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Welcome and long life to GCN ! gcnews.io
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If you are a company owner or an entrepreneur worried about the future of your business and virtualization, and if you are asking yourself what Blockchain and the proper token can do for your business, you are reading the right article, then. This is, however, the second one of three articles exploring Blockchain technology, Ethereum Network and specially the first ERC777 cryptocurrency ever created on top of the Blockchain, CALL token, and the advantages that this modern digital cash can represent for your business.
The Global Crypto Alliance’s token provides more controllability of currency accounts to users and chooses a deflationary monetary model by locking its maximum amount of CALL to much less that 1 billion tokens. All these functions are clearly of extraordinary benefit for business developers. And they deserve to be reviewed in detail.
Before dismantling CALL’s characteristics and analyzing their potential, however, any cryptocurrency user will inevitably ask us one vital question.
If CALL’s contract uses the totally new ERC777 standard for deploying radically advanced tokens, is it even possible that regular exchanges can accept this token and can integrate it to their systems?
Moreover, is it possible for regular users to perform transactions from regular Ethereum wallets using CALL?
The answers to these two interrogations are yes and yes. Thanks to inherent properties of the ERC777 standard, CALL token is 100% backwards compatibility with the old ERC20 standard that all exchanges and all Ethereum wallets are programmed to manage.
This means, in general, that all exchanges and wallets who are working with ERC20 tokens will have no problem with our ERC777 token, CALL, and will not have to perform any adjustment to be able to store CALL or to transact with CALL
The backwards compatibility is a unique feature of this radically new Ethereum technology.
One pause. At this precise stage in this series, one thing would be unforgivable and also a terrible pity, not to make a valuable reference to the three outstanding Ethereum developers whose dedication of years to the sciences of Computation and Software, and whose concern on all the severe problems that previous token standards had had, became the powerful inspiration and motivation to create a modern futuristic new convention that enables the creation of truly intelligent currencies and contracts.
Blockchain developer, Ethereum fan, white hat hacker and Catalonia Freedom fighter.
Software engineer, blockchain dev
In July 2018, Baylina “stated that the token standard would soon enter the last call stage of development, and that he expected it to be finalized sometime in August”. GCA deployed CALL token simultaneously. Baylina, Dafflon and Shababi have insisted in their believe in decentralized currencies and in curing the illnesses of older tokens. They had the dream to create a token standard that helps tokens think by themselves and prevent more losses of millions of dollars like those that have happened in the past.
One concrete example of the new solutions CALL brings is the new level of control users will have over transactions. A holder of CALL token enjoys the option of “authorizing” or “revoking” a transaction, a feature that has never existed before. In ERC20, you are forced to receive money from anybody who wants to send tokens to your account. Even from an undesirable (or even evil) sender. In the case of CALL token, you can program CALL’s smart contract to reject transactions from specific addresses.
This will prove very important for any type of business. A business administrator might discover malicious pseudo-clients, and might want to create a black list of dangerous people with whom he/she does not want to conduct businesses. Nobody can be forced to conduct businesses with a second party that cannot be trusted. CALL token incorporates the possibility to exclude dubious addresses from one’s business processes. This is part of the increased security measures that CALL introduces to crypto-markets.
One more security innovation that we should mention is the functionality that prevents tokens from resulting irremediably locked up in decentralized exchanges or in smart contracts, as it used to happen in the past. So far, many popular tokens have reported millions of dollars in losses because of this kind of errors. ERC20 tokens are particularly weak in this respect. ERC777 solves this problem by improving the functions related to withdrawals whose target is a smart contract, and by analyzing the functions of the smart contract before the withdrawal is executed. CALL token, when being commanded to move funds towards an address that belongs to a smart contract (like the smart contract of an exchange, for example), before executing the transaction of transferring funds, analyzes the functionality of the contract to which it is expected to move the funds. If that contract is not equipped with the proper functions to manage the tokens, CALL recognizes the weakness of the contract and automatically rejects the transaction protecting the user and preventing fund losses. No other token standard includes this mechanism.
Security is the aspect that many business developers worry the most about. This is why, CALL token has invested a great deal of time improving it. One more example of security measures that business managers will appreciate is the property that no single person is capable to access the smart contract of CALL token and update it by him/her self; CALL’s smart contract is accessible only from a secure multi-signature account. This means a group of responsible developers would all have to agree about improvements and reach a decentralized consensus in order to update or expand the functionality of CALL token, in case that any changes were to be implemented. This represents a robust degree of security and transparency for the future.
We cannot mention in a couple of articles all the one thousand disruptive properties that ERC777 and CALL display. But, there is one that any company that plans to launch services from the Blockchain must know: CALL’s DApp-friendly features. As we mentioned in the first article, one thing is the computer programs that you have in the super cloud of the Blockchain, the smart contract; and a very different thing is the applications that you see and use in your computer or smart device that let you connect with the Blockchain and participate in a business. This difference is crucial. You can have an awesome code on the Blockchain capable of doing great stuff but incapable of interacting nicely with DApps on people’s devices. This is not the case for ERC777 and CALL. Functions of CALL token are easy to request from DApss. One single example is the inclusion of the same kind of function Ether uses when sending coins, that enables the sending of information about a transaction together with the data of destination and amount. With CALL token, you can receive or send money that includes details about the transaction. This might look like a very basic function for a business person, but it was not possible to integrate this function on the Blockchain for tokens until this year.
CALL token by GCA is the first ERC777 token.
ERC777 standard defines a new way to interact with a Token Contract.
This standard was taking advantage of ERC820 which was not in a final status last months. Taking this important point into consideration, we decided to don’t distribute or sell CALL token waiting for final Status of ERC777 and its ERC dependencies.
ERC820 standard defined a universal registry smart contract where any address (contract or regular account) can register which interface it implements and which smart contract is responsible for its implementation.This 820 standard keeps backwards compatibility with EIP-165
Recently, ERC1820 has superseded ERC820 and ERC1820 will be switched as Final Status in the coming weeks.
ERC777 and CALL Token will use final ERC1820 for its implementation.
ERC1820 fixes the incompatibility in the ERC165 logic which was introduced by the Solidity 0.5 update.
You may have a look at the official announcement, and the comments about the bug and the fix.
Apart from this fix, ERC1820 is functionally equivalent to ERC820.
The Smart Contract of CALL token will be soon updated with Final ERC777 and ERC1820. A new Smart Contract for CALL will be redeployed by GCA. Waiting that step, none existing token will be distributed or sold. An announcement will be done in coming weeks when this step will be done. That will be an important Milestone for the project.
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Are you a company owner or an entrepreneur launching a new business, and asking yourself if Blockchain is for you or even looking for the right asset to rely on?
Well, then, this is an article exclusively for you. This is the first one of three articles exploring Blockchain technology, Ethereum Network and specially the first ERC777 token cryptocurrency ever created on top of Ethereum, CALL token, and the advantages that this modern decentralized cash system can represent for your business.
Since this is article #1, let’s not start yet with what the ERC777 CALL token is, or with those reasons why you will want to fuel your business with CALL.
Let’s assume this is the first time you study about the Blockchain and start from the very birth of Crypto.
In the beginning Satoshi Nakamoto created Bitcoin and the Blockchain. That was the Big Bang of Decentralization, Blockchain and cryptocurrencies. Bitcoin is the grandfather of all cryptos. It implemented for the first time in history the possibility to store value on an electronic public ledger and to perform transactions involving value from peer to peer, without the assistance of any kind of third parties.
Bitcoin’s legacy was the technology of the Blockchain, a new kind of distributed digital cloud capable of storing coins and of keeping unhackable records of people’s cash savings and of all payment transactions since the creation of the first coin. Bitcoin was born in January 2009.
In 2013, a brilliant young kid named Buterin Vitalik who had studied the mathematical and technological bases of Bitcoin, proposed a brand new advancement: why not create a new kind of Blockchain that could also run computer programs inside the decentralized network instead of limiting ourselves to use this technology merely to manage coins?
Vitalik found help in more developers and his idea conducted to the creation of the first Blockchain capable of running computer programs on top of the Blockchain; the name of this unprecedented Blockchain is Ethereum, a global network of computers forming one supercomputer.
Basically, a Blockchain is a supercomputer whose hardware is alive and can evolve to a huge size of thousands of times the dimensions of Google, Facebook or any other machine in the planet. This hardware is not in one specific geographical location, but distributed all over the world. In Vitalik’s words, Ethereum Network is “the fabric for a kind of new Internet infrastructure”, an amazing new kind of World Wide Web. By implementing decentralized computing power in real world, Ethereum gave birth also to a new kind of decentralized software that could be used to run small, medium-sized and big businesses in an autonomous way without a central authority to be in permanent control: “smart contracts”.
A smart contract is a computer program capable of computing any kind of the commonly known functions we see in applications on computers, smartphones or tablets.
These special computer programs are used, nonetheless, mostly to function as arbitrators between two people —or two parties— who want to transact with each other or who need to establish an agreement, being specially efficient for those cases in which the transaction or agreement involves the need of the two parties to trust each other and when the transaction between the two parties involves money.
The smart contract allows the two parties to transact without any kind of intervention of a third party offering the highest level of security and trustworthiness.
A smart contract is a software living inside the Blockchain. It can do the job of a company’s managers, or the job of decision makers at a bank or even the job of a government. These are third parties who intervene when two people want to agree on things and do business. The Blockchain eliminates the subjectivity and in-transparency of these trusted third parties.
Smart contracts nowadays are used typically to exchange money, shares or anything of value like any piece of property. But they are developing in a way that, in the near future, even big projects and corporations could be run by sets of interconnected smart contracts working as Artificial Intelligence (AI).
The Blockchain can take care of big businesses while humans become creators and dedicate to developing.
If you are a code developer or if you learn how to write a computer program, you could create an application that runs in your own computer, or in your smartphone or tablet, designed exclusively to interact with Ethereum Blockchain’s smart contracts.
An application of this kind is what we call a “Decentralized Application” or a “DApp“.
You can have, for example, a smart contract that controls an entire business —even a big company— in an automatic and autonomous way from the inside of the Ethereum Blockchain. And you can also have, away from the Blockchain, thousands of people using a DApp installed in their computers to connect to that smart contract in order to participate in the business.
The smart contract would have all the business logic and rules to make correct, transparent and totally objective decisions. The thousands of users of the system could be service providers (like executives or employees of a company) on one side, and clients on the other side. Since the smart contracts are AI that runs the business from within the Blockchain and not from a centralized computer system, neither the company nor the clients can tamper with the system or hack it; hence, the level of trust both parties enjoy is the highest ever conceived for an electronic system.
Well, so far we have been able to explain that Bitcoin gave us the first Blockchain and that it was capable only of managing digital money. We also reviewed details about Ethereum Blockchain, the Blockchain 2.0 which is actually a super computer capable of storing and running these programs called “smart contracts”. Fine. This is very exciting.
But, what about the so called “tokens”, as CALL token, the first ERC777 token?
Well, this question is the main topic of our series of three articles. And now we are ready to articulate a fine answer. In the following paragraphs we’ll review what coins and tokens are, and why a token can be an extremely convenient business solution, in order to prepare our minds to comprehend the technical details of CALL token that we will see in articles #2 and #3.
While you study the Blockchain and the way cryptocurrencies operate, you will find two common types of currencies: coins and tokens.
You will hear people say that Bitcoin and Ethereum are coins, and that CALL is a token.
In simple terms, both, coins and tokens are digital money based on a open, public, global, decentralized and censorship-resistant ledger. Both are money. However, a coin is an asset that fuels a Blockchain while a token is a smart contract on top of a Blockchain, like Ethereum Network.
A coin is made for a very general purpose in most cases: to fuel its Blockchain and to gain value. In the case of a token, on the contrary, since it is a program, you can adjust it to behave in a way that is more suitable for a specific business.
In most cases, when you are creating a token, you consider all the characteristics you want in your token for it to provide best support for some kind of businesses, then you deploy your customized token in the Ethereum Network and it stays static —impossible to modify— forever. So you create a coin adjusted for the logic of the super computer and you create tokens adjusted to the logic of some sort of businesses.
Unlike all ERC20 tokens, CALL is a non-static token. CALL token was created and launched by the Global Crypto Alliance very recently in August 2018. CALL token is the only ERC20-fully-compatible token that offers the possibility to add new code and new functionality even after having been deployed to Ethereum Blockchain.
CALL token is already running on the Blockchain and it already represents value. But, we can add new features to it according to the needs of the new businesses of the future. Business developers will find this property as immensely valuable, since CALL token will be able to evolve in the future according to the needs of the many businesses that it will sustain.
It is clear, then, that a token might be a better option to run a very specific business with particular requirements since tokens are customized programs. And it is also evident that, among tokens.