Features and Benefits of Libonomy

Libonomy, which is building a universal and functionally accessible ecosystem with different blockchains, has posted on significant future activities being one of the most ambitious projects in the field of blockchain technology. . Libonomy wanted to speak about a project that could transform the field of blockchain technology.  

INTRODUCTION

The existing platforms have brought the world an opportunity to do more than just make a blockchain crypto transaction. Since each platform offers its key qualities, in many areas of real-world situations, they encounter problems. Let’s discuss some of the issues in this pursuit.

  • To carry out block chain activity, resources are continuously ingested. With the passage of time and activity, we obviously face resource limitation issues which are not merely a theoretical but it is experimentally seen.
  • Another main concern over it is, whether the system undergoing blockchain is sufficiently independent in decision of making resources distributed. System must be self-governed to freely protect, enhance and provide link between other structures.
  • Interoperability is given much importance because it has solved many problems related to Block chain usage in commerce. Our main concern is to communicate between two blockchains, and current system must fulfill it. So system upgradation is required to integrate it with industry growth, associated with Interoperability
  • One of the key factors of blockchain is decentralized network, which also very famous. Because it provides equal access to users from all over the, using different block chains for participation. But whether the current system is sufficient to provide fairness to reach decentralization. But current versions of block chain just show their highlights which does not fulfill the requirement of fairness.

In short we have concern over current implementation of block chain, regarding scalability, fairness, interoperability and security. So need of an hour was to take revolutionary steps. So Libonomy suggested the system to resolve all these issues. It is motivated by a principle that Engine which is not only driven by AI, but also self- governing, flexible, interoperable, and stable.   

SMART CONTRACTS

Smart contracts are digital contracts which validate a negotiation, verify and apply it. The rules are described by smart contracts as a conventional contract but without any intervention of a third party in between. Smart contracts can control, with transparency, any trade, shares or any unit of value. It executes script when a resource is passed to a software, and a condition is verified. Comparing the technology to a vending machine is the best way of explaining smart contracts. Usually, you’d go to an attorney or a notary, pay them, and wait until you get the paperwork. You merely drop a bitcoin into the vending machine (i.e. ledger) with smart contracts, and your escrow, driver’s licence, or whatever drops into your account. Moreover, not only do smart contracts describe the rules and punishments around an arrangement in the same way as a conventional contract does, but they also implement those obligations automatically. Check out our blockchain courses on smart contracts if you are looking for a more thorough walkthrough of smart contracts. Smart contracts will disrupt many sectors, including banking, insurance, telecommunications, art, television and fashion, education and many more. They range from easy to complicated,.Libonomy makes it easier for developers to build intelligent Not only public blockchain contracts, but also private blockchain contracts. There are occasions when it is important for organizations to run your own blockchain, approved and isolated, to eliminate any form of fraudulent behaviour, preserve the system, Intellect and secure-keep the protection of all information. The discrepancy between the usual smart contract and the modern smart contract .In the results, Libonomy’s (X1-Contracts), The accountability, decentralization and protection it provides Contracts for public blockchains are decentralized, however they are Due to defective written code, still bad, poorly conducted Code and faulty virtual machine compilation audit, Thus exposing them to threats from hacking. Because of the History For years, many smart contracts have been revealed and millions of contracts have been revealed. 

Libo Coin

Libo Coin (LBY) is the best attribute of Libonomy, and Libo Coin can be used by-verifier and authentication system. Libo Coin can be used, similar to Ethereum’s Ether, to pay the transaction fee. Additional incentives are given to the Protocol nodes based on the contribution made in the network to the distribution on behalf of the network of resources, enabling the pools and agents of Aphelion.

Popular Smart contract platforms,

  • Etherium
  • EOS

USED CASES/Ex:

Decentralized Exchange 

It runs Instead of any centralized one, directly on the blockchain Server to improve asset protection and to save assets in exchange for any attempts at hacking. Previous History Centralized exchanges have faced security problems External or internal weakness, losing millions Assets’ worth. The overwhelming bulk of decentralized exchanges these are based on cross-chain atomic transactions. These ones, these Exchanges allow users to make a transaction directly. That they are on both separate blockchains by writing that they are Utilization. Users can trade Bitcoins or ether directly by writing transactions without the blockchain, both on the blockchain, the need to connect with every matching service. The service does not need the interlinkage of the blockchains.

Crypto-currency and tokens compatibility

Aphelion protocol compatibility with crypto-currency and tokens may use the ability to chain several blockchain clusters across itself and endorse other blockchains. The nonAphelion blockchains can be replicated by the Aphelion protocol in different isolated clusters based on their consensus protocol, such as Ethereum, Bitcoin and others based on PoW. To write interoperable, Libonomy and its descendants intelligent contracts. It is possible to use these tokens directly on the Libonomy scheme, leading to intelligent contracts that can be inferred Printed in a manner that is more secure and interoperable. The Smart contracts can be written on Libonomy directly, and users can use them either directly on Ethereum or on Ethereum. With any blockchain powered by Aphelion. Users make use of their Following the smart, Ethereum smart contracts in Libonomy The agreement is sent to the protocol by means of its Channeling method that will translate and compile The Aphelion Smart Contract. After the transaction takes place, Added to the board, it can be explicitly used on the board Descendants of the scheme based on Aphelion or on It is initially available in the scheme. 

Blockchain and AI in Cyber Security

The audit pool nodes are bound to apply the proof for the node’s malicious operation to search for some vulnerability. This adds to the Rewarding agent designed to preclude mechanisms. Make sure that the rewarding function for the system is not abused in some way or maliciously acted by any node in the entire framework. It is necessary to ensure that the audit is performed to receive reward, the pool does not disclose invalid details. The protocol already guarantees this from the protocol by VALIDITY ROOT review. VALIDITY In the ROOT Test, it is checked from the report submitted by the pool Pool of Reporting. This operation is done by none of the nodes in the pool, anonymously, know that Window Audit and Evidence.

https://github.com/libonomy

Website: https://libonomy.com/

MainNet-Explorer: https://liboexplorer.com/

Telegram channel: https://t.me/libonomyblockchain

Medium: https://medium.com/@Libonomy

Reddit Channel:  https://github.com/libonomy

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