The world of cryptocurrencies is growing and developing. Today on Coinmarketrate.com a huge number of blockchain projects are presented, including NFT projects. Non-interchangeable tokens today represent works of art from the traditional market that we currently know digitally, ownership rights and authenticity. And now, the Ternoa project has conceived to create a blockchain that allows you to transfer information through these NFTs.
The innovative idea allows us to promote the rules of interaction between the various protocols of the ecosystem. The Polkadot project is a precursor to the desire to communicate between different environments and all blockchains between them. The Ternoa project was created and uses the Polkadot protocol to work.
So what new does Ternoa bring to the world of cryptocurrency? How does the project work, and what changes for users?
Blockchain of information transfer based on NFT
A non-interchangeable token or “NFT” is a virtual cryptographic element in a block chain. This type of token is represented by identification codes and metadata (author, signature, date, etc.) that make each token unique. In the traditional world, this is akin to works of art, for example, there is only one Mona Lisa. These tokens are not interchangeable, and it is the blockchain that ensures the authenticity and uniqueness of the coin to its future buyer.
The Ternoa project introduces innovations and offers two notable improvements in the blockchain world.
- Time capsule
A time capsule is a setting of time capsules available in the Ternoa environment. Currently, a trading platform is being developed within the framework of the project so that all users can fully enjoy the benefits of the ecosystem. As a result, Ternoa-compatible NFTs can be exchanged on this platform.
This is now possible due to Ternoa for data security in NFT. Within the framework of the project, a system was developed to guarantee the security of NFTs and their content that circulates in the blockchain.
The Ternoa project was created by Capsul Corp, a company specializing in creating technology-related projects to push the boundaries of innovation. He offers his clients the opportunity to build a project based on technologies, be it blockchain, artificial intelligence and regardless of the sector of activity (real estate, agricultural food, administration, etc.).
The purpose of the Ternoa blockchain is to ensure the secure storage and transmission of data. To achieve success in their missions, the project provides an application that allows you to create the concept of “Time Capsules”. These capsules are NFTs issued on the Ternoa blockchain, and have been used for a long time for secure storage, encryption and data transfer.
Ternoa is no exception to the rule of blockchains: public, decentralized and open to everyone.
First of all, the user interacts with the Ternoa application, which allows you to create an NFT capsule used to transmit information. This project relies on internet infrastructure for management, recipients, personal data or file format, for example, JPEG or DOC. These applications are compatible with the environment and allow for the transition and communication between the Ternoa application and the Ternoa blockchain. The capsule belongs to its user, who has the ability to store data inside and program the date, for example, to send to the recipient.
From this moment on, the blockchain takes responsibility and ensures security by encrypting the data that is stored on the network. The data is delivered to the designated user only when the smart contract is triggered. The recipient can access their data through compatible applications in the Ternoa ecosystem.
Below is the diagram of the complete infrastructure with the application, network and blockchain available in the technical document of the project.
Architecture of the Ternoa project
To analyze the path taken by the user to securely send data via the Ternoa blockchain, let’s take a closer look at the mechanism and five protocols available in this infrastructure:
- Death protocol, can be used for postmortem data transmission.
The data transfer is unique and depends on the country when the oracle reports information about the user’s death.
- The consent protocol is the principle of openness to third parties.
- A secure protocol that allows you to store searchable data on the principle of a digital safe.
- The D-Day protocol allows you to store and send information on a specific day.
- The countdown protocol is used to start the stopwatch before transmitting data to the designated recipient. The initiator can update the timer at any time.
And so, these are 5 protocols of the Ternoa blockchain.
When the blockchain takes over the process, it will have to encrypt the data and store it on decentralized servers. The official document mentions blockchains specializing in decentralized storage, such as Storj, Sia and Arweave. Transmission, as well as asymmetric decryption, occurs using smart contracts. These three operations are called the “offline” stages of the process.
Data Security is a unique system based on various forms of cryptography, including Intel SGX (Software Guard Extensions) encryption solution.
How Ternoa works
The project was created in the Polkadot blockchain in an environment called “Substrate”. This environment allows you to quickly and economically create a blockchain. You should understand that the Ternoa blockchain uses Substrate as a basis, as a model for the development of its ecosystem.
Here are the criteria available when creating a blockchain on Substrate, so all these criteria are available in the Ternoa environment.
- Nominated-Proof-of-Stake (Nominated-Proof-of-Stake)
This is a transaction verification consensus that helps protect user data.
Therefore, the Ternoa blockchain uses a Nominated Proof of Stake, which is a variant of proving the share of the Ethereum cryptocurrency. The main difference partly lies in the choice of transaction validators in the block chain.
Validators always perform the same action, storing tokens in escrow in order to get the right to confirm transactions, and thereby receive payment. If they verify incorrect information or jeopardize the blockchain, sanctions are applied to them. On the other hand, in the NPOs scheme, they depend on the nominees. It is they who will choose them to hand over to them the management of the tokens they wanted to block.
This is called a competitive system for achieving the best results. Nominees choose validators hoping to get better working conditions in return. This allows validators to have more tokens to manage, therefore, the reward increases.
- Functional compatibility
Thanks to the Subtrate and Polkadot ecosystem, the Ternoa environment has the ability to connect to other blockchains. Therefore, it can store data in other specialized blockchains.
- Smart contracts
Smart contracts available directly on the Substrate platform save developers` time. No need to develop them yourself. It was necessary to develop various protocols described earlier in this article that use available smart contracts.
- NFT Control
Managing these NFTs is important because they play the role of a time capsule for data transmission.
Briefly about project management: the “Democracy” module manages the general voting of stakeholders. The Ternoa project invites all users who have Capsule Coins to participate in the ecosystem regarding blockchain management. It can be a protocol, a partnership, or a network development.
During each launch period, the offer is selected from various existing waiting lists. Any user who owns CAPS tokens can vote for this idea. Voting represents a firm conviction due to the ownership of tokens. This belief determines how long the tokens associated with this position are blocked, and determines the multiplier that gives the power of the vote.
The Ternoa project is innovative, whether it will be able to realize the goals set by the teams, we have yet to see. In any case, the Polkadot blockchain and its interoperability allowed this type of project to appear.
The large development of projects within the blockchain and the cryptocurrency ecosystem allows us to find innovative solutions to many problems and issues. In the period of global digitalization, such solutions are simply necessary.