Unlocking the true potential of Blockchain

An innovation that could solve the problem of Ethereum’s missing chip. But what exactly is this missing part?

Let’s start with the beginning.

Blockchain technology has so far been one of the most innovative and transformative technological concepts in the world. In addition to powering cryptocurrencies (which many believe are the future of money), blockchain has also proven useful across multiple industries. Besides the many advantages that blockchain has, transparency and security are some of the most important factors that have been the secret behind the constant growth of this technology.

This is all well and good, but even blockchain experts understand that the technology can always use some improvements. For example, how can two people have access to one account? You simply share your private keys. Is it safe? Absolutely not; that would be a big mistake. Your private keys, your crypto. Whoever has the key holds the crypto. So what now? The missing piece was found, so you never have to do this (again)!

Single user single address is the past; now a single account for multiple users is the new reality

The professional term for BlockBen’s CTO Andras Szabolcsi’s solution is a true and simple ‘non-interactive publicly verifiable distributed key generation and redistribution’ (NPVDKG-RS) algorithm. We did not add a multi-signature, but a reliable key generation algorithm to a threshold signature scheme based on BLS. The proposed publicly verifiable secret share (PVSS) is very simple and uses a non-interactive zero-knowledge proof based on pairing-based cryptography.

It may seem incredibly complicated at first, but essentially it’s a digital signature solution that can generate digital keys in a distributed, trustless way. It allows people to independently verify the authenticity of a given piece of information on a purely mathematical basis.

The trustless nature of the solution means that no external party needs to be trusted on the basis of a given word or promise. It is only the mathematical basis that must be trusted and tested. In this way, we can verify that information or processes are reliable and that they are up to previously established standards. Signers do not need a central digital key distributor. Instead, they must follow the instructions of a mathematical procedure. This is one of the key features of the solution, and anyone can check the algorithm on Github.

This means that from now on any address can be managed or controlled by multiple users in a trustless; decentralized way, whether it is about asset control or just a validation of information. BlockBen’s own hybrid blockchain NATRIX has the real-world solution to this common problem.

1. Why have you published the algorithm?

We wanted to contribute to the open source community! We believe in it, and we want to give something back because we have learned a lot from society. In addition, the aim is that already existing systems, from crypto exchanges to traditional banking players, should be able to implement the solution. That is what this interview is also about; we want as many people as possible to know about the innovation, that there is a solution, and that people no longer need to share their private keys.

2. The Natrix blockchain was built to solve this century’s biggest economic challenges. Did that factor into your decision to build on it?

As you will see, everything is connected in our house. The concept of Natrix has evolved with the development of BlockBen and the need for innovations in both the crypto and traditional financial sectors. In 2018, we were faced with the fact that there is no blockchain platform that is a legally compliant account management system. If there is none, it must be created! So we built Natrix, the hybrid of the two worlds. The knowledge was already available in our company, which is why we were able to create this platform. We chose the best parts of the traditional financial and crypto world and built a “Neo core banking” platform on top of it.

2.1 Really?

Yes, we have created a neo0core banking platform on our blockchain platform to prove its power. And this is what BlockBen works on!

There was no blockchain platform that could do this! So we built one. You can also build a monitored financial system on it, which is underway. Auditable, and legally acceptable, and one of the national banks from Europe has already granted an EMI license to a financial institution that will use Natrix and our blockchain-based neo-core banking platform.

3. What do you think is BlockBen’s most unique selling point?

Our blockchain’s (Natrix) platform token is a so-called value token: eBSO, available on Lbank and soon on Uniswap. It is able to grow based on market demand and has an ever-increasing gold pool behind it. The more transactions that take place within the BlockBen ecosystem, the better it will be for the gold pool, as it receives remuneration for each transaction. As the gold pool increases (currently 56.52 kg of gold worth 3.06 million euros), the base price of eBSO also increases, meaning that your token price cannot fall below this value.

4. User experience is one of the biggest problems with DeFi. Do you expect this to be a problem for BlockBen’s adoption hopes?

User experience is very important, so we pay special attention to it. With a big update on Natrix, our BlockBen wallet will also get a brand new interface: a much more modern, 100% user-friendly one.

5. Have you factored threatening regulations into BlockBen’s future?

We are already working in a highly regulated way as an Estonian-registered fintech company since 2018. During this time, out of more than 2-3 thousand licensed firms, less than 100 have it now, so it has been a very high drop – out rate over the years, but our blockchain platform meets all requirements. We continuously renew our licenses and very few companies in the sector can also claim to work with internal and external auditors. Regulations and transparency are key factors for us; we provide quarterly reports, an opportunity to connect on LinkedIn with our management team and last but not least, our roadmap tells a lot.

6. Is BlockBen the end goal? What other plans do you have for the platform’s future?

BlockBen was just the beginning with its products, services and ever-evolving ecosystem. This year, a new company will go live on Natrix, a payment service provider (EMI license) in the EU, to operate entirely on blockchain. As new companies emerge on Natrix, the better it will be for eBSO, our unique platform token, which we like to call a value token. The gold pool behind it will continue to grow, and so will the base price of eBSO. Everything is connected!