Newton Celebrates its Second Anniversary and Ecosystem Prosperity
The Newton Project was officially started in January 2018, and its high-performance main chain NewChain was launched on December 18, 2018. NewChain has now been operating securely for a year, with over 5 million transactions and a block height of over 11 million. As the Newton infrastructure continues to improve, its ecosystem keeps growing.
Over 650,000 NewIDs
Today, on the first anniversary of the NewChain launch, and the second anniversary of the project, there are more than 710,000 NEW addresses and over 650,000 NewIDs. NewIDs refer to the distributed IDs (DIDs) of the Newton community. After creating a NewPay wallet, users fill in the invitation code and create the NewID after cell phone verification. It takes 100 NEW to create a NewID, which prevents malicious registrants from getting NewForce. NEW spent to register NewIDs are collected by NewTax, to be used for future ecosystem incentives. NewIDs are used to jointly log onto Newton ecosystem DApps.
Creation of a Human-Machine Community
Newton was the first to mention the concept of a “human-machine community.” In a free, open, and P2P environment without intermediaries, blockchain can automatically produce trust. In this system, the world of bits is best owed atomic attributes. It can create property rights and scarcity, turning data into wealth. The combination of technologies including IoT and AI can build trust and cooperation between people and machines, and create incentives. Any person or machine can become a node and link up to form a human-machine community. The NewForce of a node is calculated by comprehensively evaluating its credit and tokens, forming a measurement system. They can then earn rewards according to their contributions.
The Newton community currently has about 50 human nodes, each of which may promote Newton or start ecosystem DApps based on its technology, to jointly promote the ecosystem.
For now, to ensure system stability and ease of upgrade and maintenance, machine nodes are hosted by the Newton Foundation. During this period, they do not receive NewForce or daily NEW issuance. In the future, machine nodes will be elected according to rules to be announced at that time.
Advanced PoA Consensus Mechanism
In the blockchain ecosystem, the bookkeeping machine nodes contribute to maintaining the ledger and should be rewarded. Most projects do not consider individuals’ contributions to the ecosystem, though, or how to reward them for doing so. Newton’s Proof of Action (PoA) consensus mechanism covers both machine and human nodes. Based on this mechanism, human behaviors such as promotion, shopping, human nodes operations, and voting earn rewards. This more extensive definition of mining allows a more diverse pool of individuals to participate in ecosystem construction, reflecting advanced top-level design.
On-chain NewMall Data Creates a Business Model where “Everyone Contributes, Everyone Benefits, and Everyone is a Shareholder”
The Chain commerce mall NewMall is Newton’s first practical application, uploading data on user relationships and purchases to the NewChain public chain. These become personal digital assets and earn users NewForce and Gravity, and subsequently NEW.
On NewMall, there are no giant intermediaries, and the costs for merchants are extremely low. Consumers automatically earn NEW through their purchases, and can also recommend merchants to the platform. They earn rewards for each item that merchants sell, and can also earn more through NewPay and NewMall’s incentive system, by referring others to shop on NewMall. The platform is owned by its participants, breaking down the line between “platform” and “company” to truly build a business model where “everyone sells, everyone promotes, and everyone is a shareholder.”
Launch of NewFund
NewFund is an important part of the Newton ecosystem. Its global investments allow Newton to power the real economy, and give NEW real value, linking real and digital value to create a completely new business model.
NewFund is managed by Saichuang Gravity Capital, a NewOrg jointly initiated by Lvke Sairong, Wanqi Group, and the Newton Foundation. Currency rights are calculated by the NewForce produced by participating in the partnership node. Participants operate through NewPay, control their own private keys, and exit and distribute income through smart contracts, which is more efficient than how traditional equity funds operate.
The objective of NewFund is to power the traditional real economy. It mainly selects real economy projects for investment, reflecting the value of the traditional economy through NEW, while also creating liquidity for the Newton ecosystem.
In contrast to traditional investment funds, not only can Newton users invest directly by themselves, becoming limited partners in the fund, but they can also jointly build the community by finding high-quality investment targets.
NewFund cooperates with Miaocaiwang on Tax filed
The current tax payment process is cumbersome, and has high time and labor costs, especially for SMEs. In addition, some taxpayers have poor awareness, and the annual tax losses caused by evasion and irregular invoice management exceed RMB 300 billion.
Miaocaiwang, established in 2014, uses advanced internet technology to provide comprehensive taxation services to companies, institutions, and individual users. It has strong profitability and growth.
Miaocaiwang uses the idle state-owned offline resources of postal service branches, distributed everywhere from cities to villages, to handle invoicing and taxation. Online, using its own app and on Tencent WeChat, it works with companies’ WeChat accounts to provide mobile WeChat terminals for electronic invoicing and taxation channels to facilitate tax payments. With its support, taxpayers can use their personal ID numbers as temporary tax payment registration numbers. Companies can pay taxes on invoices without a cumbersome registration process, saving processing fees and time, and also increasing tax revenue.
On October 31, 2019, NewFund signed a cooperation agreement with Miaocaiwang to use Newton blockchain technology to upgrade its taxation services. Blockchain invoices based on the anti-counterfeiting features of NewChain can completely solve the problem of repeated reimbursement for electronic invoices. Combining the Newton ecosystem and the Gravity points accumulation system with NewOrg can link shareholders’ rights with the Newton ecosystem, creating a new development model for Miaocaiwang.
Transaction data forms the bases for digital assets, which in China, is reflected in invoices. Powered by the Newton blockchain, Miaocaiwang can further improve basic transaction data services, improve the business environment, and deepen the integration of technology and finance to benefit the people and increase tax revenues, achieving a beautiful vision of highlighting industry advantages and foresight.
Wanqi Mall and Saichuang Garden DApps form Practical Newton Ecosystem Applications
Wanqi Mall is a Newton ecosystem application similar to NewMall. Wanqi itself has over 100,000 users. It has shared its users with the Newton ecosystem, and uses tools like NewPay so that personal relationship data can be monetized.
Saichuang Garden is an industrial incubator under NewFund. It selects high-quality projects for investment so that Newton can power the real economy, giving NEW real value, linking real and digital value, and creating an innovative new business model. The Saichuang Garden DApp has been launched on the Miaocaiwang miner.
In addition to its applications in retail and taxation, NewFund is also tracking projects such as Fushuo Technology and Travelog, and is also designing similar projects for cooperation to empower the real economy and enrich the ecosystem.