At Orb, we are committed to building a high-quality coin and digital currency platform that meets the needs of financial institutions, such as local banks, virtual currency providers, and point program vendors at massive scale and lower per-transaction cost. During our journey we have found that existing systems and architectures in the marketplace are too restrictive in their use cases, don’t scale well, or are too costly. This is why we decided to build a next-gen programmable, digital currency platform that requires minimal customization while offering massive configurability.
Enter Coin Core
Coin Core is an easy-to-use and scalable platform that our customers and professional services team can use to build sophisticated financial scenarios. With Coin Core, you can model economies that consist of basic transactions from coin issuance and account-to-account transfers, to more complex situations like loyalty programs and dynamic coin validity periods.
Coin Core offers:
Simple Apollo Integration
Unlimited coin types
Dynamic coin behaviors
A variety of balance modifiers
Cryptographic tamper resistance
These features give our customers the freedom to precisely configure their own private, secure digital currency economy according to their own unique business models.
Built For Apollo
As Apollo matured, we knew that we would wanted to utilize it in our Core applications, but we quickly found that integrating Apollo into previous versions of our coin technology would prove excessively time consuming. So, we made the decision to rebuild. We extracted the good parts of the coin applications we had developed so far and redesigned them around Apollo. This gave us a chance to make better design decisions and tune our data types and schemas to work more efficiently with Apollo. Apollo also provided the coin ecosystem with a top-notch transaction layer that ensures both safety and correctness of customer data. Check our previous blog post to read more about Apollo and the Orb DLT stack.
Unlimited Coin Types and Behaviors
Each Coin Core economy can define an unlimited number of coin types for the currencies it issues. Depending on how the economy is configured, coins can work together to represent a multitude of different scenarios. This allows you to create as many, or as few coins as are required to successfully support your economy and execute your business model. Each coin type can also be configured with special coin behaviors such as validity periods and periodic expiration. This allows you to create special scenarios where certain coins are available for a limited time or only for future dates. Periodic expiration, or depreciation, can be used to encourage currency users to spend their coins more rapidly. When combined with an issue bonus, this will help you increase the purchase frequency in your economy.
Dynamic Coin Transactions
At the heart of Coin Core is the coin transaction engine. This is a custom rules engine that we have developed for executing dynamic balance modifications. Because Coin Core is meant to be a general-purpose coin platform, there are no default transaction scenarios. This means that the coin transaction engine must be flexible enough to handle almost any use case; this also means that you can configure Coin Core to function exactly as needed with very few restrictions.
The stars of the coin transaction engine are the balance modifier features. Balance modifiers define how coins will be transferred between accounts. Any number of balance modifiers can be combined to create a desired coin transaction event. Think: multi-party payments, awarding points, charging fees, and more can all be easily configured by stacking balance modifiers.
Coin Core provides a variety of dynamic balance modifiers. These balance modifiers allow you to move beyond the scope of simple value transfers to more complex transfers that incorporate several variables and conditions.
The basic modifier is used for simple account to account transfers. This can be used for simple transactions, but it can also be used as a building block for more complicated modifiers.
This modifier can be used to move coins from one account to two accounts. This is useful when you want to impose a settlement fee on your consumers or merchants.
The dependent modifier configures a part of the transaction to be executed in response to another component of the transaction. It may be used to issue a new coin type to your users based on their usage of another coin.
The max-usage modifier can be used to impose a restriction on how many coins of a specific type are allowed to be used in a coin transaction. This is useful when you want to restrict the usage of a special coin type.
The time modifier dynamically specifies an account transfer based on the time of day.
And finally, Coin Core offers a mechanism for generating proof ciphers that are representative of individual transactions. Using our patent-pending process and current industry standard cryptography, we generate these proof ciphers at coin transaction time, using all components of the transaction as inputs. In fact, they cannot be generated at any other time other than the time of the transaction.
At any time afterwards, the proof ciphers can then be independently verified outside of the Coin Core application and environment, allowing you to use third parties to verify that your transaction records are authentic and unmodified. And because we utilize fast, efficient encryption and hashing algorithms, you are able to rebuild and verify your data at an incredibly fast pace.
Bringing It All Together
With so much flexibility packed into a single application, we are proud of what we have accomplished so far with Coin Core. All of us at Orb feel this will bring tremendous value and expressiveness for your digital currency business model. We are most excited about Coin Core not just because it provides an excellent digital currency platform for you and your users, but also because enables our sales and technical consulting teams to easily and quickly work with you to configure and tune the environment to your exact specifications.