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The Coop Network has a varied portfolio of businesses, from CBD Oil to Robotics, Greenhouses, Drone Services, Sheep Farming, and Bottled Water. We've decided blockchain technology is the best option to properly manage and ensure the smoothest and safest investment process in all of them. Today, we will discuss blockchain and why it represents the future of investment.
A blockchain is a distributed database or ledger that is safely shared among a computer network's nodes. One of the industries this technology is currently used for is cryptocurrency systems given that it's ideal for keeping a secure and decentralized record of transactions. However, they are not limited to cryptocurrency use only. The blockchain is designed to make data in any industry immutable, which means no one can alter data, no matter the circumstances.
Its purpose is to reduce the need for trusted third parties, such as auditors or other humans, that might add costs and make mistakes. Without the involvement of third parties, trust is given the minute a user or program enters data into the blockchain.
The Coop Network works with industry experts familiar with the importance of decentralization in the blockchain. This way, we ensure that the maximum potential of our high-tech products can be easily reached.
Decentralization in Blockchain
First, let's define what decentralization means. It is the distribution of functions, control, and information, which can be performed in various sectors and industries, such as information technology, retail, and government. Decentralization can also define a system with multiple paths for information to flow.
In blockchain, there are two types of structures: centralized and decentralized. A centralized system gives control of the central entity to a group of people managing, controlling, and overseeing it. The best example of a centralized structure would be a nation's currency, which, as we know, is managed by a central bank. However, decentralization is just the opposite of that: no entity or person owns, operates, or controls the network or the structure.
The benefits of decentralization
Since decentralized blockchains are meant to be unalterable, the process becomes irreversible once you enter the data. Of course, new data can be entered anytime, but the old one will never change. There are plenty of reasons why decentralization is the best choice, especially for our businesses, and some of the most relevant ones are based on the following:
From here, it's easy to figure out that most of the benefits of a decentralized blockchain are very similar to those of our cooperative. From trust to transparency, security, and optimization, we wanted to ensure that we created the proper environment for investment for our members.
This leads us to the next point, which is why blockchain and cooperatives work so well together.
Cooperatives and blockchain
Both cooperatives and blockchain systems are centered around the idea that members should have the opportunity to perform transactions in a secure and transparent environment.
Moreover, they have the same core values when engaging with stakeholders: integrity and equality. If someone wants to become a member, their adherence cannot be denied based on inherent characteristics. Blockchain is one of the most profitable and resourceful ways to develop the future digital economy and introduce new members to the benefits of the cooperative model.
One of the purposes of a cooperative is to attract new members, and blockchain technology can do that in plenty of innovative ways:
It increases participation in a cooperative without any barriers, such as location. The business community can expand and work remotely if its members share the same social, cultural, and economic goals.
It makes room for transparency and accountability since blockchain technology works as a tamper-proof ledger of transactions. All administrative and legal procedures are written onto the blockchain, so there's nothing hidden or kept away from curious eyes. We wished for this type of implementation when we decided on a trust-based network.
All transactions and functions can be automated, so there is no risk of breaking the rules. In blockchain technology, the system won't allow for deviation.
The Coop Network uses this technology because we are fully committed to offering a secure and transparent way to manage membership, voting, and capital distribution. Our blockchain is 100% Proof-of-Stake (PoS) and is a Fork of the first blockchain that relies entirely on a PoS-distributed consensus algorithm under the Jelurida License.
To avoid all the possible vulnerabilities that might come with the Proof of Work model, we decided to work within the Proof of Stake one, where the network's security depends entirely on members having a stake in the network.
When you become a member, you can register in The Coop Wallet, a decentralized app based on the first fully legal Investment and DeFi protocol based on Real World Assets (RWA). The app interfaces the entire COOP ecosystem, including businesses, investments, DeFi, and staking. You decide how involved you want to be in the community and our businesses and if you want to invest and build your income through dividends at the end of the year. The app will grant access to The Coop Network blockchain, where you will find the basic wallet-type operations:
The app has multi-chain connectivity to operate on The Coop Network, Polygon, and Ethereum, but soon enough, we will have many other blockchains in the future.