//How to make Wealth Management trustless? Wealthman platform.

How to make Wealth Management trustless? Wealthman platform.

The most widely known technology for the development of trustless applications is the Blockchain. The Blockchain is a ledger that can store data in the precise chronological sequence of its creation and is able to protect it from forgery. This is possible due to the fact that the correct version of the database is determined by a consensus of the majority of network participants.Simply put, a client doesn’t have to trust a party which maintains the database in order to trust the whole system because the system is controlled by many participants that are incentivised to approve correct transactions, which are added to the database.Applications that built on the blockchain are called ‘smart contracts’ and inherit the trustless feature. Smart contracts allow you to store assets, calculate the optimal investment portfolio and exchange assets within the network. Being essentially conventional programs, they do this absolutely responsibly, autonomously, automatically, securely and confidentially. Although each smart contract is supported by thousands of nodes, no one can get access to the assets without a private key. The private key is known only to the owner of the assets and reliably protects them. The process of hacking a private key consumes energy, and this is a quadrillion times more expensive than the potential benefit.Although the blockchain allows such processes as reconciliation of a portfolio, asset storage and asset exchange to be made trustless, it fails to execute all processes efficiently. Firstly, the blockchain is a very expensive technology on which to perform the calculation of an optimal portfolio or to store large amounts of data. Secondly, the investment process cannot be considered trustless without solving the problem of avoiding the need to trust the party that inputs the data which an advisor or a robo-advisor uses to make decisions.To find a solution to these issues, the developer community has already initiated a number of projects. The Wealthman protocol is one of them. It is focused mostly on implementing trustless wealth management, whereas others provide technologies on quite narrow tasks. The Wealthman team is engaged in the development and integration of a stack of protocols and micro-services facilitating the building of trustless wealth management services.For additional information, please visit: wealthman.io

The most widely known technology for the development of trustless applications is the Blockchain. The Blockchain is a ledger that can store data in the precise chronological sequence of its creation and is able to protect it from forgery. This is possible due to the fact that the correct version of the database is determined by a consensus of the majority of network participants.

Simply put, a client doesn’t have to trust a party which maintains the database in order to trust the whole system because the system is controlled by many participants that are incentivised to approve correct transactions, which are added to the database.

Applications that built on the blockchain are called ‘smart contracts’ and inherit the trustless feature. Smart contracts allow you to store assets, calculate the optimal investment portfolio and exchange assets within the network. Being essentially conventional programs, they do this absolutely responsibly, autonomously, automatically, securely and confidentially. Although each smart contract is supported by thousands of nodes, no one can get access to the assets without a private key. The private key is known only to the owner of the assets and reliably protects them. The process of hacking a private key consumes energy, and this is a quadrillion times more expensive than the potential benefit.

Although the blockchain allows such processes as reconciliation of a portfolio, asset storage and asset exchange to be made trustless, it fails to execute all processes efficiently. Firstly, the blockchain is a very expensive technology on which to perform the calculation of an optimal portfolio or to store large amounts of data. Secondly, the investment process cannot be considered trustless without solving the problem of avoiding the need to trust the party that inputs the data which an advisor or a robo-advisor uses to make decisions.

To find a solution to these issues, the developer community has already initiated a number of projects. The Wealthman protocol is one of them. It is focused mostly on implementing trustless wealth management, whereas others provide technologies on quite narrow tasks. The Wealthman team is engaged in the development and integration of a stack of protocols and micro-services facilitating the building of trustless wealth management services.

For additional information, please visit: wealthman.io