TYCHE design goals: The Smarter World

A distributed network for the Smart World. Tyche will be the temporary name to be mentioned in this document for the distributed network which is yet to be formally named after Angel Investment is over.

TYCHE is the use of blockchain technology to digitize assets, the use of smart contracts for digital assets to be self-managed. These will be inherited from Ethereum on top of which TYCHE will be built. Our focus will be to build an open source technology inheriting the best of Ethereum and blending with digital identity and digitising the physical real world processes with “Non-Autonomous controlled applications and organizations.” These will seamlessly integrate into the broader “full” network of decentralised applications and autonomous organizations to achieve “smart world” with a distributed network.

Digital Assets

Digital assets are programmable assets that exist in the form of electronic data. With blockchain technology, the digitization of assets can be decentralized, trustful, traceable, highly transparent, and free of intermediaries. On the TYCHE blockchain, users are able to register, trade, and circulate multiple types of assets. Proving the connection between digital and physical assets is possible through digital identity. Assets registered through a validated digital identity are protected by law.

TYCHE has two forms of digital assets: NWA(Network Wide Assets) and NAA(Nodal Area Asset). NWA  can be recorded in the system space and can be identified by all smart contracts and clients. NAA are recorded in the private  area of the smart contract and require a compatible client to recognize them. NAA have their own rules but they have their presence on NWA.

Digital Identity

Digital identity refers to the identity information of individuals, organizations, and other entities that exist in electronic form. The more mature digital identity system is based on the PKI (Public Key Infrastructure) X.509 standard. In TYCHE, we will implement a set of X.509 compatible digital identity standards. This set of digital identity standards, in addition to compatible X.509 level certificate issuance model, will also support Web Of Trust point-to-point certificate issuance model. Our verification of identity when issuing or using digital identities includes the use of facial features, fingerprint, voice, SMS and other multi-factor authentication methods. At the same time, we will also use the blockchain to replace the Online Certificate Status Protocol (OCSP) to manage and record the X.509 Certificate Revocation List (CRL)

Smart Contracts

TYCHE will inherit the Ethereum smart contract system and TycheContract will be backward compatible with Ethereum.

TycheConnect : The Internet of Blockchain
*TycheConnect is a protocol that implements cross-chain interoperability.

TycheCash : The Anonymous “Cash” on the TycheNeXT Ecosystem
*Stay tuned for the full details … .
*This sub-blockchain has already been implemented as CryptoNote implementation. For details visit BitcoinTalk