A new stage in the development of the Silent Notary project!
Dear friends! We are pleased to announce the next phase of SilentNotary's development based on brand new goals and objectives.
SilentNotary was originally developed on the Ethereum network to record digital fingerprints of events on the blockchain. In the process of developing legal solutions that utilize this technology in court, we encountered a few fundamental problems, including the problem of public anonymous blockchains, the chain of legal relations breaking, the impossibility of legally identifying all participants in the relationship, and the impossibility of using such a platform for non-cryptocurrency transactions. As an example, when using entries in the Ethereum blockchain, we needed to defer to the expertise of professionals to confirm the stability of the network during the time of the operation.
This problem is due to the fact that all miners are anonymous. There are no legal relations between them and users, and the only regulatory factor is the economic motivation of miners. Is it profitable to maintain a network? Is it profitable to pool together — all these are issues of economic regulation of network stability. A good illustration of the problem of reducing the level of network support is the well-known "51% attack" committed by attackers on the Ethereum Classic network in January 2019.
The search for a solution to this problem led us to the creation of a platform for integrated distributed registries. We've worked hard to stabilize the network alongside independent nodes and now it is time to use it for SN project.
So, what we are going to do in the near future:
1. Create an SN Consilium: We will be integrating the blockchain as a part of IDL system, which will certify the records of events. This means that transactions coming from SN system will be processed by the nodes included in SN Consilium, replacing Ethereum and eliminating the need to pay for transaction fees in Ether. Rather, SN Consilium nodes will be paid for transactions on this system. For the legal application of this Consilium,we need nodes that have adopted general rules for the certification of transactions and have passed the procedure for identifying their keys to masternodes with the help of our partners — Cryptonomica.
2. SN Consilium is narrowly specialized. Its purpose is only for affixing events in the system. Consilium participants can only be holders of SNTR tokens. The consensus algorithm uses PoS elements, i.e. nodes with a large number of SNTR tokens have more weight in decision making. The transaction processing fee is charged in LAW coins and distributed proportionally between the holders of the network nodes.
3. The service fee is charged in accordance with to SilentNotary's whitepaper, i.e. in SNTR tokens which are to be burned.
We are not changing the general scheme of the project. We are only focusing on the use of legally defined mechanisms through the help of the IDL network. In fact, we have taken the widely used procedural actions practice and implemented it by having random witnesses that are not associated with any interested parties. We have also taken this concept a step further by adding to the random selection of witness, a liability insurance protocol that deduces part of their assets as insurance pending the resolution of the case. In addition, we created a long-term mechanism for the development of the system by creating subsidiaries. Subsidiaries are highly specialized Consiliums, for example, those that are formed by public notaries.
General parameters of SN Consilium:
1. The amount of SNTR tokens for launching the node is at least 300 million tokens.
2. Transaction processing fee — the total cost of writing is 1 kb of information to the IDL registry for the entire network.
3. The distribution of the commissions received is made between holders of notarial nodes in proportion to the amount of frozen SNTR tokens.