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.
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.
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..
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.
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.
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.
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
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.
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.