Reflecting on Two Years of Growth
As we commemorate the second anniversary of CheckDot, it’s a moment to look back at the strides we’ve made over the past two years.
The insurance protocol stands strong, currently ensuring over $90,000 worth of covered products.
These two years have seen remarkable progress (Application, Bridge, More than 5 chains connected, …), a testament to the hard work and dedication of the community that stands by us.
Our Project Vision for the Next Two Years
Looking ahead, the forthcoming two years mark the final phase of our envisioned development duration.
These years will propel the protocol into a second dimension of decentralization through the introduction of the CheckDot Blockchain. This phase represents the culmination of our development plan since inception, paving the way for a decentralized future powered by the CheckDot Blockchain.
Key Aspects of the CheckDot Blockchain Implementation
The CheckDot blockchain will integrate several crucial components:
- AI-Driven Claim Verification Layer: Implementing an AI model to autonomously verify and approve claim requests before entering the voting phase.
- Internal Transaction Execution Layer (Classic Layer): This layer acts as a transaction pool where amounts are verified and added to the ongoing block under construction, ensuring the integrity of internal transactions.
- Interoperable Transaction Execution Layer: Enabling decentralized handling of transactions, especially when users utilize bridges like Avalanche to move CDT tokens to Ethereum. The blockchain autonomously manages these transactions using a peer-trusted bridge management system, similar to our current bridge code.
- Insurance Subscription Execution Layer: Verifying and approving insurance subscriptions across blockchains in an interoperable manner, ensuring the presence of liquidity on the CheckDot blockchain.
- Mini Scripting for Token Management: Facilitating token management and creation on the blockchain, particularly in handling liquidity and managing it directly from the blockchain (WebAssembly Interpreter).
Additionally, the blockchain will feature a mix of various consensus mechanisms, including Proof of Stake with Proof of Burn for subscriptions and Proof of Confidence for the Interoperable layers.
Transactions on this blockchain will incur substantial fees, emphasizing careful transaction preparation due to its focus on insurance.
This high fee structure facilitates a significant burn rate, ensuring a higher burn rate compared to the generated CDT tokens (while also offering block rewards) with a maximum cap of 10,000,000 CDT tokens.
Finally, the Blockchain will be very slow, with high-capacity blocks. We envisage 24 blocks per day or 1 block per hour, always with the idea of a blockchain dedicated to a specific insurance utility.
The aim here is not to go extremely fast, but to take the time needed to make decisions, especially to run AI models that couldn’t be executed in a few seconds in a decentralized ideology.
As the year draws to a close, we plan to migrate liquidity from the BSC blockchain to the Aptos blockchain on the LiquidSwap Dex. This strategic move aims to reach a wider audience, extending the reach of CDT to new blockchains.
To our community, we wish a fantastic end to the year 2023. Your support has been invaluable, and we look forward to reaching new heights together in the coming years.
STAY SAFE! USE CHECKDOT!
CheckDot Application: checkdot.io
Jeremy, CheckDot CEO.
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Telegram: https://t.me/checkdot
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Website: https://checkdot.io
