Blockchain stacking is not only a replacement for the traditional database, it also provides a tamper-proof, distributed ledger system.
Which will maintain consensus over the distributed ledger that can be accessible to all anytime. It is a technology that allows us to store data and distribute over an enterprise peer network
BENEFITS OF BLOCKCHAIN for TranslateMe Network
1. Tamper proof
2. Business logic is deployed in smart contract
3. Best Back up system
4. Role-based Authentication and Authorization in the distribution layer.
5. CSP implement
6. Order maintain consensus
7. CA-based authentication using advance hashing
8. Hashed Data
9. Distributed block (data).
10. Plug and play back up system
11. Blockchain Policy control
TranslateMe Network has deployed suggestions and voting validation system for users to contribute to the network. Its currently live on our Telegram Translator for android, we also have an IOS version that can be requested for testing. A telegram BOT is under development and a web portal will be launched in August 2020 to allow for anyone to contribute.
The system takes inspiration from Steemit.com using a voting system to validate the value in the data submitted by contributors, this is the first pipeline and phase one of TranslateMe decentralised machine translation service.
Our MVP on telegram has been live now for over 6 months, each day we receive thousands of sentence corrections from users across 20 languages. The concept of contribution is proven, the data its collecting is proven useful and valuable to our machine algorithm. TranslateMe Network issues a small amount of TMN for every sentence currently.
This will change when we go live with a private blockchain as a proof of concept for issuing tokens. Our new rewards algorithm will issue tokens based on new influencing factors. Primarily we will be using voting as a validation method for the best suggestion. The best suggestion that's voted up the highest in the selection of suggestions will close the block off as the validated sentence. All participants that form part of the winning sentence will earn a portion of the block reward. A portion to the original user suggestion, a portion to voters and finally a portion to staking nodes in exchange for securing this data over a distributed ledger.
TMN is a utility token used to pass value from consumers to contributors, the differentiating unique selling point for our translation service is the ability for the algorithm to learn from a community contributing improvements. This phase enables automated validation and rewards. The pipeline of data exchanged for allocated tokens we have referred to as proof of translation.
We pride ourselves in providing an alternative to the current services available for instant machine translation. The industry grows every year at 19%. A current market valuation is estimated at 1.5 Billion USD for machine translation and almost 50 Billion USD for traditional translation services.
We will leverage the power of Blockchain to bring a service powered by communities. With privacy as one of our unique selling points, we will separate ourselves from the competition. Offering quality translation instantly to any platform with no payment barrier for constant service.
As we enter the 4th industrial revolution and we witness a shift to Web 3.0 we believe TranslateMe Network will serve as a seamless layer for translation online.