Even though there are thousands and thousands of cryptocurrencies, we cannot say that small, medium or large enterprises have implemented the blockchain technology. The main reason is the lack of current blockchain infrastructure. There are countless real use cases where blockchain technology could significantly improve the business process, or where it could create completely new industries. But, we are not witnessing that. It is simple to expensive and time-consuming to create specific blockchains that will satisfy their needs.
Prometheus has come up with a simple but elegant, and what it seems might be a revolutionary solution. Every business is using relational databases. They are an industry standard for more than 40 years and everyone is familiar with them. Prometheus has created an MVP which enables users to connect to their databases and transfer the data to the desired blockchain. With only a couple of clicks, their data will be stored on the blockchain and it will be no longer susceptible to manipulation. They will become the users of blockchain technology and what is more important they will do it effortlessly and affordably. They can choose between the private blockchain or Ethereum, Stellar, Neo or Cardano. Even the reverse process is possible. Data can be transferred from the blockchain to a database or even to an excel sheet. Here is a video demonstration of Prometheus’ MVP that will be a foundation of their future platform:
As you can see the whole process is simple, fast and convenient. And what is important it will be affordable. Prometheus is claiming that the fee will be only $1 per 10,000 transactions.
Protection of the ICO participants
During the unimaginable hype in the second half of 2017 and in most of 2018, we have witnessed the ICO craze. Everybody was dreaming of their crypto unicorn and multiple gains. Everything was in green, and even after the 1st crash in early 2018 ICO’s haven’t stopped. Unfortunately, lots of scammers take advantage of the situation and in combination with the crash in 2018, it leads us to the current state of the crypto market where users are demoralized and there is practically no safe place. Good thing is that Prometheus is aware of the situation and they have implemented high protection of the ICO participants. According to the Prometheus website, there are two levels of protection.
The first level of protection is common and clear to most of the crypto community, and it really should be the industry standard. If the soft cap is not passed Ethereum will be returned via smart contract.
But, the second level of protection is something that has not been seen before in the crypto space. They will return Ethereum via smart contract if the soft cap is passed and if the development of the project is not going according to the road map. They have implemented an ICO functionality that any participant in the ICO can vote for an independent 3rd party supervisor who will monitor if the development of the platform is going according to the road map. If they fail to deliver they will return the Ethereum via smart contract. This shows nothing but their dedication to developing the Prometheus platform and transparency of the team.
It seems that the Prometheus is a project which has a good foundation and it is definitely a project to watch in the further months.