BlockNum, GIGA and the related ecosystem has been developed to address the inherent problems with current blockchains and provide a transparent transport token and platform which demystifies and simplifies the blockchain and provides the mechanism to allow anybody with a phone to transact in a decentralized blockchain environment.
Returning to the ubiquity and growth of mobile Internet, the solution lies in the power of the smartphone and the uniqueness of an individual’s phone number. Tied to the GIGA token is the ability to create virtual blockchain wallets with account numbers linked to a phone number. Under the NANP E.164 international numbering standard, a telephone number can have up to 15 digits which provides the basis for a unique virtual wallet address for anybody in the world and the potential number of wallets to increase from 15 million to several billion in a very short period of time and associated with individuals or companies without any complexity. The virtual nature of the wallet also means that transactions can occur in milliseconds instead of minutes and there are no barriers to entry for users.
The GIGA transports all transactions in the BlockNum which includes the transfer of GIGAs between BlockNum wallets well as other future transaction modules such as seamless and instant currency exchange (fiat to fiat, crypto to crypto, fiat to crypto and crypto to fiat).
In the future, the GIGA will also be available for the payment of services in real time. As such, it will become the first “consumable” token – i.e. it will be consumed as services are used. For example, one of the BlockNum modules currently under development is iPCS, an IP-only mobile service. iPCS will accept the GIGA for services provided and GIGAs will be consumed as the services are provided.
There are several fundamental problems that the GIGA and BlockNum will address.
As electrical consumption and transaction time become more of an issue, one has to ask whether there is a mechanism that is able to provide the advantages of the blockchain – namely secure decentralized transactions, process integrity and empowerment of users without the intensive energy consumption, process slowdowns and excessive complexity.
The concept of the GIGA a transparent transport cryptocurrency and BlockNum, a highly secure blockchain network environment based on the international public switched telephone network or PSTN through an evolved Public Switched Telephone Blockchain Network of PSTBN. BlockNum transactions using GIGAs are not only secure and use the highly trusted PSTN, but because of the nature of the network configuration and limited need for lengthy and every increasing computations, can be completed in milliseconds and without massive power requirements. Furthermore, because of the ubiquitous installed capacity of the PSTN, it is instantly scalable without limit.
And while mining functions will remain a key component of BlockNum, the ability for mining operations to become highly centralized and therefore reduced the democratic principles of blockchain mining is minimized.
The annualized electrical consumption for Bitcoin blockchain transactions is on a steady rise. By mid-November 2017 the consumption was determined to be 28.5 TWh or 32% in one month.
To put this in perspective, we estimates that the Bitcoin annualized electrical requirements as of November 16, 2017 are equivalent to the electrical requirements of countries like Ireland, Bahrain and the Slovak Republic and represent 0.13% of the world’s electrical consumption.
the number of blockchain transactions executed in October 2017 typically ranged from 2,000 to 6,000 transactions per second with some peak times recording over 10,000 transactions per second.
GIGA tokens will be held initially in a central UnitedCorp Ethereum account. Upon completion of the TGE, GIGAs will be transferred to wallets of token holders.
A separate wallet will be set up as an iPCS transaction wallet. At this initial level, tokens can be transferred between wallets. The iPCS wallet will be used as a clearinghouse for services.