We are testifying the deficiency of implementation of blockchain technology. To understand why it is happening we have to realize that blockchain is still a very young technology. A large number of small, medium or even large enterprises still do not know or understand the possibilities of blockchain technology and how it can significantly enhance their business process and competitiveness. All new and revolutionary technologies have experienced a similar problem when the market is still not ready for the implementation. Maybe the best example is the Duryea brothers who invented the first motorized vehicle in 1983. Even the technology is revolutionary and we have seen the impact it has in the 20th century, they managed to sell only 13 of them! The main reason was that the market was simply not ready due to the lack of infrastructure. Something similar is happening to blockchain technology. We can compare it with relational databases to some extent. Today, everybody knows what are relational databases and you cannot find any enterprise that is not using them. But, relational databases are in use for more than 30 years and business enterprises have time to adapt and use it in full potential.
What is the Prometheus project?
The idea behind Prometheus is somehow simple but very elegant and can have a humongous impact on the blockchain implementation. As we have previously stated that today every business enterprise is using databases in their business process, Prometheus has developed a software which enables the transfer of the data from the database to a blockchain. Users can connect to their database, select the desired data and transfer it to a blockchain. They can choose between the private blockchain or Ethereum, Stellar, Neo or Cardano. With Prometheus, they can easily integrate their business with the blockchain. Even the reverse process is possible. Users can transfer the data from the blockchain to a database or even an excel sheet. Here is the video demonstration of transferring the data from the database to the Ethereum blockchain.
As you can see in a just few click data is transferred to a blockchain and business enterprises have become a user of blockchain technology and they can start using all the benefits in improving their business processes.
Any enterprise with the need of the blockchain technology, who will benefit from increasing the trust will be able to use it. There will be no need for them to create specialized blockchains that will satisfy their needs. That can be extremely expansive and time-consuming. With the Prometheus platform, they will be able to do it effortlessly and what is most important affordably. Imagine a university that transferred all the grades to a blockchain with the Prometheus platform. All grades will no more be susceptible to manipulation in only a few clicks. Or a pet sale enterprises who have moved all their data to a blockchain. Customers will trust them with all pets pedigrees. Implementations of this new technology are truly countless.
Protection of the ICO participants
We have all witnessed the ICO craze during 2017 and 2018. Unfortunately, a large portion of crypto/blockchain projects during it was a blatant and shameless scam. That lead to the current state of the crypto market where the community is demoralized because there was practically no safe space as the markets crashed. Fortunately, Prometheus is more than aware of that, and according to the Prometheus website, they have implemented the protection of the ICO participants that have not been seen yet. Ethereum returning via smart contract if the soft cap is not passed is more then welcomed and it is something that should be an industry standard. Moreover, returning Ethereum via smart contract if the soft cap is passed if the development of the project is not going according to the road map is truly exceptional. 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 not but their dedication to developing the Prometheus platform and transparency of the team.
We’ll be eagerly waiting for more news about this promising project.
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