On November 1, 2008, Satoshi Nakamoto published a famous white paper on the blockchain technology “Bitcoin: A Peer-to-Peer Electronic Cash System” on the P2P Foundation website. This article describes his new vision for electronic cash and is a milestone in the commercialization of blockchain technology.
In September 2019, the YGT, a community-based blockchain mall based on blockchain technology, was officially launched, bringing another milestone in the integration of blockchain technology and e-commerce platform.
YGT is the world’s first community-based blockchain shopping mall and an innovative platform. It uses the technology and philosophy of decentralization of blockchain. By subverting the existing centralized monopoly platform for profit-only purposes, users can experience the transparent, simple and efficient shopping essence of blockchain technology + shopping, thus achieving a new consumer experience in the field of e-commerce.
Compared with a series of problems such as disorderly competition of traditional commercial consumption, imperfect supply chain system and opaque transaction, YGT has established the world’s first commercial public chain through blockchain technology and built a traceable supply chain and data infrastructure system to help the merchants to quickly advance in the market, thus achieving the perfect combination of virtual network transactions and the real economy, and creating a fair and orderly business environment.
Technically, YGT uses a unique blockchain traceability technology. The platform will record transaction data and asset income. Highly transparent transaction records make asset ownership an indisputable fact. Commodities and information will become digital assets on the blockchain. The unique multi-store model will provide customers with richer channels and profitable ways.
For the procedure of YGT, an open circulation network has been adopted, and it ensures the user’s consumption experience, and gives the security guarantee of the digital assets of the merchants, convenient and free to use.
In terms of the construction of the entire YGT, many venture capital companies settle down and support the YGT, and YGT has received billions of dollars in financing such as the famous U.S. Capital 6, BCG (U.S. Blockchain Capital Corporation, one of the world’s top and professional blockchain investment institutions), Digital currency group (the world’s most active blockchain investment company, and also a start-up business incubator) and a series of famous venture capital companies. In terms of technical structure, the full cooperation and support from top internet technology companies such as Amazon and HYPERLEDGER. YGT jointly develops a multi-signature locking-private chain distribution mechanism and distributed storage technology and created an all-round, three-dimensional and multi-dimensional application scenario.
Richard Lindner。In the project’s construction team, the CEO, Jason Fladlien, was an Amazon executive who has focused on global finance and risk management for more than 10 years. In the technical team, Jason has recruited several young emerging technology backbones in the internet space, including John Grimshaw, a well-known internet framework engineer at Tel Aviv University, and Richard Lindner, a development engineer at the University of Illinois.
For the company’s future development, a new generation of technicians have planned a new system. In the early planning, the project will establish communities and nodes to quickly build a cohesive consensus system. In the future, the company will determine the application direction of the entire network system and the user’s satisfaction with the system, creating a large and complete application library.