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The VTBCommunity Project
Summary
The VTB system is designed to be stable and secure by performing back-ups of the blockchain data on IPFS and using the Ethereum public chain to hold the IPFS address that all can publicly view at any time. This pattern consists of a layer-2, combined with a sidechain, for a quick and flexible performance while delivering transparency and stability. This combined methodology allows the system to maintain a very low and fixed operational cost and maintain its users’ private/public key pairs within their control.
The fees charged will cover the operational costs of the cloud and maintenance of the chain and APIs within the technology, along with the transactions onto the various elected chain interactions. Layer-2 interactions will be transacted on the Ethereum blockchain at least once per day. For clarification purposes, these transactions entail recording the current status of everyone’s account on IPFS and rendering them immutable through the Ethereum public blockchain. This information is visible through third-party sites, such as Etherscan and IPFS. In this manner, members can verify their balances independently.
You may consult our White Paper for a complete reference of this whole section at https://bit.ly/vtbwhitepaper
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