SpectrumNetwork Whitepaper

The position of cryptocurrency in today’s world grows rapidly. The combined market capitalization of all cryptocurrencies has increased more than fivefold since early 2014, reaching almost $150 billion in August 2017. Since Ethereum was introduced in 2009 and rapidly developing for these several years, people found that Ethereum has more potential than just being a kind of virtual currency. The invention of blockchain, being the underlying technology of Ethereum & Bitcoin, has proven its unlimited capacity to be even more valuable than Ethereum and even Bitcoin itself. As it can be applied in the development of diverse kind of applications, owing to a specified characteristic called Decentralization. Built based on the ERC-20 algorithm, SpectrumNetwork is an open source prototype project, first of its kind globally, designed initially to act in the interest of common world citizens for public good. For decades, improvement in the GIS ecosystem; which basically involves spatial data management, sale, display and usage: has been on the rise. A perfect blockchain based prototype was developed for infusing spatially referenced data within an ERC20-standard token, making location data decentralized, lighter, more accessible and inter-operable via a blockchain. SPEC tokens bridge the gap between spatially referenced data, its collation and cost management by utilizing blockchain technology. The era of requiring voluptuous machinery, software and financial resources in geospatial data acquisition, management and distribution; is soon to be phased out by this mechanism which SpectrumNetwork Blockchain brings. The promise of crypto is to enable fair and open economic systems; SpectrumToken was designed with this goal in mind. The utility tokens (SPEC) will be able to build inexpensive, reliable and easy-to-use blockchain based systems that will enable common people map and interact with spatial data with affordable devices at almost no charge, thereby removing the dependence on middlemen and phase out the sole centralized approach by regulatory bodies in the future. SpectrumNetwork, like other successful crypto projects, generate support from the community through demonstrating alignment with these principles.

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SpectrumNetwork Whitepaper

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