How The Citizens Of Bitcoin City Are Paying For Everything With Cryptocurrency…Wirelessly
How Overline is building a wireless protocol for Bitcoin City.
The citizens of Bitcoin City will use Overline to transact on a daily business. With the help of 5G technology; communication and transactions will be swift, safe and efficient. But before you get to understand how Overline Wireless will work in Bitcoin City, lets get up to speed on the things that led to Bitcoin city. And the whole cryptocurrency adoption in El Salvador.
The country has experienced economic stagnation for last two decades even after trying to use the US dollar as their currency. So after Bitcoin gained mass recognition, the government of El Salvador sees cryptocurrency as an opportunity to stimulate the economy. As a result, the government has officially adopted Bitcoin as a new currency.
To maximize on this opportunity; El Salvador is building a Bitcoin City at Conchagua Volcano with sole goal of mining Bitcoin. The City will mine Bitcoin at scale using geothermal energy that is generated from the local volcano. For this project to be successful; the El Salvadoran government has opened a $1 billion “Bitcoin Bond” to finance the infrastructure.
How Overline Wireless Will Help In Bitcoin Transactions
Since the Bitcoin City will be like a normal city; hundreds of thousands of transactions will be happening on a daily bases. These transactions must be safe to eliminate fraudulent activities and must scale. The citizens will be using Overline as the “first look” to pay for commodities, goods, and services. It is expected that a huge exchange will happen in the commercial, residential, and entertainment areas. That’s why even the president himself “Nayib Bukele” wants to ensure that Bitcoin that will be mined in this region remains untraceable. Why? The move will eliminate international hackers that might take that a chance to attack the citizens of Bitcoin City.
With a lot of transactions happening, Overline Wireless is the most suitable and secure form of transaction because it is built to be wireless and it supports multiple blockchains. To getter a better understanding, Overline is a “multichain of blockchains” that helps individuals to transact between blockchains without trusting a 3rd party, using the internet or even cellular service. With the Overline hotspot being placed around the Bitcoin City, citizens will not need even need to purchase internet services to trade.
With the use of an immutable ledger, Overline will guarantee citizens secure trade and built in to every Overline hotspot is a cryptocurrency wallet to insure safe storage of their coins. How is it safe? The platform contains multichain blocks that are encrypted and rely on mining power. Unlike validator chains who require you to trust a validator and the specific rules of any particular country, the Overline miners are global relying on whoever has the strongest mining power—they can’t be manipulated by collusion or broken by hackers.
How Will Overline Be Safe In A Transaction Of Bitcoins
Overline is 100% decentralized, which is a unique protocol in relation to other interoperability projects. Why? Overline does not use relays or validators of any kind. Validators are known to slow the transaction process as well as add risks. More recently Thors Chain validators lost almost $40M in their users funds.
The best thing about Overline is that it uses proof of work which makes it EASY to get involed and earn Overline coins. How? Each block mined on Overline takes about 3-5 seconds which is 3 times faster than Ethereum and more than 100 times fast than Bitcoin. So when you’re trading any kind of cryptocurrency, your trades and conducted quickly.
How does this work? Overline ensures that each trader is held accountable by locking up Overline as collateral. This type of trading is actually how the traditional “Wall Street” clearing houses trade stocks globally; both parties lock the collateral to begin the transaction and release the collateral to each party when the transaction is done.
So Overline acts as the supervising protocol to ensure that all transactions happen safely and on time. And when all goes well, everyone gets collateral verification, and both parties never had to trust an exchange with their capital. But if one trader flakes the transaction becoming a “bad trader”, the Overline takes bad trader’s collateral and gives it to the good trader who can then sell it into any cryptocurrency in the multichain. That’s why Bitcoin City will use the Overline since it will help people to have successful and smooth transactions from peer to peer without trusting South American banks.
How Citizen Of El Salvador Will Benefit From Overline In Bitcoin City
Overline is a multichain technology that is transforming the world of business to eliminate incumbent technologies. These incumbent technologies lack safe and effective interoperability. So the people in Bitcoin City will not worry about exposing their mined Bitcoin to foreign markets. How? Because any other governments trying to make bad trades or block El Savadorans from participating will be unable to stop Overline trade.
Another reason why Overline is vital channel in Bitcoin City is that it can execute transaction through different blockchains. A Bitcoin trader can trade with another cryptocurrency trader. That means a Bitcoin fanatic can do business with Etherium trader. And it’s simple; someone only needs to follow the protocols and come into an agreement with the buyer or seller. And again, no third party will be required to complete the transaction.
Another major benefit to merchants and small businesses in El Salvador will not lose their Bitcoin to exchange hacks as Overline wireless eradicates all these vulnerabilities by never storing any individuals coins. Most of this financial crisis and vulnerabilities as aresult of centralization.
And the best thing about Overline is that it connects with all blockchains from Bitcoin, NEO, Ethereum, Lisk, and Waves. And Overline is constantly developing connections to new blockchains that will come in future so it will always have the newest and best blockchains. That means a citizen of Bitcoin City can even transact with other people in the world who are not necessary using Bitcoin without changing into currencies such as Dollars and Euros.
How Will The Overline Show Proofs In Transactions
During transactions; Bitcoin City residents will have to show algorithmic proofs to Overline before the transactions are completed. So how does this work? Overline miners must produce verifiable cryptographic proof that shows both parties have observed blocks issued to each network connected. When the Overline verifies each block on the multichain blocks, the transactions will be initiated. This type of verification will create cryptographic ecosystem that is safe in every block. With these cryptographic fingers prints; all Bitcoin transactions that are valid will be successful.
On top of that Overline’s private 5G network currently in development facilitates more than just transactions; such movies, news, and VOIP. Due to low latency and massive network capacity. The 5G will ensure that multichain blocks of network work with a better speed. With this high speed network the cross-multichain trading experience will continue to get better. Overall this help residents of Bitcoin City to avoid network challenges when carrying transactions and trades.
Why Overline Is A Suitable Channel Of Transaction In Bitcoin City
The Overline has a multichain that helps to verify transactions in both parties. In this scenario; Overline controls a set of cross-chain of transactions. Whenever the current states of any blockchain involved is delayed or inaccurate in the time of trade, the Overline cancels the transaction. Those inaccuracies are confusions that results from;
1. Users sending the amount of currency that doesn’t exist in their account or not paying full amount as required..
2. Failing to adhere to collateral value as required by the Overline wireless to trigger a transaction.
So for the transaction to happen successfully, the parties involved must cooperate and build collaboration to complete the transaction. The main aim of these protocol followed in the exchange is to ensure no fraudulent activities happen in the process.
Bitcoin City has adopted Bitcoin as the official currency. With the help of geothermal energy from Volcanos; this city will be able to mine plentiful Bitcoin. While this happens; citizens in this city will need to transact. And that’s why the Overline is the best-proposed channel for the transaction with no middlemen or validators. The best form of transaction in Bitcoin City since it ensure that there will be no fraudulent activities.