Back in 2013, the idea was born to create a platform, in which participants themselves can create various kinds of assets, and exchange them between each other. The idea came as a result of research in the field of economics, the evolution of mankind and the phenomenon of money as such. And it is based on such fundamental reasons as the lesser efficiency of centralized decision-making systems and the imperfection of today's financial world.
In 2014, our team was inspired by the blockchain technology (thanks to Bitcoin), since it provided ecosystem participants with independence. An active study of existing solutions on the market began. The Ripple project was ideologically similar, but it also included conditional censorship, as well as limited functionality. Moreover, in a more detailed study of the DLT (blockchain) technology in general, we faced a number of issues, such as limited productivity and scalability, transaction costs, transaction time, etc. In addition, each DLT “focuses” on itself and is completely interoperable with other leggers.
Therefore, in 2015, together with Dima Chizhevsky we decided to work on a multi-equivalent protocol that will meet the following criteria:
- Accessibility - requirements for participation in the network should be sufficient enough, so the majority will be able to access the network even through mobile devices;
- Productivity – should be able to compete with classic processing technologies;
- Multi-equivalence as well as the ability for everyone to create their own equivalent;
- Decent transaction speed (which is a few seconds)