Has web3 failed in its vision? CoDe Tech thinks so and the solution is Core Blockchain – SlateCast #24

In the latest episode of SlateCast, Akiba spoke with the CEO of CoDe Tech about the future of blockchain technology.

CoDeTech is a futuristic web3 company that doesn’t think web3 is good enough. Commenting on Ethereum’s current status as an example, CoDeTech CEO Ockert “Okkie” Loubser said:

“The biggest problem is that most of it is hosted on cloud-based solutions. They use the centralized forms of connections. If a service provider goes down, the network goes down.”

He goes on to talk about CoDeTech’s vision and perspective, saying that most use cases are based on developing a token and making an in-app purchase. CoDeTech sees technology not as a symbol, but as an immutable ledger. Okkie says blockchain should be used to create a trusted environment.

He says:

“Our business is focused on equality, equal opportunity and inclusion in active economies…Connectivity is a human right.”

He then goes on to say that CoDeTech’s first goal is to engage with individuals and businesses that want to integrate into a decentralized environment and grow their community.

Decentralized before Bitcoin

Okkie started his career focusing on digitizing analog videos in the early 2000s. He expanded his expertise by adding satellite connectivity and developing a POS (Point Of Sale) system. This POS system was created in 2004, and digitized physical checkbooks were often used.

What is interesting about the POS system is that it used POS terminals and had no data on the POS devices. Okkie defined this system as “an early form of tokenization.” and said it expanded exponentially between 2005 and 2006.

CoDeTech

Okkie joined CoDeTech in 2013. The company was an e-commerce platform struggling to split payments between merchants. While trying to solve this problem, the team was inspired by blockchain technology and set out to build their chain.

Nine years later, their platform, Core Blockchain, was up and running. It is a fully decentralized blockchain that uses a version of PoW that acts as Proof of Distributed Efficiency. The team developed the chain to be highly deployable and environmentally friendly.

Core (XCB) Blockchain

According to Okkie, Core Blockchain is the first blockchain ever to use the ED448 “Edwards Curve” as a cryptography method and built-in HD wallets. The chain can verify one transaction in 42 seconds and has six blocks per transaction. A new block is mined every seven seconds and rewards five coins.

The verification time applies to all data types, whether financial or pure. The network can verify fiat, document and peer-to-peer transactions and smart contracts.

The chain also uses ICAN standards for human qualification and ISO 20022 pain protocol. Given that ICAN standards are similar to IBAN standards and ISO 20022 is similar to instant messaging, these features were added to the chain to encourage financial institutions to implement Core Blockchain.

The team also developed its smart contract language, Ylem, which works similarly to Solidity. Okkie says it takes almost 20 minutes to transfer an Ethereum-based smart contract to the core chain.

Luna Mesh

After building the chain, the team wanted to increase connectivity to ensure they were working towards the goal of inclusion. To do that, the team created Luna Mesh. CoDeTech built its own proprietary protocols that could use multiple frequencies, from radio frequencies to sub-gigahertz frequencies, simultaneously.

The system uses Wifi 6 and Bluetooth as a form of access to the network. Luna Mesh uses IoT devices as infrastructure, and Okkie says it’s much easier to stream using Mesh networks than building towers. This allows Luna Mesh to turn any city with an existing infrastructure into a network by having each IoT device act as hotspots.

Luna Mesh is currently running in a Beta test version in Europe. The global launch is planned for the first quarter of 2023.

Web 4.0 and identity

CoDeTech aims to upgrade the current web3 applications and digitize them all. However, the team is also aware that a solid digital identity ecosystem is necessary. Okkie says:

“In order to operate in a decentralized digital environment, you basically need a digital identity.”

Given the company’s vision, it is not surprising to hear that a digital identity solution was one of the first things the company built. The team named the solution “CorePass” and designed it to be completely serverless, decentralized, borderless and fully GDPR and CPA compliant. The release is scheduled for October 14, 2022.

It is designed to be able to digitize any government-issued document in any part of the world, while allowing you to link digital attributes such as family members, medical data and investments to the person’s identity. As long as the person can prove their relationship and its value, CorePass allows the ID holder to associate it with their identity.

The system also provides full traceability. It is possible to find who leaked what information and what they did with it. This also puts ID holders in charge of their own data and could lead to scenarios where they could be held liable if their information was disclosed due to an error of judgment on their part.

Feasible and functional network

In addition to setting up a functioning digital identity system, CoDeTech also builds complementary functions that should be decentralized in a web4 world.

One of these applications is “Wall Money”, which behaves as a bank-as-a-service and new banking platform. Another application, CorePay, follows Wall Money by acting as a decentralized peer-to-peer payment gateway.

There is also Ping Exchange; a hybrid exchange planned to launch on the same day as CorePass, October 14, 2022. Another app is an e-commerce platform called TokToKey (TTK). TTK is a fully decentralized platform that contains various innovative features powered by CoDeTech’s payment gateway and exchange.

The TiNG & MeeTiNG platform is built to be the web4 version of YouTube. This completely serverless, peer-to-peer, fully decentralized video streaming platform is browser-based and has an OBS integration.

For secure messaging, conversations and video chatting, CoDeTech built Heyo. It uses the same technology as the MeeTiNG platform and also has fully integrated wallets to allow payments.