of the 100 billion RET tokens; the supply in circulation would be 35 billion tokens or 35% of the total tokens.
Our meticulous business plan, committed team, and technological innovations and breakthroughs would produce enormous gains in value for the investors in the coming future.
Realtract
