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16.09.2019

What do we need blockchain for in SkyWay projects?

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The basis of SkyWay economic model is a SWG token that interacts with every rail, every sensor, every turnstile and user’s mobile device. A token, like a slug or a ticket, is used to pay for travel, and also helps to distribute profits proportionally among all interested parties, including investors who have contributed their funds in SkyWay technology.

We combine the lines and infrastructure of different owners into a single transport network: these may be national and private companies that are not related to each other, owners of rolling stock, railway stations or track structures.

The relationship of participants is regulated as follows: payment made by passengers is distributed with the help of smart contracts among all those involved in a section of a route on which a person was traveling, in accordance with the rules of the network operation.

A smart contract is a contract written in a programming language. No action is needed to implement it. This is a kind of an algorithm that guarantees the mandatory performance of promises. Don’t think that this is something ephemeral; well-known corporations have long been using it to show customers the transparency of actions.

For example, Alibaba, the world’s largest online B2B trading platform, has invested $18 billion in the development of smart contracts for logistics. The essence is as follows: a GPS-sensor is installed on a container with goods. It will transmit the exact location of the cargo, and when the cargo arrives from point A to point B; payment will be automatically transferred from the customer’s account to the contractor’s account. While the goods are in transit, payment is “on deposit” at the smart contract.

Who can be «involved» in a route section?

SWG tokens based on smart contracts will be constantly used for reciprocal payments between users and organizations. And, if, for example, section 1 of line 1 is under repair, its owner will not receive funds for its use from the carrier company, the same owner of the section will not pay for the use of the station, because no one traveled on his route. And the owner of the station, in its turn, will cover the land lease at the expense of other users.

Why does SkyWay need blockchain?

1. Blockchain solutions will directly help investors to track where their funds will be spent in the future and understand how their profits are formed.

2. With the emergence of new participants in the transport infrastructure, the blockchain will allow to avoid bureaucratic delays and confusion with the distribution of funds.

3. Blockchain allows to link together transport solutions, communications, energy, documents circulation, reciprocal payments for the provision and consumption of services, as well as the use of infrastructure, and to make these business processes as transparent as possible and reduce risks to a minimum.

In fact, blockchain technology is also a way to improve the safety of SkyWay transport systems. Because special authenticators are sewn into the rails, they react to the vehicles moving on them. That is a unibus, which is preparing to ride on this or that route, can check the accessibility of this route section in advance (maybe it was suddenly closed for repair?) and quality of rails. Its controller continuously requests the public keys of authenticators.

If the signature corresponds, the rail features are checked via the public register that is implemented on a smart contract: whether the rail has passed the necessary certifications, whether the guarantee is still valid, whether it is compatible with the vehicle; other parameters are also checked. It is detected to which section the rail belongs, and what the characteristics of the section are: maximum speed, turning angle. But, the most important, whether the section is functioning, whether there are no accidents on it.

A similar checking is carried out with respect to the vehicle: the post reads out data on the status of the vehicle, on observance/non-observance of maintenance schedule, on compatibility with a certain section of the track. The system also checks whether the vehicle is assigned the possibility to travel on a certain section.

How is the distribution of funds done?

The entire transport network does not belong to one person or company. This is a community, where there are many different service providers, carriers, maintenance and repair organizations. And all of them should make reciprocal payments with each other.

The use of blockchain technology and smart contract provides avoiding endless bills, delays and so on. Processes are automated. For example, all vehicles have electric power meters installed to record how much power they used up and how much they returned to the grid when braking. Respectively, the difference is paid by either the electricity supplier or the vehicle owner. Depending on whether more is spent or added. And it is so with respect to all interactions: movement on different sections of the track, visiting the VIP room at the station building, etc.

It’s basically like a game of Monopoly. You have a «factory», everyone who passes through this box pays you. The neighbor has a network of cleaning companies; you pay him out of your income for the mandatory weekly cleaning of the factory. And so on. Just imagine now that you would not have physical money, and all actions would have to be performed not by yourself, but they would be performed automatically with the consent of the user.

Where does money come from?

Suppose that they decided to build a section of route in region N. Several offers will be prepared for a customer. They will differ in the cost of project designing and construction, as well as in the methods of financing. For example, the administration of this region invests itself part of the funds, a little more is invested by SkyWay Group of Companies, and the rest is contributed by private investors through STO. Accordingly, the tokens are distributed in proportion to the contributions between all participants in the construction. And then all participants receive income proportionately, too.

Thus, a targeted project appears. It will also have its own tokens, for example, SWX. They are different from SWG tokens. They are called security or investment tokens. You can buy them for regular money, SWG tokens or other cryptocurrencies.

You probably have a question arising, «How will the demand for these tokens appear at all, if it is still an internal «coin»?» It’s simple, you can deposit funds in dollars. And you will receive the appropriate number of shares for your $ 1,000. But, if you buy SWG tokens at the stock exchange for the same thousand dollars, their number will be equivalent to $1,100.

Let’s sum it up. There are SWG tokens – this is an internal «coin» with which you can pay for travel, buy a security token of a targeted project and receive dividends in the targeted project. And there are smart contracts that provide transparent mutual payments between all participants of SkyWay project. These two elements are the basis of SkyWay economic model.

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