W12 – a Platform Raising New Generation of Smart Contracts – Winner at the World Blockchain Forum (NYC)
W12 offers a completely new approach to the development of blockchain technology, smart contracts and the crypto economy, the adoption of which can massively affect existing traditional infrastructure in the very near future. Smart contracts are proving effective in the crypto community by eliminating the problem of mistrust between parties in simple operations, but their application in the real world is severely limited. The transition to a new decentralized digital economy requires a reliable and scalable infrastructure that facilitates the rapid implementation of blockchain technologies. In W12, we created a protocol that extends the application of smart contracts, ensuring their introduction into the traditional economy and eliminating the mistrust between all parties of the deal.
The main problem in the traditional economy: the parties do not trust each other. Without trusting one another, in order to settle disputes and make payments, the parties involved are compelled to trust traditional institutes on behalf of the state, and frequently do not have access to alternative solutions. The existing infrastructure is extremely expensive to use, slow and rarely transparent.
The W12 Solution: the creation of a decentralized blockchain infrastructure where the parties do not need to trust each other, and any controversial issues are resolved transparently, quickly and at a lower cost.
The problem of existing smart contracts: without the entry of verified information from the external world to the blockchain, the number of use cases for smart contracts is extremely limited.
The W12 Solution: A protocol that allows you to create smart contracts with the necessary logic for their execution without programming skills and a decentralized oracle network confirming the execution of milestones of the contract and the transfer of funds to the other party.
The oracles in the decentralized W12 network transmit verified information from the external world to the blockchain and confirm the execution of the scenarios programmed in smart contracts. The use of a blockchain based on the proof of authority consensus allows this system to execute smart contracts faster and cheaper than older systems.
W12 creates a system in which the parties do not need to trust each other, the settlement of disputes occurs quicker, more transparently and at a lower cost, providing a wide range of users with easy access to the benefits of blockchain technology. Today, the W12 solution is perhaps one of the most significant innovations in the financial sector.
Priority markets for implementation of the solution:
Logistics, delivery of goods
Ordering goods and services via the Internet
In the very near future, W12 intends to start using this technology for the ICO market, which currently suffers froma lack of trust between token buyers and projects in their early stages. Currently, token buyers bear significant risks by participating in ICOs. According to statistics from research performed by Satis Group LLC, up to 81% of ICO projects may turn out to be scams, and only 3.8% are successfully traded on exchanges. Nowadays, there is no infrastructure behind the ICO market to establish trust between the parties. W12 allows you to use such a system and sign a smart contract where no trust is required at all. If a project attracts token buyers in order to develop a solution for the crypto currency segment, token buyers conducting their transaction via W12 smart contracts can be sure that the project will receive its funds only following the implementation of its milestones according to the published road map.
According to W12 founder Oleg Sharpaty, the ICO market is only the first step towards implementation of the W12 solution. W12 is going to create a bridge between the crypto industry and the traditional economy by introducing its solution into real businesses. The W12 solution allows us to reconsider the role of the state as an arbiter in relations between entities and to relieve the burden from some state institutions, shifting it to smart contracts and moderated decentralized organizations. The implementation of the W12 solution will create the basis for a new decentralized digital economy.The development of the technology provided by W12 is likely to affect many traditional financial and civil-law institutions in the immediate future. https://w12.io
WORLD BLOCKCHAIN FORUM. A two-day conference held at the Metropolitan West between the 11th and of 13th June, delved into the innovative possibilities of blockchain and disruptive technologies, provided an introduction to securities and looked at the transformative impact of cryptocurrencies on the global financial landscape. Different ICOs from around the globe participated in the conference with a total of 2,500-3,000 participants from all over the world in attendance.
However, the most liked and appreciated concept was W12. And due to the uniqueness of the idea and the huge success potential of the W12 platform, it secured 1st position in the conference among a huge number of participants. As a result, the renowned tech incubator that has helped a number of tech giants getting on their feet is looking to assist W12 to do the same.