Those readers who have followed the development of the GMBT Coin system, on this website or at https://gamb.io/, have probably concluded that the GMBT project brings a number of innovations to the cryptocurrency business.
As we have already mentioned, GMBT Coin (GLMall) uses an Obelisk system. Obelisk platform is not perfect, it has its advantages and disadvantages, but the main advantage is that transactions are not charged, unlike Bitcoin where every transaction must be paid.
In principle, the Obelisk is a GMBT Coin consensus algorithm, which is an algorithm that determines whether servers will input a transaction to the blockchain or not. In most cases, cryptocurrencies mainly use algorithms called "Proof of Work" or "Proof of Stake". These algorithms aim to provide network security and consensus for completed transactions.
Proof of Work is an advanced development system best described in the Bitcoin White Paper. One of the creators of the "Proof of Work" system is the mathematician Satoshi, who contributed the most to the creation of the so-called "distributed consensus", which allows the entire system to function.
However, the problem is that "Proof of Work" consumes huge amounts of electricity that is used for mining. In order to achieve "distributed consensus", it takes a huge amount of processing power to check transactions and enter them into the blockchain. The huge processing power also means huge electricity consumption.
This is best understood through an example: The current Bitcoin network uses approximately 71 TWs per year, and in order for each Bitcoin transaction to be registered, processed, and entered into a blockchain, it takes about 500kg of coal from which most electricity is produced.
From the point of view of ecosystem protection, this is a big problem because every Bitcoin transaction pollutes the environment, and if you add thousands of transactions to that, it is a huge environmental problem.
The "Proof of Stake" system is designed as a mathematical program that controls the integrity of numbers and prevents mistakes in digit processing. The basic idea is that the entire system is dedicated to network security and integrity, which is a very good idea, but the downside of the "Proof of Stake" system is that the whole system has to be centralized to function fully.
Simply put: Those who have a lot of resources and can buy strong mining hardware can make a profit, while those who do not have strong processing power "small miners" cannot earn money in the cryptocurrency mining business.
GMBT Coin developers have managed to solve the problem of excessive electricity consumption for recording transactions in the blockchain, and they have also managed to solve the problem of centralizing the entire system. To achieve this, GMBT Coin developers used an Obelisk development system that works on the principle of algorithmic consensus.
The Obelisk system works by creating a so-called 'network of trust' system. The Obelisk system distributes transaction verification to the entire network and assigns influence on transactions to everyone on the network. Each node within the system has its own group of members who subscribe to use that node, the more subscribers on one node, the more that node has an impact on the entire network. A node represents a group of users within a larger group of users.
In this way, GMBT Coin ensured the transparency of all transactions, and a list of trust was built. Throughout the system, users of one node control all individual blockchain inputs, and if an individual behaves badly in the system, other users would isolate that negative node member and prevent him from negatively affecting other node members. The community can easily find and identify anyone who would try to use the node for some kind of scam.
Members of one node who have a good reputation online will certainly not allow anyone to damage their reputation. The best form of control is when one larger community controls itself.
The whole decision-making process on the networks to which GMBT Coin belongs is completely democratic and there is no centralized system that represents a monopoly.
The Obelisk system is excellently described in the White Paper Bitcoin co-authored by Hou Chen, the man who was the main programmer of the Ethereum network. Unfortunately, Ethereum as a network has encountered many problems in its functioning, and the reason for this is a big mistake in the design of the system that stores all the data on the Ethereum network in one blockchain, while GMBT Coin creates a separate blockchain for each purpose and for each application.
As a product of such decentralization, it is possible to perform fast transactions, the speed of transactions is extremely high, the speed of data processing of transactions is high, and it is possible to perform several thousand transactions at one time. This is an advantage of the Obelisk network used by GMBT Coin.
What may be of most interest to users is the fact that all transactions via the Obelisk network are free. When you buy one GMBT Coin you do not have to pay any commission on that purchase, unlike Bitcoin where you have to pay a certain amount in Bitcoin for each transaction. Also, the GMBT Coin transaction is running at lightning speed and there is no waiting.
This is a great system to bypass the huge cost of transactions in the crypto world that currently rules and transaction processing takes several days.
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