Delta ID Coin: New Utility-Altcoin Developed For Timestamping System
Delta Business Management, a London based investment company, is developing its own blockchain for timestamping, named Delta ID Coin.
Delta Business Management, a London based investment company, is developing its own blockchain for timestamping, named Delta ID Coin. Douglas Millard, from Delta Business Management, told Cointelegraph in a personal conversation on November 21st, that the addition will allow the company to register its users issuing a coin on the Bitcoin blockchain.
Timestamping On The Blockchain
Timestamping on the blockchain is not new in the cryptocurrency world, but for the ones that are entering this ecosystem late, a little explanation is due: the blockchain, the backbone of most cryptocurrency, is essentially a public ledger where transactions are written.
But apart from the actual Bitcoin (or altcoin) transactions, the ledger also allows a certain amount of extra data to be recorded into each block. This creates the conditions to store proof that something happened at that exact time. Would it be a land property transfer, the publication of a book, the fact that you have given a present to your girlfriend or even just a bet between friends. Anything you can think of, essentially, can be stamped with a time precision of less than half an hour on the blockchain.
This registration method has two advantages: first it’s economic, because with a simple, inexpensive Bitcoin transaction anything can be stored, second nobody can tamper with the registered data, ever, thanks to blockchain technology being distributed and unmodifiable.
However, the amount of data that can be added to any Bitcoin transaction is limited, so to get around the issue other solutions, often described as “sidechains”, are used to alleviate Bitcoin blockchain bloat.
Not Another ALT Coin
From the little information available, it seems that Delta ID Coin will represent Delta Business’ clients and allow them to have a proof by storing their coins (a single one) in a personal Bitcoin address.
One of the first applications of Delta ID Coin will be the registration of car parking spaces at Gatwick Airport, making this a solution to a real world use case.
Douglas Millard, from Delta Coin Business, explains that:
“Delta ID coin is a token that Delta Business Management is considering creating using Omnilayer which sits on top of the Bitcoin blockchain similarly to Counterparty.
The Bitcoin blockchain will be used for time stamping we are not an altcoin competitor. The plan is to use Bitcoin addresses as markers which store Delta ID Coin, no personal information will be contained within the ID token which will be issued to customers. Clients will first have to provide KYC information to DBM before ID coins will be sent to a Bitcoin address of their choice, they will then be able to receive any returns generated from asset investments.”
Omnilayer has been already adopted by several projects in different countries and is a reliable, consolidated platform.
At the time of writing, Delta Business has yet to announce an official release date.