BlockNum is a Distributed Ledger Technology (“DLT”) which uses the Public Switched Telephone Network to support secure transactions for the GIGA token through the development of a Public Switched Teliphone Blockchain Network or PSTBN. BlockNum is a highly permissioned blockchain with an access control layer for the blockchain nodes based on SIP messages with communication occurring solely via SIP-based message over IP protocol.
The PSTN provides an immense installed decentralized network base and when combined with SIP message, is an immensely secure system which is instantly scalable to allow the BlockNum to reach any person in the world who has a phone and phone number.
BlockNum will operate on the principle of “Proof of Consensus” or PoC as opposed to “Proof of Work” “Proof of Stake” blockchains. Proof of Consensus focusses on determining that consensus has been achieved (the “consensus event”) within a network of decentralized distributed ledgers and where the ledgers are held within a combination of trusted and independent anonymous nodes. Transaction “consensus” is achieved through a second layer of token nodes which sole function is to approve or deny a transaction in a consensus event.
The GIGA is a new form of token which can be viewed as a “transport token”. It is defined as a transport token because it “transports” transactions between parties in a seamless and transparent manner.
The GIGA transports all transactions in the BlockNum which includes the transfer of GIGAs between BlockNum wallets well as other future transaction modules such as seamless and instant currency exchange (fiat to fiat, crypto to crypto, fiat to crypto and crypto to fiat).
In the future, the GIGA will also be available for the payment of services in real time. As such, it will become the first “consumable” token – i.e. it will be consumed as services are used. For example, one of the BlockNum modules currently under development is iPCS, an IP-only mobile service. iPCS will accept the GIGA for services provided and GIGAs will be consumed as the services are provided.
The GIGA using BlockNum blockchain technology will become a secure, trusted and transparent mechanism for BlockNum transactions.
Anyone with a BlockNum wallet will be able to transact in GIGAs or fiat/crypto equivalents using the BlockNum standalone application, the BlockNum website accessed through their smartphone, or a BlockNum application embedded in a third party service. Returning to the example of iPCS, the mobile service will provide an embedded BlockNum option within the iPCS app.
GIGAs will be issued by Internet PCS Inc. (BVI) (iPCS BVI).