Nine questions about RealChain
As the manufacturing skill evolving, counterfeiters managed to keep up to date. Consumers have lost billions due to lack of knowledge in luxury, jewelry and artworks. Some quality counterfeits cost 10% of the certified products, making it very difficult for consumers to distinguish.
RealChain is a new blockchain protocol which is designed specifically for high-end consumer good and financial services along it. The protocol will consist of a blockchain based “virtual machine” and defined modules of middleware software stacks, which operate outside the chain to support decentralized processes governed by smart contracts implemented on the network.
RealChain is a new blockchain protocol which will make it much easier for transactions and appraisal process. The transaction distributed recorded in each node, making each party involved has an open and fair consulting procedure. Downstream parties and second-hand dealer will be of great benefit. In addition, human resource cost, artificial error and moral hazard will be significantly reduced by AI image identification.
RealChain will plug in TaoDangPu’s current ecosystem of pledging of high-end consumer good, second-hand transaction and consuming finance. Take the second-hand luxury transaction in 18-mode for example: TDP will act as an agent and upload commodity information onto the RealChain. Such archive will be classified by AI and stored to clouds. SHA256 will be recorded in RC pitch point and automatically pay RealChain with RC tokens. Both buyers and sellers can acquire wanted information from RC with small payment of RC tokens. RCT is designed to be consumed by users when searching for information. Info providers will acquire RCT as reward automatically. TDP’s luxury trading platform, once blend in RealChain, will generate scale effect for other appraising houses, as well as contains TDP appraisers moral hazard level. Both buyers and sellers ‘conducts will also be recorded as credit history in further trading.
The borrower may apply to other financial institutions or individuals to apply for secondhand luxuries, jewels and other pledge loans via TaoDangPu, as the intermediary and appraisal institution. In this process, the access of the RealChain system will increase efficiency and reduce costs. · TaoDangPu compares the borrower's pledge information with the same RealChain items; verifies the authenticity and liquidity of the goods based on historical transaction data and identification results on RealChain. · The borrower can give an appraisal report on the TaoDangPu based on RealChain' s historical transactions and identification records. There will not be a lot of objection to the borrower's assessment of the price and authenticity of the pledge. · Financial institutions will also go to the RealChain block chain platform to query the pawnshop to give an identification report, determine the assessment level of risk given by TaoDangPu, so as to reduce the rate of bad debts and improve the efficiency of the disposal of non-performing assets.
In the future, RealChain will be connected to more businesses or institutions. As the commodity information needs to be authenticated by authority, the access agencies should be approved by the RealChain foundation. Then they can have permission to upload information to RC. It is expected that the access institutions include brand manufacturers, partner manufacturers, auction houses, high-end consumer goods trading intermediaries, jewelry and art research institutions, etc., while appraisers or evaluators shall be bounded. Everyone who can upload information is also certified by the RealChain foundation. Ordinary personal or non-certified organizations can only query commodity information through RealChain' s public version of APP. If you want to upload the goods in your own hand to RealChain, you can upload information through a certified certification body. The APP of RealChain provides the address and contact mode of the nearest certification vendor organization.
Compared with the face recognition, RealChain, the image recognition system will be simpler and more efficient from the technical perspective. Human faces are too similar. More collection points are used to judge the authenticity, and the data points collected are generally greater than 500 points. There are too few samples of the wrong single body, and the learning space is limited due to its difficulties.
And RealChain image recognition system has a fixed and correct basis for image judgment, and there are more individual samples: a package, a piece of watch shipments is very large. The accuracy of the judgment is theoretically higher than the face recognition system.
The difficulty of RealChain, however, is to collect data samples of the correct items. The larger the sample, the higher rate of accuracy, including subtle differences in each new and old version, the usage under different circumstances.
It helps a lot to the database of TaoDangPu. Since 2013, the TaoDangPu has begun to accumulate its own database. All the items that have been identified, whether new or old, genuine or fake, will have a complete picture and video record. The total amount was over 200 thousand. These data can help RealChain' s image recognition system be fully studied and tested.
The application of artificial intelligence image recognition system can greatly lower the user's threshold and improve the user's usage frequency. RealChain can be promoted faster to the high-end consumer goods industry.
Yes, the RealChain will have its own token called RealChain Token (RCT) to support the smart contract and can be used in many apps. It will also be the stimulus for users in market environment.