KETO
Introduction
2018

This page is a basic introduction of Keto. For a detailed whitepaper, please see the link below

Decentralized Enterprise Grade Infrastructure to run your business on.

INDEX

INTRODUCTION

PROBLEMS

SOLUTIONS

PROCESS FLOW

Introduction

Block chain technology was introduced in 2008 with the launch of the Bitcoin currency. While Bitcoin introduced the idea of a public ledger system, Ethereum was thereafter introduced with the implementation of “Smart Contracts” and since then there have been attempts to either enhance the technology or to generalise the technology to support a wider range of applications.

Block chain platforms however struggle to support functional decentralised applications and as such BitShares decentralised exchange (2014) and Steem social media platform (2016) were introduced; with tens of thousands of daily active users. These have assisted in increasing performance to thousands of transactions per second, reducing latency to 1.5 seconds, eliminating per-transaction fees, and providing a user experience like those currently provided. 

Still, existing block chain platforms are burdened by large fees and limited computational capacity that prevent widespread block chain adoption. The ability to scale, segregate resources, overcome hard-forks and adopt software or hardware updates are also existing challenges. Keto Coin aims to overcome these challenges. Keto aims to introduce a Usable, Scalable, Privacy-enabled and Maintainable block chain.  

By solving these problems Keto has become the premier blockchain platform aimed at enterprise grade distributed business applications. This enables enterprises to move complex business applications to a public blockchain with complete privacy surrounding, themselves, their financial data and business processes. They can thus take maximum advantage of the network effect without concerns around their privacy. This is a true step towards server-less infrastructure.

Problems

Usability

Smart contracts are very limited and cannot perform anything beyond simple validation of transactions. This is due to the fact that they have to complete within a certain limited time period otherwise the delay prevents them the block from being complete correctly. Smart contracts also cannot share data between each other. The contracts are further hampered by a lack of adequate programming language support.

Maintenance/Evergreen Block Chain

Maintenance and enhancement of existing block chains has proven to be a big hurdle as once a block chain is setup is is impossible to change basic bug fixes and enhancements. This is due to the fact that it requires people to maintain and update the block chain agents running on their boxes. This results in hard forks as has occurred with Bitcoin, Bitcoin Cash, Ethereum or Ethereum Classic. 

Trust

At present block chains deal the problem of trust on the block chain level and not on the software and platform level. This means that the platform provides a trusted outcome but that the systems themselves are still insecure..

Scaling

Classic crypto currencies do not scale well. Currently existing crypto currencies can only handle very low transaction volumes.This means crypto currencies cannot hope to compete with VISA anytime soon.

Privacy

Block chains are public ledgers which are visible to the world. As a result all business operations and transactions are fully visible to anyone who care to look.

Solutions

Usability

Keto implements its smart contract system using Web Assembly. This means that out the box it will support a mixture of languages, using tried and tested technology. And as web assembly is supporting ever more languages the list will grow. To further enhance this process the core of Keto has been written in such a way as to be language agnostic. This means that standards such as RDF(Resource Descriptor Framework) have been used to persist data, enabling easy interacting with the data from other languages and not enforcing a one language view on the world. Because of the generic approach around language storage an interaction, contracts will thus be able to interact on a data model layer. Which is a very common and effective interaction model used in programming.

Trust

By using Keto’s modular evergreen nature and coupling that with the same consensus algorithms that have been used successfully to secure the block chains, we can secure the systems themselves instead of just trying to control the outcomes. That is a huge advantage.

Maintenance-Evergreen Block chain

Keto will operate as an evergreen blockchain. It has been designed to be modular from the beginning and as a result upgrades are not managed by people but by Keto itself. As a result it will not be possible to hard fork Keto or prevent changes from being applied.

Scaling

Keto will solve the scaling issues by implementing POS(Proof of Stake) rather than POW(Proof of Work). This will solve one of the scaling issues affecting crypto’s this is to do with  mining. But Keto will be going further than this it will implement a shared network delegating responsibility around accounts, and implementing both clustering and parallel processing.

Solutions

Privacy

Privacy is a block chains Achilles heel as block chains are public ledgers. Keto solves this by implementing sub block chains. These block chains can be private or public depending on your requirement. This will be bound into the master block chain for auditing purposes, using proof of knowledge algorithms.This will prevent the disbursement of information contained in the private but also mean that sub block chains are audited properly. Furthermore this approach enables the easy creation of side chains, enabling Keto to interact with other cryptos in an effective and seamless manor.

Process Flow

Existing block chains focus on a very simple process of locking a transaction into a block. This occurs when an available list of transactions are locked into a block that is then locked into the overall chain. This has proven to be very effective and fault tolerant.

Keto extends on this working model by breaking transactions up into multiple steps. The steps are as follows:

  • Debit the source account. This is the account that the money will be used to power this transaction.
  • Process the transaction, this involves running through all actions associated with the transaction and completing them.
  • Credit the target account. This will involve crediting the accounts with the fees for the transaction and crediting the target account with the remaining fees.

 

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