Frequently Asked Questions
What is Blockchain?
Blockchain is the core technology behind bitcoin. At its heart is a distributed data store. Anyone who participates in this network has their own data store that stores all of the transactions that ever happened on the network (this is also known as the distributed ledger). Entries are stored within a cryptographic chain of blocks. At every stage, the network of participants must agree about the latest block of transactions. Agreement is reached through a process of majority consensus, eliminating duplicate entries, double spending etc. This process and the cryptographic layering of the blocks makes the agreed blockchain irreversible and immutable. The ‘history’ of events within this technology cannot be modified by any one of the participants without majority consensus from the group.
What is a Smart Contract?
A Smart Contract is code that is deployed to the blockchain. Each smart contract contains code that can have a predefined set of inputs. Smart contracts can also store data.
What is the Ledger of the Blockchain?
In its simplest form, a distributed ledger is a database held and updated independently by each participant (or node) in a large network. The distribution is unique: records are not communicated to various nodes by a central authority, but are instead independently constructed and held by every node.
What is the Blockchain mining?
Mining is used a proof of work for participants in the blockchain. Whenever a block of transactions is to be agreed, every participating node attempts to ‘mine’ the block (a mathematical algorithmic process that requires extensive CPU capacity). In public blockchains successful mining is rewarded with a cryptocurrency token.
What’s the difference between permissioned and permissionless (public) Blockchain?
What is an ICO?
An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks.
Is Blockchain secure?
Data stored on the blockchain is considered incorruptible since decentralized computing allows the data stored to be immutable and unalterable.
Is LICENS3D a project based on cryptocurrency?
LICENS3D doesn’t have any cryptocurrency so is not an speculative project. Is a permissioned blockchain where each of the member contribute with mining power.
Is LICENS3D permissioned or permissionless blockchain?
Why is blockchain better than other certification and encryption solutions?
If there is no cryptocurrency, which is the mining strategy to support the system?
As permissioned blockchain the mining resources are provided by the members of the network, facing the cost of the infrastructure that could be in their own datacenter of cloud based.
Is it possible to integrate LICENS3D to another Software solutions?
Yes, LICENS3D has its own API to connect its services to another Software solutions such us CAD, CAE, CAM software also PLM or PDM platforms.