The URO Special Event took place in Hong Kong just a few days ago. I was invited to attend the event but couldn’t make it due to passport issues (finding it, for starters…) , but we will be reporting on how the event went over the next few days. One of the most interesting announcements came in the form of The Block Chain Foundation.
The Block Chain Foundation’s networked structure will serve as a consultancy, think tank, and blockchain-based research and software solutions provider. While that might sound like a mouthful, I will try to explain it in simple terms.
While we all want to push digital currency adoption, we might need to change the topic of the conversation by stressing the power of the blockchain rather than the financial aspect at this point. Blockchain adoption is an interesting way to promote digital currency, and here is why.
Not only does the blockchain allow for developers to achieve their true potential, but it also helps foster talent outside of the development teams. Thinkers can express and expand their ideas, and organizations can understand, adopt and develop blockchain technology. Overall, focusing more on the power of the blockchain makes for easier dialogues with external industries.
Most people think of the blockchain as a way to conduct digital currency transactions, while in reality, there is so much more potential yet to be discovered. Some of the possibilities being mention in The Block Chain Foundation PDF include unmodifiable recordkeeping, multi-signature escrow, remittance capabilities, and much, much more.
By now, most of you are wondering what any of this has to do with URO. The pre-inaugural project of The Block Chain Foundation are Bitcommodities, by hybridizing agriculture and finance. This is exactly where URO comes in, as this digital currency is backed by urea fertilizer.
Bitcommodities : Nuro
Nuro is also an integral part of these Bitcommodities, as Nuro is the first multi-currency cross-platform mobile wallet, made possible thanks to the partnership between Uro and BlockCypher. More information on that partnership can be found in this article.
Nuro supports Bitcoin, Litecoin and Uro, and this open-source application is now available for all Android, iOS, Windows , Windows Phone, Chrome OS , Tizen, Fire OS and Firefox OS devices, whether it’s a smartphone or a tablet. Nuro can also be found in the NOOK Apps Store, and in the Facebook App Center. A web version of Nuro can accessed via http://uro.io/nuro .
Why is Nuro so important? Payments can be done through scanning a QR code, sending an email or even sending an SMS message. On the privacy front, Nuro uses Zero Knowledge Privacy, eliminating hacking risks by avoiding both storage and transmission of usernames, passwords and pin codes.
Bitcommodities : UroEx
Remember when we talked about UroEX, the Uro-based exchange platform? By establishing an international local currency blockchain exchange, UroEx will be conducting transactions for residents in Brazil, Nigeria, Pakistan and Cambodia.
Further international expansion for UroEx is on the agenda as well, which includes additional local currency blockchain trading exchanges being established throughout Africa, South-East Asia and South America. The focus for UroEx is clearly on underbanked and developing nations.
Fun fact : The Nuro application also allows for direct UroEx trading.
Eventually, we will see the integration of a dedicated Bitcommodity Index on the UroEx platform, This Bitcommodity Index will feature the gradual addition of commodity-pegged tokens across the local currency trading exchanges. An example of a commodity-pegged token is sugar.
Bitcommodities : UroDex
UroDex is a blockchain application enabling decentralized trading of Bitcommodities through the wallet, and this application will co-exist alongside UroEx. The international commodity trade will be offered the possibility of trading commodities without the need for a 3rd party intermediary, and UroDex eliminates high fees associated with commodity trading as well.
Other interesting parts in the pdf about The Block Chain Foundation includes a discussion about the implementation of Polychains, and Staked Proof-of-Work (SPoW). It is well worth your time to browse through the entire PDF file, which you can find here :