Blockchain technology is a leapfrog advancement in cybersecurity.
Instead of companies storing your personal and customer information on one big centralized computer, with Blockchain, your information is fragmented and distributed over thousands of computers worldwide.
This makes your sensitive personal and financial information virtually impossible to hack. There is now a major movement for retail stores, online websites, banks, governments, and major corporations to move their customer platforms to Blockchain technology.
The yetta Blockchain is the latest in the state of the art in Blockchain technology funded by millions of dollars in research and develop by the European Union.
In summary, yetta is a faster, cheaper, and better Bitcoin and Ethereum with enhanced security and privacy and with regulatory compliance at every turn.
Please view the remainder of my explainer videos to learn more about yetta and how we seek to secure a top position in the industry as a global monetary innovation and the most secure and scalable smart contracts DAPPS platform.
Decentralized Applications, or DAPPS, are computer programs that execute over a Blockchain.
The same way you may download Apps on your mobile device, you will be able to do the same with yetta DAPPS.
The main difference is with yetta DAPPS your personal and financial information is stored in the yetta Blockchain and is more secure.
When DAPPS are deployed on the yetta Blockchain, they could be monetized in yetta or they may create their own payment token using the yetta protocol.
Yetta will also introduce the DAPP Store. The yetta DAPP Store will be a digital platform for searching and downloading all DAPPS monetized in yetta.
Smart contracts are specialized DAPPS that codify the legal understanding between two or more parties over the lifetime of their relationship.
Think of taking a legal agreement, such as a mortgage or car loan, and codifying all of the terms and conditions of the loan in computer software, such that the software enforces the terms and conditions without human intervention.
Meaning, for example, the smart contract would automatically pay the loan on the date due from your yetta wallet and would issue the property title to you automatically upon paying off the loan. Because smart contracts are event and data driven, they eliminate vague and disputable language. As such, smart contracts have the promise to be a most cost-efficient solution for establishing and executing business contracts.
Yetta Smart Contracts are written in a language called, yeti, and runs on our DECODE Operating System and Virtual Machine.
Yetta is a next generation blockchain and cryptocurrency for the FinTech economy. Our innovations includes a high performance blockchain currency and payment solution, a smart contracts virtual machine, a DAPP Store, and a token standard for creating regulatory compliant security and utility tokens using a Decentralized Governance Organization (DGO).
Our focus is to build a global FinTech ecosystem by hosting financial, investment, and money servicing DAPPS spanning across the public, private, and social and civic sectors.
Examples of our "Killer Apps" include Trade Finance, Invoice Factoring, Private Placements, ICO Security Tokens, Lending, Remittances, Tax Payments, Government Benefit Payments, Philanthropic Contributions, and more.
Yetta is a spinout of Research and Development funded by the European Union. We are the first ICO supported by a major government entity.
The World Economic Forum recently endorsed Yetta in a recent article for our social and civic innovations.
Yetta has garnered significant market traction with governments, the private sector, and banks to pilot our portfolio of identified "Killer Apps."
Sustainable by design, yetta is poised to be the global blockchain for the FinTech community.
After Bitcoin and Ethereum were introduced to the market, the European Union funded millions in dollars of research to assess these technologies and their suitability for mass adoption by both the public and private sector.
Their cited concerns with Bitcoin and Ethereum are –
1. They are too slow and do not scale well.
2. Their transaction costs are inconsistent and indeterminate because mining pools can charge whatever price they choose at any given time.
3. Both blockchains are fully transparent and do not preserve customer privacy, including their wallet address.
4. There are no community governance model to sustain the blockchains over time.
5. There are no features for chargebacks or dispute resolution for fraudulent transactions.
6. And neither platform is GDPR Compliance.
Thus, the EU funded research and development to solve these problems and the result is YETTA.
Although supported by the EU, the European Union does not own or control yetta.
Yetta is simply a spinout of EU-funded R&D.
The EU has also recommended Yetta to its 28 member states as a local digital currency for various e-government services.
See the “EU Recommends Yetta” document on our home page for details.
Although the EU is the spring board for Yetta, Yetta is also compliant with all regulatory frameworks around the work and intends to be the leading global digital Blockchain currency.
Yetta is a Blockchain currency similar to Bitcoin. The big difference is yetta is engineered to be over thousand times faster and cheaper with enhanced features.
Bitcoin will go down in history as one of the most disruptive and transformative technologies of all times.
Yetta recognizes and appreciates the innovation Bitcoin has brought to the market.
Nonetheless, as with most first generation technologies, they are rarely the long-term winners.
Second and third generation technologies generally perfect the flaws of the first movers. This has been seen with Facebook over Myself, Uber over Sidecar, and Google over Yahoo.
The fact that any changes to Bitcoin requires a fork fundamentally suggests, Bitcoin will mainly exist as an inspiration long-term regardless of its market cap.
For real world adoption of a Blockchain currency, Bitcoin leaves many things to be desired. And these discrepancies are addressed in Yetta.
For example, in addition to highly private and secure yetta to yetta value transfers, yetta stakeholders can send money and do electronic commerce in fiat cash.
Yetta has already established strategic partnerships with banks so that yetta wallet holders could cost-effectively pay remittances from their yetta wallet in fiat currency, such as the US Dollar, EURO, or Japanese Yen without going through a crypto exchange.
In this use case, our banking partners handle all of the AML and other money remittances regulatory compliance requirements for a revenue share on the transaction fee with our Cyphernodes.
Yetta is truly a Global Monetary Innovation and is engineered to handle the most stringent public and private sector remittance requirements.
Yetta is a Blockchain supports its own operating system and virtual machine similar to Ethereum. The big difference is yetta is engineered to be over thousand times faster and cheaper with enhanced features.
Yetta adopts a componentized architecture and process separation for enhanced security, safety, and scalability.
The yetta virtual machine also embraces privacy by design is and the only Blockchain virtual machine that is GDPR compliant.
The yetta Operating System, DECODE OS, is funded by the European Union and has been validated by European Commission engineers.
At least 20 member states within the European Union has already formed a partnership to building DAPPS on the DECODE OS.
The official programming language for our smart contract virtual machine is yeti, y-e-t-i.
Yeti and DECODE OS are being engineering to handle the most robust smart contract programming requirements and to interoperate with 3rd-party data sources while preserving a high degree of security and safety.
A test net for the DECODE OS and the yeti programming language will be available for review shortly after the completion of our ICO.
The technology currently exists in laboratory form. We need to raise additional funding to setup a test net and to make it commercially available to our community of developers.
Yetta will allocate up to $20 Million from its ICO to fund the development of high potential financial, investment, and money servicing smart contracts and decentralized applications.
We will build a core set of “Killer Apps” in-house to prove out our technology and to bring traction to the yetta Blockchain.
And we will support other developers and product owners who would like to build or migrate their existing applications to yetta.
A money servicing DAPP would be any application that requires the underlying transfer of value between trading partners.
If you have a great idea, application, or market place you feel would be a great financial, investment, or money servicing application for yetta, please submit an application to the DAPP STORE Challenge on our website, yetta.io, and we would review your project for consideration.
Blockchain applications by design operate over community-driven decentralized platforms. As such, community governance is a key requirement for the political stability and viability of many Blockchain initiatives.
A major pitfall of current virtual decentralized project is the lack of a legal framework to protect the member participants and the project itself.
Bitcoin miners could face severe legal consequences if there were any damaging security breaches resulting in loss of funds from participating users because the miners are the owners and controllers of the network.
With the heighted regulatory environment, yetta is introducing the innovation of a decentralized governance organization. A DGO is a legally operating decentralized Blockchain community operating autonomously, yet in compliance and protection of a legal jurisdiction such as Swiss law.
For example, yetta Cyphernodes will be members of the Yetta Association based in Zug Switzerland. By their membership, Cyphernodes could vote on any proposals impacting the yetta Blockchain, such as technical engineering, transaction pricing models, and Cyphernode compensation and rewards.
Proposals, votes, and results are all stored in the yetta Blockchain and are orchestrated by smart contracts in compliance with Swiss Association law.
A DGO provides indemnifies members from any and all legal liability risks unless otherwise provisioned in the DGO bylaws.
DGOs are a new Yetta innovation for achieving long-term political and legal sustainability for Blockchain projects.
For more information on our DGO innovation, please download and read the DGO whitepaper on our home page.
With regulatory compliance in mind, Yetta will advance the state of the art on creating Security and Utility tokens.
The Ethereum ERC-20 token allows issuers to create utility and payment tokens for their Blockchain applications. However, depending on the terms and conditions and the usage of these tokens, their purchase may very much violate many international securities laws.
Currently, each issuer must burden the legal costs and risks of implementing regulatory compliant security and utility tokens.
Yetta is advancing the state of the art on the creation of tokens by building regulatory-compliant security and utility features into the token functionality.
Meaning the future of ICO tokens will be data-driven configuration objects enforcing compliance.
For example, Yetta has already established relationship with broker-deals who can validate the accreditation status of cryptocurrency purchases. Using our DGPR-privacy compliance engine, yetta stakeholders can provide financial profile information and share it with qualified broker dealers.
Once a broker dealer verifies the financial information provided, the wallet is updated as verified along with the date and verification organization.
In the future, if a verified accredited investor wants to participate in an accredited investor securities offering, they could simply elect to share their wallet profile with the issuer, and once accepted, could make a purchase.
This feature will introduce significant cost and time savings to ICO issuers operating on the yetta Blockchain.
For more information on our token creation standard, please download and review the smart tokens whitepaper on our home page.
Yetta will consist of thousands of Cyphernodes maintaining the integrity of the yetta Blockchain and distributed ledger.
For Blockchain, the consensus protocol is like the engine of a car. It determines the overall speed, safety, and performance of the network.
Our engineers researched and assessed all of the major consensus protocols including Bitcoin, Ripple, NEO, Dash and Z-Cash to determine which consensus features delivered the fastest and most secure performance.
We adopted the best practices across each of them, then introduced our own innovation of a 3-tiered verification process to achieve the fastest and most secure Blockchain consensus protocol, called 3-tiered Proof of Trust.
3-tiered Proof of Trust consists of three major components –
1. A Proof of Stake algorithm to determine who writes the block. 2. A 3-tiered Byzantine Fault Tolerant algorithm for verifying the accuracy of the block 3. And a reward algorithm for rewarding the network of Cyphernodes
In our view, Proof of Stake has proven to be the fastest and safest method for securing a Blockchain currency.
Where most Blockchain currencies breakdown on performance is on the decentralized verification and agreement between nodes on the state of the Blockchain.
And the performance further degrades as the number of network nodes increases.
Yetta’s innovation of a 3-tiered verification process leapfrogs the improvement in network consensus by several magnitudes in performance.
For example, Bitcoin and Ethereum has a 1-layer verification process where the majority of all nodes must confirm consensus on a written block before it is considered valid.
With yetta, consensus is divided into 3 layers: Meganodes, Mesonodes, and Micronodes.
The Meganodes are the whales with the Top 5% stake in the network and has the most to lose if writing or verifying any invalid blocks. Meganodes are meshed connected with the highest bandwidth and resources and will provide block verifications instantaneously.
Once the Meganodes verify a block, the verification process moves to the Mesonodes comprising 27% of the network, and finally to the Micronodes with 68% of the network stake.
A block is not considered fully confirmed until it receives unanimous consensus at all 3 network layers. However, since the Meganode verification will be more than 99.99% accurate, client applications are given real-time confirmations immediately after a Level 1 Meganode consensus.
For most transactions, a level 1 confirmation would suffice for transaction processing on the client side. However, for very large or high value transactions, the most decentralized level 3 confirmation may be more desired.
At each level of the network, Meganodes, Mesonodes, and Micronodes must verify they trust the block written, hence the name, 3-tiered Proof of Trust.
Due to our innovation of a 3-tiered consensus model where verifications are lightning fast and reliable with initially only 5% of the network, we assert yetta will prove to be the fastest consensus protocol for public Blockchain currencies.
For more details on our Blockchain consensus protocol, Proof of Trust, please download and review the Payment System whitepaper on our home page.
Bitcoin has miners. Yetta has Cyphernodes. Both Bitcoin miners and yetta Cyphernodes are awarded compensation for maintaining the integrity of the Blockchain.
The fundamental difference is yetta Cyphernodes does not have to figure our complex mathematical computations, calling mining, to be selected to write blocks to the Blockchain.
With yetta, block producers are selected using an instantaneous fast and efficient proof of stake algorithm.
Nonetheless, similar to Bitcoin, yetta Cyphernodes will be rewarded yetta and transaction fees for maintaining the consensus and state of the yetta Blockchain.
With Bitcoin anyone with a computer and computing power could become a miner. With yetta, you can only become a Cyphernode if you wage a financial stake.
This requirement of staking increases network security and deters bad actors from attempting malicious byzantine attacks on the network.
For more details on our yetta Cyphernodes, please download and review the Payment System whitepaper on our home page.
Both bitcoin and yetta are “trustless” electronic cash systems based upon Blockchain technology operating over a distributed public network.
The key distinctions between them centers on their technical architecture, or Blockchain consensus, their governance model, and their features.
Bitcoin uses Proof of Work as a consensus protocol for determining which nodes can write blocks to the Blockchain using complex mathematical computations, called mining. This process is very slow and energy inefficient.
On the contrary, yetta uses Proof of Trust as a consensus protocol. Proof of Trust does not require mining and is a 1000 times faster and more energy efficient.
With Bitcoin the transaction pricing is non-deterministic; meaning, the miners have full control over the pricing of transactions and could vary day by day.
This prevents bitcoin from being accepted by many public and private sector institutions which require a consistent and known pricing model to effectively manage their business.
Yetta adopts pricing governance to stabilize transaction pricing. Although the pricing model could be changed over time to fit the needs of the global economy, they are stabilized for predefined periods of time.
It is widely agreed that Bitcoin is better for sending large amounts due to their escalating pricing model; whereas, the goal of yetta is to have global acceptance and financial inclusion. As such, yetta adopts an equitable pricing model that is fair for sending large or small amounts.
This make yetta ideal for micro-lending and sending money to family members in developing economies.
Bitcoin operates only in an unregulated banking and regulatory environment; whereas, yetta can operate in both an untraceable yetta to yetta transaction environment. Or, a regulated yetta to fiat remittance services environment.
For a more detailed comparison between Bitcoin and yetta, please download and review the Payment System whitepaper on our home page.
Both Ripple and yetta will compete as a Blockchain currency as both networks have secured partnerships within the banking and money servicing industries.
From a Blockchain consensus point of view, yetta and Ripple have some similarities. However, Yettsis mathematically and architecturally engineered to achieve fastertransaction performance than Ripple.
Ripple has a 2-tiered Byzantine fault tolerant consensus protocol; whereas, yetta has a 3-tiered Byzantine fault tolerant consensus protocol.
Ripple’s Masternodes are similar to yetta’s Meganodes. The difference is Ripple’s Masternodes consist of an invitation only permissioned private network of nodes.
Whereas with yetta, any Cyphernode can be a Meganode if their stake falls within the Top 5% of the network.
Ripple advocates 1500 transactions per second leveraging it 2-tier verification consensus algorithm.
Yetta asserts it will outperform Ripple due to its 3-tier Byzantine fault tolerant consensus protocol.
Ripple’s Masternode and yetta’s Meganodes will produce similar results leaving the performance balance to the rest of the network.
As such, all things being equal in terms of network size, internet connectivity, and geographic distances, yetta’s more granular 3-tiered consensus model will outperform Ripple’s 2-tiered consensus model.
Not to mention, yetta contains its own smart contracts virtual machine and DAPP Store that will drive millions of transactions to the yetta Blockchain above and beyond money remittances.
To be honest, Ethereum and yetta are closest in alignment in the Blockchain space, with some key distinctions.
One. Although Ether could be used as a payment solution, Ether is not branded, nor is it competing as a payment currency like Bitcoin, Ripple, and yetta.
The name, yetta, is money, and it feels like money.
And we are very active within the digital payments space to have yetta branded and accepted as a leading Blockchain payment currency. This is evident by our traction with banks and money services businesses.
And on top of our electronic cash system, we have a highly secure and scalable virtual machine and programming language for writing financial smart contracts.
There are some differences between the yeti and the solidity programming languages. But, it’s more like the differences between Java and C++; more semantics and are not noteworthy differences.
A major difference will be in our respective token standards. The ERC-20 token is not regulatory compliant and could easily accept purchases for non-qualified purchasers depending on the type of token and jurisdiction of the offering.
Yetta will offer issuers the ability to configure and deploy regulatory compliant security and utility tokens using our DGO and smart token technology.
For more information on the yetta operating system and virtual machine, please download and view the DECODE documents on our home page.
Yetta believes citizens must be entitled to transaction privacy when doing business in the global digital economy. This is also the view of the European Union and a mandate of the General Data Protection Regulation or GDPR, which recently went into effect on May 25, 2018.
Transaction transparency, as cited by Bitcoin, does not make the network more secure. It is an invasion of privacy.
Do you think every time you spend cash money or when you complete transactions with your bank, your transactions should be viewed by any and everyone around the world?
Of course not. So, why should your privacy be violated when doing business in the digital economy? It shouldn’t.
The European Union and most governments around the world agree with this.
Regulators are more concerned when Cryptocurrency is converted to cash in large amounts. In these cases, the cash is generally coming from a Currency Exchange or a bank. As such, KYC and AML compliance requirements must be enforced.
Nonetheless, to fully comply with GDPR, all financial transactions on the yetta Blockchain will preserve privacy and will be untraceable in the distributed ledger.
To learn more about our Blockchain privacy policies, please download and view the DECODE OS GDPR document on our home page.
The General Data Protection Regulation, or GDPR, went into regulation on May 25, 2018 and requires organizations doing business with European citizens to provide various features ensure the security and safety of citizens data and for citizens to control access and usage to their personal, profile, and transaction data.
For Blockchain personal data could include wallet address, transactions, distributed ledger balances, and other profile and transaction data utilized by DAPPS and Smart Contracts.
GDPR has huge implications for Blockchain platforms and is becoming a defector standard around the world.
Yetta’s DECODE OS is funded by the European Union and fully complies with GDPR. As such, to date, yetta is the only Blockchain that is GDPR compliant.
For more information on our GDPR compliance, please download and read the DECODE OS DGPR document on our home page.
Once the yetta Blockchain is deployed, you could become a Cyphernode simply by purchasing yetta, staking your desired about of yetta, and downloading the appropriate Cyphernode software to run and operate your node.
Yetta has three types of Cyphernodes: Meganodes, Mesonodes, and Micronodes.
Each type of Cyphernode has a different hardware resources and computing requirement to run.
Meganodes and Mesonodes could write blocks to the yetta Blockchain; whereas Micronodes do not store the distributed ledger on the local mobile or web device; as such, they can only verify and broadcast transactions.
All Cyphernodes earn income participating in the governance and integrity of the yetta Blockchain.
The Cyphernodes are engineered to run with minimal manual intervention. Cyphernodes will be rewarded on a period basis as defined in the yetta DGO model. Initially the reward cycle would occur monthly. However, this could change by the governance community over time.
Join our Whitelist and stay tuned for more details on the specific Cyphernode compensation plan.
Well actually, once the yetta Blockchain and Cryptocurrency are deployed and operational, yetta will be considered by regulators as a Hybrid Cryptocurrency.
Meaning depending on its usage, yetta could be considered a Payment Token, a Security Token, or a Utility Token.
Until the yetta Blockchain and DAPP Storeare available for usage, the only utility we have available now is our Governance Token.
If you are interested in being a Cyphernode and participating in the governance of the yetta Blockchain, the YET token purchase would be considered a pure utility.
If you are interested in the purchase of yetta strictly for speculative-value purposes, depending on the jurisdiction in which you live, like the USA, your purchasemay be considered a Security.
In such jurisdictions, you must be an Accredited Investor to purchase the yetta payment currency.
If you are an Accredited Investor or an Investment Fund, please select the Accredited Investor account type when you register on our website, yetta.io, and complete the accredited investor verification process.
Once your accreditation status is verified, the appropriate agreement and bonus benefits will be available for your purchase.
Yetta retained Perkins Coie, a top tier global law firm, and the most sought after law firm for Blockchain startups.
Perkins Coie collaborated with us on our ICO Strategy and wrote our ICO purchase agreements.
We have drafted two distinct purchase agreements for the two use cases we have available for our platform.
Purchasersof the YET Token ICO is intended for users interested in making money as a Cyphernode and wants to participate in governance of the yetta Blockchain.
The Governance Utility is available immediately upon purchase. You can view all of the governance features of the YET token, such as voting, by viewing our token smart contract published on the Ethereum Blockchain.
Given the YET Governance Token is a pure non-economic utility token anyone could purchase and participate in this ICO offering, unless specifically not allowed in your jurisdiction.
Once the yetta Blockchain is available, and because yetta would be considered a hybrid Cryptocurrency,depending on your jurisdiction, purchasers of the YET token may have to execute a new agreement to complete the upgrade to the yetta Blockchain.
Now, if you are an Accredited Investor, and want to purchase yetta strictly for speculative-value purposes, you do not have to worry about this 2-step process.
You can simply verify your accreditation status and complete our Simple Agreement for Future Tokens, or SAFT, agreement. Please register as an Accredited Investor on our website and provide the appropriate verification documents.
We trust you value us being comprehensive in our approach as it protects all of us as we realize our vision and introduce the yetta Blockchain and cryptocurrency.
Thank you for tuning it. We look forward to your participation in this exciting opportunity.