SIX Network Q2 2023 Summary
August 30, 2023
Table of Contents Introduction Welcome to the Q2 2023 recap of SIX Network. This quarter, SIX Network has made impressive progress
What is SIX Protocol’s Token Autonomy Management System & Why does it matter for the business sector?
Table of Contents
If you have been following SIX Protocol content on our social channels, you might be familiar with our Token Autonomy Management System, one of SIX Protocol’s core structures. As we’re developing the SIX Protocol to be an infrastructure blockchain essential for the business sector, we want to invite you to get to know our core structure a little better.
Token Autonomy Management System? What is it anyway?
SIX Protocol’s Token Autonomy Management System is a part of the core services of the protocol. The system allows businesses to secure their private key on the SIX Protocol Chain. The simple analogy to this is like storing something valuable (private key) in a safe that exists in a place only you can access.
It is worth noting that the private key on the chain can be accessed anytime through the integration of consensus node verification and multi-signature technology (having more than one private key). This way, businesses can rest assured that their private key is secured in the most connected technology called “blockchain.”
Safety for individuals in the blockchain space is our number 1 priority.
It goes without saying that protecting one’s private key is one of the most important aspects, especially for conducting businesses on the blockchain. The private key (or seed phrases) is required for crucial actions on-chain, such as issuing the tokens or deploying a new smart contract for business.
However, the way to store the private key is not secured enough due to many limitations in the real world, such as the private key being damaged or lost. If the private key is leaked, it means the person with the private key can access the supply management directly. Therefore, the Token Autonomy Management System is crucial to help ensure that the private key is secure in the right place with the proper autonomy when used.
What is multi-signature technology? Why is it important?
Multi-signature or “multi-sig” refers to requiring multiple keys to authorize a specific transaction or access to the wallet instead of just one signature from one private key. We can say that utilizing multi-sig will help you protect your funds or business operation since it decreases the risk of having only a single point of failure (private key).
This is very important in business because any process that involves more than 2 individuals, such as using a joint account, will be much simpler yet safer.
Who is it for?
Now that you know about our token autonomy management system and the use of multi-sig, you may be wondering; who is this system for?
The answer is simple. Any business would be suitable to utilize and be benefited from the token autonomy management system! If there’s a process where you and your colleagues need to make a decision on something, this system can help you settle that.
On top of that, the system is also perfect for enhancing the security of the company’s data where only selected individuals can access such information.
What do you think about this? Can you see the possibilities of this system to be used in your business?
Here’s another real-life example:
Let’s imagine that there’s a vault that has two locks and two keys. One key is held by Mr. A, and Mr. B. holds the other one. In this scenario, the only way the vault can be opened is by only having Mr. A and Mr. B’s keys together at the same time.
In conclusion, SIX Protocol’s Token Autonomy Management System is a system that helps you ensure that the private key is secure in the right place with the proper authorization from the right individuals when used.
If you wish to explore how you can step into the blockchain world, at SIX Protocol, we have a team full of experts ready to talk to you. So whether you want to be a part of our ecosystem as a business node or just want to explore future possibilities, we are here for you.
Contact our team here: https://bit.ly/contact-sixprotocol
Khanathat Chowpradith
Web3 Marketer | Passionate Writer | NFTs enthusiast
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