Delta ID Coin is a new altcoin developed for timestamping systems

London-based investment firm Delta Enterprise Management is developing a blockchain for timestamping, which it calls Delta ID Coin. Douglas Millard of Delta Enterprise Management told Cointelegraph in a private conversation on Nov. 21 that the new feature will allow the company to issue digital currencies similar to the Bitcoin blockchain to registered users.

Timestamping on the blockchain

Timestamping on the blockchain is nothing new in the world of cryptocurrency, but for those who are entering this ecosystem later, it should be explained: As the infrastructure of most cryptocurrencies, the blockchain is basically a public ledger that records transactions.

However, in addition to the current Bitcoin (or altcoin) transactions, the ledger also allows for a certain amount of additional data to be recorded in each block. This allows for the storage of proof that something happened at a certain exact time. This could be the transfer of land ownership, the publication of a book, a gift you gave your girlfriend or even just a bet between friends. Virtually anything you can think of that took less than half an hour to be stamped with a precise time stamp on the blockchain.

This method of recording has two advantages: first, it is affordable because everything can be stored using simple and cheap Bitcoin transactions; second, since blockchain technology is distributed and unmodifiable, no one can tamper with the recorded data.

However, there is a limit to the amount of data that can be added to any bitcoin transaction, so to address this issue, other solutions, often called “sidechains,” need to be found to mitigate the bloat of the bitcoin blockchain.

It is not another altcoin

From the little available information, it seems that the Delta ID coin will represent customers of Delta Enterprise Management and allow them to obtain a certificate by storing their coins (just one) in a personal Bitcoin address.

One of the first applications of the Delta ID coin will be the registration of car parking spaces at Gatwick Airport, making it a solution for a real-world use case.

Douglas Millard from Delta Coin explained:

“The Delta ID coin is a token that Delta Enterprise Management is considering creating, which is developed using the Omnilayer platform on top of a Bitcoin blockchain similar to Counterparty.

The Bitcoin blockchain will be used for timestamping, we are not an altcoin competitor. The plan is to use Bitcoin addresses as tokens to store Delta ID coins, and the ID tokens issued to customers will not contain personal information. Customers must first provide KYC information to DBM before the ID coins will be sent to a Bitcoin address of their choice, and they will be able to receive the returns generated from their investment.”

Omnilayer has been adopted in several projects in different countries and it is a reliable and unified platform.

At the time of writing, Delta Enterprise Management has not announced an official release date.

Original article: http://cointelegraph.com/news/115703/delta-id-coin-new-utility-altcoin-developed-for-timestamping-system
By Marco EGMaltese
Translator: Peterhon
Reward address: 16V6PW9wu1pFVb1R3LiGJKEwZAFHu9MMtA
Editor: printemps
Source (translation): Babbitt Information