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

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

CoDeTech is a futuristic web3 company that doesn’t think web3 is good enough. Commenting on the current state of Ethereum as an example, code techOckert “Okkie” Loubser, CEO of

“The biggest problem is that most of them are hosted on cloud-based solutions. They use centralized connectivity. If the service provider goes down, the network goes down.”

He continues to talk about CoDeTech’s vision and prospects, stating that most use cases will be based on token development and in-app purchases. CoDeTech sees this technology as an immutable ledger, not a token. Okkie said blockchain should be used to create a trustworthy environment.

he said:

“Our business is focused on equality, equal opportunity and participation in a vibrant economy…Connectivity is a human right.”

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

Decentralization before Bitcoin

Okkie started his career in the early 2000s, focusing on digitizing analog video. He expanded his expertise by adding satellite connectivity and developing closed-loop point-of-sale (POS) systems. This his POS system was created in his 2004 and frequently used digitized physical checkbooks.

The interesting thing about POS systems is that they use POS terminals and don’t keep data on POS devices. Okkie defined this system as follows: “Early Forms of Tokenization” It grew exponentially from 2005 to 2006.

code tech

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 a chain.

Nine years later, their platform, Core Blockchain, went live. This is a fully decentralized blockchain that uses a version of his PoW that serves as proof of decentralized efficiency. The team has developed a highly circulating and eco-friendly chain.

Core (XCB) Blockchain

According to Okkie, Core Blockchain is the first blockchain to use ED448 “Edwards Curve” as a cryptocurrency and to have an HD wallet built-in. The chain allows him to verify one transaction in 42 seconds, and for each transaction he holds 6 blocks. A new block is mined by him every 7 seconds, giving 5 coins as a reward.

Validation time applies to all data types, whether financial or pure. The network can validate fiat currencies, documents, peer-to-peer transactions and smart contracts.

The chain also applies ICAN standards for human eligibility and the ISO 20022 pain protocol. Since the ICAN standard is similar to the IBAN standard and ISO 20022 is similar to rapid messaging, these features have been added to the chain, encouraging financial institutions to implement core blockchains.

The team also developed Ylem, a smart contract language that works similarly to Solidity. Okkie says it takes him nearly 20 minutes to port an Ethereum-based smart contract to the Core chain.

lunamesh

After building the chain, the team wanted to increase connectivity to ensure they were working towards their goal of inclusivity. To that end, the team created Luna Mesh. CoDeTech has built a proprietary protocol that allows multiple frequencies to be used simultaneously, from radio frequencies to sub-gigahertz frequencies.

The system uses Wifi 6 and Bluetooth as forms of entry to the network. Luna Mesh uses his IoT devices as infrastructure, and Okkie says it’s much easier to stream using a mesh network than building a tower. This allows Luna Mesh to turn cities with existing infrastructure into networks by having each IoT device act as a hotspot.

Luna Mesh is currently running in beta test version in Europe. Global launch is planned for the first quarter of 2023.

Web 4.0 and Identity

CoDeTech aims to upgrade their current web3 applications and digitize everything. However, the team also recognizes the need for a robust digital identity ecosystem. Okki said:

“To operate in a decentralized digital environment, you basically need a digital identity.”

Given the company’s vision, it’s no surprise to hear that one of the first things the company built was a digital identity solution. The team named the solution “CorePass” and designed it to be completely serverless, decentralized, borderless, and fully GDPR and CPA compliant. Its release is scheduled for October 14, 2022.

It is designed to digitize government-issued documents anywhere in the world, while allowing digital attributes such as family, medical data and investments to be attached to an individual’s identity. As long as the person can prove the relationship and its worth, CorePass will allow her ID holder to attach it to their identity.

The system also allows full traceability. You can find out who leaked what information and what they did. This makes the identity holder responsible for their own data, which can lead to liability scenarios if information is made public due to the identity holder’s misjudgment.

Feasible and functional network

In addition to setting up a functioning digital identity system, CoDeTech is also building complementary capabilities that should be decentralized in the web4 world.

One of these applications is “Wall Money”. It works like a banking-as-a-service and neo-banking platform. Another application, CorePay, accompanies Wall Money by acting as a decentralized peer-to-peer payment gateway.

There is also Ping Exchange. It is a hybrid exchange scheduled to be released on October 14, 2022, the same day as CorePass. Another app is an e-commerce platform called TokToKey (TTK). TTK is a fully decentralized platform that incorporates various innovative features utilizing CoDeTech payment gateways and exchanges.

The TiNG & MeetTiNG platform is built as the web4 version of YouTube. This fully serverless, peer-to-peer, fully decentralized video streaming platform is browser-based and integrated with OBS.

CoDeTech built Heyo for secure messaging, calling, and video chat. It uses the same technology as the MeeTiNG platform and also has a fully integrated wallet to enable payments.