SCALLOP REGULATED CHAIN AND ITS IMPORTANCE
Scallop Chain is the world’s first regulated public blockchain with the unique feature of powering cross-chain financial applications to establish a better DeFi future.
The Scallop Chain is a cosmos chain using the Tendermint PoS Consensus mechanism. This means that the Scallop Chain is both cosmos-compatible and EMV-compatible and can also support over 1000+ validator nodes.
The main aspect of the Scallop Chain is that it is a regulated chain, this means that every app/user within the ecosystem is KYC’d (Know your customer) to a centralized entity.
Users who are not KYC’d or applications that are not KYB’d(Know your business) have restrictions that apply to them. Validators will automatically reject their transactions ensuring that only regulated parties can have access to the chain.
Scallop chain also includes privacy as part of its features as users who are on-boarded onto the scallop chain only need to share their data with the regulator and are then marked with a pseudo-anonymous address as a “verified address”. This allows the users to maintain privacy from other wallets within the chain but also follow the rules that a regulator would like to enforce.
Why Scallop Chain?
Scallop chain isn’t just another crypto venture but a complete single-binary blockchain to build the next generation of cross-chain banking platforms (an open, programmable smart contract service that facilitates decentralized application development).
It is also determined to rise above the areas where other chains have fallen short. Areas like:
- The absence of regulatory oversight. This creates a negative impact on customers’ confidence and leads to privacy and security concerns for app development and processing transactions.
- Lack of cross-chain compatibility. Without cross-chain compatibility, you are left with no choice but to work within the technical constraints that limit the efficiency or invest in numerous solutions that increase the overall complexity.
- Lack of a developer-friendly environment and lack of adequate tools. This has an impact on the functionality, growth, and optimization of the dApp.
- Limited interoperability between different blockchains. This means to value and information cannot be shared across multiple networks.
What does Scallop Chain deliver?
- The world’s first regulated blockchain that provides a secure and privacy-oriented environment to all stakeholders.
- It brings support for cross-chain transactions, particularly with major projects like Solana, Cardano, and Ethereum which enables seamless value and information sharing between different chains.
- Scallop also enables accessibility to multi-token wallet systems allowing users to transfer their digital assets across multiple blockchains using a single wallet.
- It integrates traditional banking with the cross-chain applications, allowingw institutional partners to work directly with Scallop enabling them to offer a range of services from secure custody to debit cards.
Scallop Chain is an innovative fintech ecosystem for users that want a faster, more efficient way to securely manage their crypto + fiat in a single place.
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