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Introducing the first software based on the Android operating system of the Iranian POW device on the Lightning platform is one of the good news these days. Which shows that Iran and Iranian experts are always looking to keep up with the latest technology conditions in the world. This software can be installed on all phones based on the Android operating system. An application that allows you to buy a store with Bitcoin digital currency. In the 8th Exhibition and Congress of Network, Energy and Smart City in Istanbul, Turkey, 20 Iranian knowledge-based companies had a large presence. Iran house of blockchain knowledge base Company presented other technological advances in the not-too-distant future by presenting the third generation of Domestic digital currency CTM teller machines and the first Bitcoin POW Android software in this exhibition.
What is POW and POS?
There are two general algorithms for encrypting digital currencies. As you know, Bitcoin is a digital currency based on POW or PROOF OF WORK. Proof or Work is a comprehensive algorithm designed to increase the security of the Bitcoin blockchain network and reduce the possibility of hacking to a minimum. In this method, extraction by miners and the use of powerful hardware is discussed. Although it consumes a lot of power, the security of this consensus algorithm is very high.
In opposite three are the POS-based currencies or PROOF OF STAKE. In this type of currency, there are no more miners and validators are present. These creditors sell coins in shares. Currencies such as Atrium and IAS are examples of POS-based currencies.
What is Android POS software and what its benefits?
Now Android POS software is an application that can be installed on the Android operating system with which you can perform bitcoin transactions. The advantage of this program over similar global examples is that it immediately transfers the transaction to the destination wallet. Reducing transaction time is one of the strengths of this device.
In addition, there is another important advantage for this Android POS software of Iran Blockchain Company, and that is that you can buy bitcoins with very few currencies. This means that with one dollar you can buy the equivalent of bitcoin. This is very important for countries where the value of the current currency is lower than other currencies. On the other hand, it has made it possible for the public to save from the popular digital currency Bitcoin.
Sidelines of the unveiling Iranian digital currency POS machine
Ali Zanjani, senior manager and vice chairman of the board of directors of Sobhan Blockchain Knowledgebase Company, said that the introduction and presentation of the Android POS digital currency device paves the way for communication and interaction with other countries. What was presented at the Turkish Technology Fair provides a good infrastructure for entering the field of cryptocurrency technology. The digital currency Android application has made it possible to synchronize and perform large and small transactions on the Lightning platform. At the end of each transaction, customers are given a token as a gift that can be discounted in subsequent transactions.
Overseas vision and readiness to keep up with the world鈥檚 new financial systems is one of the main characteristics of knowledge-based companies. Or in near future, we will surely see other positive and good news in the field of blockchain technology.