Business and governments go hand in hand. In some countries, it is a detriment to their people and economy. Corruption, lost records, and inadequate management are a few of the problems for corporations and the powers that be.
Contracts, transactions, and the documentation of them establish the foundation in our economic, legal, and political systems. Agencies protect assets and determine organizational boundaries, verify identities and record events. These procedures are used to cement the cooperation among nations, organizations, communities, and individuals. They influence managerial and social action.
Infinity Economics Platform (IEP) is a user and service-centric multipurpose blockchain platform and cryptocurrency based on open source projects. The weaknesses of Bitcoin and Ethereum’s revolutionary processes urged the improvements IEP has made in their security algorithms and codes, but IEP is much more than a digital currency for payments or simple smart contracts. It is a structurally sound and adaptable system providing solutions to the inherent problems facing businesses and governments today as well as for the future.
What is basically information distributed among several computers, the blockchain allows for various types of ledger entries whose interpretation is determined by the blockchain’s users. The application of smart contracts embeds digital code that is stored in transparent, shared databases where they are protected from deletion, tampering, and revision. All agreements, conditions, tasks, and payments are recorded and have a digital signature for identification, validation, are stored and shared. Each block is time-stamped and then linked to the previous block to become a part of the blockchain.
IEP blocks are generated about every 60 seconds by accounts that are unlocked. After 10 block confirmations, a transaction is deemed safe. The quick and easily processed transactions are generated due to the core software not supporting any form of scripting language. IEPs foundation supports limitless ways of how transaction types can be used without the creation of significant overhead. This flexibility is expanded by IEP’s low resource and energy requirements, and its uncomplicated, readable and exceptionally organized object-oriented source code.
The decentralized blockchain can take over the functions of intermediaries like bankers, lawyers, brokers, and managers. Because the blockchain is immutable with public record displays, business platforms and government regulations have a data trail to make sure they are followed. This will also lend to more efficiency and the ability (especially for the government!) to see which contractors have been completing their projects on time and on budget. Factors that lead to lower costs and smaller spending plans.
IEP DAO (Decentralized Autonomous Organization) is considered a hybrid because it uses a more flexible and advanced e-Governance system. Final human input—common sense is also used and provided by its Foundation; created to execute all issues determined by the voting community. Governing bodies and private and public business sectors would be able to truly operate impartially.
Self-executing smart contracts are one of the most innovative new tools of the blockchain enhanced by IEP with extra features such as Escrow, Account Control, Aliases, Automated Transactions, Asset Exchange and more. These features can do away with bureaucratic red tape consisting of what seems like endless paperwork by the government and corporations. Decisions for the masses can be made by the masses. Its use will allow nations and businesses to function in the best possible manner without the waste of time and more reliability. Most of all, in today’s world, there has been a lack of truth within corporate and political practices. In the digital economy, transparency creates a greatly needed trust with undeniable checks and balance.
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