BlockNum is a Distributed Ledger Technology (“DLT”) which uses the Public Switched Telephone Network to support secure transactions for the GIGA token through the development of a Public Switched Teliphone Blockchain Network or PSTBN. BlockNum is a highly permissioned blockchain with an access control layer for the blockchain nodes based on SIP messages with communication occurring solely via SIP-based message over IP protocol.
The PSTN provides an immense installed decentralized network base and when combined with SIP message, is an immensely secure system which is instantly scalable to allow the BlockNum to reach any person in the world who has a phone and phone number.
BlockNum will operate on the principle of “Proof of Consensus” or PoC as opposed to “Proof of Work” “Proof of Stake” blockchains. Proof of Consensus focusses on determining that consensus has been achieved (the “consensus event”) within a network of decentralized distributed ledgers and where the ledgers are held within a combination of trusted and independent anonymous nodes. Transaction “consensus” is achieved through a second layer of token nodes which sole function is to approve or deny a transaction in a consensus event.
The mathematics behind PoC is based on the well-established concept of “Consensus Theorem” which is a component of Boolean algebra used for reaching a basis of consensus.
This approach makes BlockNum PoC transactions equally robust as the current alternatives but much faster and significantly more energy efficient.
BlockNum will therefore be the first blockchain to be green and ecologically sound.