What is Soom?
This document gives a detailed overview of the SOOM 4th Blockchain platform. 4th blockchain is technology which can increase security and processing speed by adding space and time concept to existing blockchain. The purpose of the document is to extensively describe 4th Blockchain’s technical innovations as well as SOOM TECH’s vision, structure and short to long-term business strategy.
4th Blockchain is a Blockchain-as-a-Service platform designed for both conventional and smart-phone usage. 4th Blockchain is developed by SOOM TECH, established in Singapore and governed by the SOOM Foundation, established in Switzerland.
SOOM TECH’s innovative consensus algorithm, named Proof-of-Group-Stake, not only makes mobile mining possible but also opens the way to a multitude of performant, secure and practical Blockchain based smartphone applications.
SOOMPAY, international in-store mobile payment provider, will be the first enterprise to take advantage of 4th Blockchain platform by releasing an all-inclusive crypto mobile payment solution in mid-2019.
Although in the early development stage, the versatility and security of 4th Blockchain platform already attracted a variety of other projects from multiple countries and industries including financial services, real estates, telecommunication, logistics and education. Indeed, the platform’s technical innovations make it possible for SME’s as well as larger corporations and institutions from any industries to develop their own projects while benefiting from state-so-the-art 4th Blockchain’s features, maximum scalability and foolproof security without the cost and burden of creating a Blockchain from scratch.