Place/Date: London - September 25th, 2019 at 12:04 am UTC · 6 min read
Contact: Ian Welle-Skitt, Source: Catalyst Network
Launched today, Catalyst is:
Atlas City Global today announced that the Catalyst Network is now open to developers allowing for the rapid building and deployment of decentralised apps. Catalyst has been designed from scratch with business in mind for use in sectors including energy, supply chain, logistics, food provenance, and plastics recycling and many others.
Catalyst offers secure public as well as private decentralised computing and data storage, the basis for the new Web 3.0 world, and connects to IoT devices that will define Industry 4.0. Designed as an open source, fast, light, secure and scalable network, Catalyst is accessible to all developers via .NET core without the need to learn a new programming language.
Catalyst is a full stack decentralised, distributed system that supports multiple coding languages, has integrated distributed file storage and meets throughput requirements for businesses. It rewards all its participants fairly, and the lightweight architecture makes it possible to deliver speed at scale without compromising security as well as solving issues that plagued earlier blockchains such as variable pricing, lack of scalability and unsustainable energy consumption.
Chris Justice, President & COO, Atlas City Global, said:
“We are delighted to have reached this milestone. We went back to basics and invested a lot of time and resources to design a system that caters to the real-world needs of enterprise clients. Having overcome the barriers that have held others back, we have the opportunity to realise the true potential of a decentralised web, which includes supporting the circular economy, without compromising the functionality we currently enjoy or future development.”
The Catalyst Network is powering CryptoCycle ́s Reward4Waste pilot to tackle plastic pollution among other projects. The app-driven technology aims to drive circular economy effectiveness. The concept has raised interest and engaged with key opinion leaders and decision makers across the globe, from drinks manufacturers and retailers, through to local and national governments.
Currently, Europe alone generates around 25.8 million tonnes of plastic waste every year and only 30% of this is recycled according to Plastics Europe, with the remaining 70% ending up as litter or polluting our rivers and oceans. CryptoCycle ́s solution uses uniquely coded containers underpinned by the Catalyst Network to track provenance, eliminate fraud, save costs and change consumer behaviour by rewarding them for recycling.
In addition, Catalyst has been designed using a collaborative consensus mechanism, which is far more energy efficient than current proof of work-based systems and allows businesses to operate at scale sustainably.
Catalyst also aims to be the first carbon negative distributed ledger technology.
Atlas City’s mission is to enable a decentralised web owned and run by the community to enable the next wave of business models. To that end, they are building a full stack decentralised, distributed system that is fast, supports multiple coding languages, has integrated distributed file storage, works with IoT devices in industry and meets throughput requirements for financial services.
The Catalyst Network is a new distributed ledger protocol, a full suite of integrated technologies, not forked, but written from scratch based on the lessons learned from previous generations of blockchains. In addition to being light-weight and eco-friendly, it has an innovative, efficient consensus mechanism, which allows for fair compensation for participation and a file storage system allowing the network and consensus to integrate and work with all types of files.
Atlas City will be launching the Catalyst Network as an open source project later in 2019 and will support the growth of the ecosystem by providing software development tools, distributed application development and private instances for industry-specific applications to enterprises. Atlas City is currently running a number of proof-of-concepts and pilot projects on the Catalyst Network in the fields of supply chain, utilities, food provenance, plastics recycling, and the energy sector.
Atlas City will establish the Catalyst Foundation in Switzerland and transfer custodianship and governance of the public network to this entity. The core underlying code will be open-sourced and made available to the developer community.
Catalyst is not a fork or a tweak of any existing network. It has been designed, from the very first line of code, to be scalable. This was achieved by designing a new consensus mechanism — neither proof-of-work, nor proof-of-stake — whereby randomly selected nodes collaborate to collectively update the ledger state and share the rewards. This approach has a number of important advantages.
As nodes are collaborating rather than competing to update the ledger, the protocol is far more lightweight and less hardware intensive than other consensus mechanisms. It can even be run on single-board hardware like a Raspberry Pi. And because it doesn’t rely on PoW, Catalyst is far more energy efficient.
The Catalyst consensus mechanism does not waste processor power and electricity on solving pointless puzzles by brute force. As Catalyst is lightweight and the rewards are shared more evenly among all nodes, there is far less chance of big mining conglomerates dominating the network. More nodes mean greater security. By attracting a greater number of genuinely independent nodes, that have appropriately variable amounts of compute and storage capability, Catalyst will be decentralised in a more meaningful way, and more secure as a result.
For more information on the CryptoCycle Reward4Waste programme go to https://www.cryptocycle.co.uk/invest/.
Any developer in any firm can switch to the Catalyst decentralised software solution without learning a new programming language.