OEG provides us with a new day of solving cross-border trade and payments.
- Enhance Trust
The trustless mechanism provided by the blockchain does not rely on the certification and credit endorsement of authoritative organizations. It only needs to trust the algorithms and participants in the blockchain and establish a trusted network between machines through technical means, changing the traditional credit creation system way.
- Improve Efficiency
Blockchain technology has strong data consistency features which enable the blockchain system to cover the participants in all the links of the cross-border trade process, open up the trade data flow, and provide the most important basis for deep collaboration among the participants. While increasing efficiency, it can also avoid credit fraud risks and operational risks to a certain extent. It is very important to establish cooperation and communication mechanisms between the broad application of scenarios such as cross-border trade participants and participants, between participants and customs, and even within customs.
Due to the complexity of commercial and political reasons, the cross-border trade system must not be a centralized platform initiated and managed by only individual participants. With its technical characteristics such as distributed data structure and data encryption processing, the blockchain can create a weekly centralized system jointly constructed by participants. The system should not only be a single platform, but also a system that can attract “heavyweight” participants to join together and have a certain degree of interoperability.
- Project Advantages
- Data Standard System
Using the blockchain network to break down data silos between different systems through distributed ledger technology. Blockchain networks at all levels should formulate their ledger data standards from top to bottom according to the above-mentioned different levels of data standard systems.
- Open Interface
Standardised API interfaces can be regarded as the way to implement the data standard system in the ledger at all levels. Therefore, the designers of the blockchain networks at all levels in the architecture need to complete the interface design according to the data standard system to ensure the comprehensibility and availability of the data in the ledger.
There are two ways to use data. One is to read the data in the ledger to the application system through the API interface, and the application system program can complete the use of the data. The other is to call the blockchain network through the API interface. The smart contract, as combined with zero-knowledge proof technology can verify the data in the ciphertext state, and the logic on the blockchain can complete the use of the data.
- Interchange Across Ledgers
The sub-process data of cross-border trade is likely to be scattered in various ledgers at various levels in the initial state, so whether it is for trade or service participants who want to use data to promote business processes, or for financial or regulatory participants who want to use data to verify transactions, they hope to find a way to integrate data across ledgers. So that the data of various ledgers at various levels and in various segments can be integrated. Blockchain technology can easily solve this problem.
- Information Security
The selection of blockchain technology should meet the five basic characteristics of information security, such as confidentiality, integrity, availability, controllability and undeniability.
- Technical Architecture
- Overall Architecture
Through the establishment of inter-channel between various networks and cross-level networks, OEG can achieve consensus and complete synchronization of data in the ledgers of these networks, thus accomplishing the data flow between different systems and different participants.
Participants are provided with identification by various identification providers when participating in each blockchain network to clarify the trusted carrier in the blockchain network and the credibility of single-rouse data. At the same time, after completing cross-verification, the credibility of the relevant data as a whole can be improved.
Each system can automatically promote business processes according to the specific business logic in the application system based on the data obtained from the ledgers at various levels or notify the relevant participants to intervene in the promotion of the business processes. Participants can also implant smart contracts in regional blockchain networks or international blockchain networks, and the smart contracts are triggered by the update of data or related status in the ledger, thereby promoting business processes. Either of the above methods of system assistance can help switch business processes from the serial manual promotion mode to the automated and parallel business collaboration model to improve process efficiency, reduce operation costs and operational risks.
- Data Standard System
The use of a blockchain network is expected to break the data silos between different systems through distributed ledger technology. However, if the data is presented in a non-standard and non-uniform form in different blockchain networks, these more and more refined data will only pose greater challenges to other participants’ understanding of actual business.
Therefore, blockchain networks at all levels should formulate their data standards for their ledgers from top to bottom according to the above-mentioned data standard systems at different levels.
- Open Interface
Data is precipitated in various ledgers of the blockchain network, so the following two issues that need to be considered are how to write data into the ledgers to meet the results of the data standard system and how to use the data in the ledgers.
Standardized API interfaces can be regarded as the way to implement the data standard system in the ledger at all levels. Therefore, the designers of the blockchain network at all levels in the architecture need to complete the interface design according to the data standard system to ensure the understandability and availability of the data in the ledger.
There are two ways to use the data. One is to read the data in the ledger to the application system through the API interface, and the application system program completes the use of the data. The other is to call the blockchain network through the API interface. The smart contract, as combined with zero-knowledge proof technology, can verify the data in the ciphertext state, and the logic on the blockchain can complete the use of the data.
4. Distribution Method
The initial listing price of OEG is 10 USDT. The total amount of OEG is 50 million, of which 40 million will be purchased in two rounds for a limited time.
20 million OEGs are released in each round. The subscription time is 5 days. After the 5-day subscription is completed, the 3-month lock-up will be opened, and the linear unlocking will begin after 3 months.
Sebastian was born and raised in the busy city of Abbottabad. As a journalist, Saad Mushtaq has contributed to many online publications including the PAK Today and the Huffing Post. In regards to academics, Saad Mushtaq earned a degree in business from the Abbottabad UST, Havelian. Saad Mushtaq follows the money and covers all aspects of emerging tech here at The Hear Up.Thanks
Solar Energy Innovation: Unleashing The Potential Beyond Power Generation
Solar energy has long been recognized as a clean and renewable source of power generation. However, its potential extends far beyond electricity production. Through innovative applications, solar panels are driving breakthroughs in various sectors, revolutionizing transportation, water desalination, and even powering everyday gadgets. This article explores the diverse and exciting realm of solar energy innovation, highlighting its transformative impact on our lives and the environment.
1. Solar-Powered Transportation:
Solar panels are propelling the transportation sector into a greener future. Solar-powered electric vehicles (EVs) are emerging as a promising solution to reduce dependence on fossil fuels. Solar cells integrated into the roofs and bodies of EVs harness sunlight, supplementing the vehicle’s battery charging process. This technology extends the vehicle’s range, reduces charging requirements, and ultimately decreases carbon emissions. Solar-powered charging stations are also being deployed to provide clean energy for electric cars, making long-distance travel more sustainable and accessible.
2. Solar Desalination:
Water scarcity is a pressing global issue, particularly in arid regions. Solar desalination harnesses the power of the sun to convert seawater or brackish water into fresh water. Solar stills, using solar panels, employ evaporation and condensation processes to separate water from impurities, producing clean drinking water. This innovation offers a sustainable solution to water scarcity, reducing reliance on energy-intensive desalination methods and decreasing the strain on freshwater sources.
3. Solar-Powered Gadgets:
Solar panels are powering an array of gadgets, enabling us to harness solar energy in our daily lives. Solar-powered chargers for mobile devices, such as smartphones and tablets, provide a convenient and environmentally friendly charging option on the go. Solar-powered outdoor lights illuminate pathways and gardens without the need for wiring or electricity. Additionally, solar-powered backpacks equipped with solar panels can charge devices while hiking or traveling, enhancing convenience and reducing reliance on traditional charging methods.
4. Solar-Powered Agriculture:
Solar energy is transforming the agricultural sector, offering sustainable solutions to power farming operations. Solar-powered irrigation systems utilize solar panels to generate electricity for pumps, reducing reliance on fossil fuel-powered alternatives. These systems are cost-effective, environmentally friendly, and enable farmers to irrigate their fields even in remote locations. Solar-powered greenhouse operations are also gaining popularity, providing optimal conditions for crop growth while minimizing energy consumption and carbon emissions.
5. Solar-Powered Air Conditioning:
Traditional air conditioning systems are energy-intensive and contribute to carbon emissions. However, solar-powered air conditioning presents an innovative solution. Photovoltaic thermal hybrid collectors utilize solar panels to generate both electricity and heat, which can then be used for cooling purposes. These systems reduce electricity consumption, lower operating costs, and offer a sustainable alternative for temperature control in residential, commercial, and industrial settings.
6. Solar-Powered Disaster Relief:
Solar energy plays a crucial role in disaster relief efforts, providing power in areas where the electrical grid is damaged or nonexistent. Portable solar panels and solar-powered generators offer immediate access to electricity for emergency communication, medical equipment, and lighting. These innovative solutions enhance the effectiveness of relief operations, ensuring critical services are available during challenging times.
7. Solar-Powered Water Heating:
Solar thermal technology utilizes solar panels to heat water for domestic and industrial use. Solar water heaters are becoming increasingly popular, offering an energy-efficient and cost-effective alternative to traditional water heating systems. These systems reduce reliance on fossil fuels, lower energy bills, and contribute to the reduction of greenhouse gas emissions.
Solar energy innovation is expanding the horizons of what is possible with solar panels beyond electricity generation. From powering transportation to desalinating water, and from charging gadgets to revolutionizing agriculture, solar panels are revolutionizing multiple sectors and driving sustainable solutions. As technological advancements continue, solar energy will become increasingly accessible, efficient, and integrated into our daily lives. By embracing solar energy innovation, we can create a more sustainable and resilient future, benefiting both our planet and future generations.
Kenneth is a proud native of sydney, born and raised there. However, he pursued his education abroad and studied in Australia. Kenneth has worked as a journalist for almost a decade, making valuable contributions to prominent publications such as Yahoo News and The Verge. Currently, he serves as a journalist for The Hear Up, where he focuses on covering climate and science news. You can reach Kenneth at [email protected].