Introduction: the people participating in the Blockchain industry falls into three categories. The first is called “coin circle”, which refers to the speculation of currency, exchanges, purses. Etc. The second is the “chain circle” who aim to study how to Blockchain itself used as the underlying technology to develop, the third is the”graphic circle”, which refers to such people who focus on the basic data structure that is based on the DAG directed acyclic graph as a consensus for the Blockchain technology research and development.
Rencent two years, the Blockchain industry is so fruitful that attract so many elite who interested in “coin circle”, “chain circle”, “graphic circle”. Endless imagination of the Blockchain peers brings up and down of the countless, Blockchain projects. Some of them are indiscriminate, and they only manage to rush towards the Blockchain. Finally, they cannot be gone off due to too many problems. In the middle of the rise, it was severely dropped. This phenomenon reflects the fact that people are not completely familiar with the Blockchain, and there are many misunderstandings about its technology and applications. Thus they cannot find the correct development path.
InteValue as a topside of the Blockchain, devoted in the development of Blockchain underlying infrastructure technology. Aims to provide reliable support various Blockchain application. Then push forward the Blockchain practical landing on various fields in various industries. As for the current Blockchain, what’s the innovation of the InterValue?
1. Account for consensus really solved?
As the development of Blockchain technology, there are numerous consensus mechanisms occured in the Blockchain industry. Each of them knows its advantages and disadvantages, and some of them occured in order to solve some specific problem. Nowadays there are kinds of consensus mechanisms: PoW, PoS, DPoS, PBFT. Pow is the Bitcoin mining that people familiar with, rely on the machine to run on mathematical operations to acquire accounting rights. Resource consumption is greater than other consensus mechanisms. PoS is an energy-saving alternative to PoW. Instead of demanding users to find a nonce in an unlimited space, PoS requires users to prove the ownership of the amount of currency because it is believed that users with more currency would be less likely to attack the network, and PoS still need to mine. DPoS, similar to PoS, miners get their priority to generate the blocks according to their stake. The major difference between PoS and DPoS is that PoS is a direct democratic while DPoS is a representative democratic. And the whole consensus mechanisms still depend on tokens, while many commercial applications do not need tokens. PBFT is a replication algorithm to tolerate Byzantine faults. Hyperledger utilizes the PBFT as its consensus algorithm since PBFT could handle up to 1/3 malicious byzantine nodes. PBFT needs to know about the identity of each node to select an accountant for each block, and nodes cannot join or exit arbitrarily, so PBFT is always used in private or permissive Blockchain. It’s high efficiency, but nodes need to fully trust each other.
On consensus issues, we design an efficient and secure double-player consensus mechanisms consisting of HashNet consensus and BA-VRF(byzantine agreement based on verifiable random function) consensus, which supports high transaction concurrency, fast confirmation and building ecosystems.
2. How to improve efficiency?
Long latency and poor performance always a big problem exists in the Blockchain system. Although there has been progress in the Blockchain iteration process, it still cannot meet the elevated demands of the application layer. Bitcoin is designed to handle only seven transactions per second, and Ethereum can only deal with a few more. In December 2017, a simple Cryptokitties application can slow down Ethereum and increase transaction fees dramatically. Today’s consumer applications must be able to handle tens of millions of active users daily. In addition, some applications will become valuable when certain throughput is reached. The platform itself must be able to cope with a large number of concurrent users. Prolonged latency frustrates users and make applications built on Blockchains less competitive with existing non-Blockchain alternative.
InterValue are constantly looking for a more economical form of block linking. Eventually, decide to adopt a new data structure with Enhanced Directive Acyclic Graph (DAG) - HashNet (HashNet, HN) to improve the underlying data storage efficiency.
3. Can InterValue jump off the Bitcoin?
Existing Blockchain projects cannot effectively serve commercial applications. One reason is perhaps that the capacity of Blockchain is limited and the speed of transaction confirmation is very slow. And other important factor is that a single Blockchain project is an isolated value network. The problem of network isolation extremely restricts the potential of Blockchain projects is notoriously difficult to implement.
InterValue as a Blockchain project aiming at the interconnection of value, InterValue realized not only the interconnection of value between its users but also the interconnection of value between existing Blockchain project. The goal of the internet is to change the status that each Blockchain project is independent and realize the ubiquitous interconnection of value eventually. In order to implement cross-chain communication and cross-chain fusion, the InteValue cross-chain technology is adopting relay chain thoughts and implementing the cross-chain communication model as a highest node overlay layer over the basic chain of InterValue. Then it cannot only keep the independence of the cross-chain interoperability but also a bridge to support cross-chain communication functions. Such as cross-chain asset exchange and cross-chain asset portability.
4. Is smart contracts really smart?
Some time ago, Ethereum was attacked because there is something wrong with the contract code. So, some people said that the smart contracts of Ethereum is neither smart nor contract. With a programmable computer language to express a contract, there is a fundamental constraint. Smart contract has to find a subtle balance between the safety and usability. Existing Blockchains are mostly of a monotonous design, seeking the balance between safety and usability under the restriction of a given type of smart contract, and usually cannot guarantee rich user experience and safety various trading demands. To truly design a language for smart contracts, I am afraid that from the very beginning it is necessary to examine how to combine formal verification techniques to prove the correctness of each contract and design verifiability or provability into the structure of the language.
Built upon the smart contract and the Moses virtual machine(MVM). InterValue takes a similar idea as the hierarchical design of the computer storage system and supports both the declarative during incomplete smart contract and the advanced turing-complete smart contract. The users choose between the two kinds of smart contracts taken into account their experience and the trade demands, hence achieve the balance between the safety, functionality, complexity, and cost. The declarative contract is easy to deploy, with a high level of safety and close to legal contract statements. The advanced contract is very difficult to deploy and mostly used for developing the DApp with a logic of higher complexity.
5. How will the Blockchain develop in the future?
Some people said that Blockchain is the most favored advance industry after the Internet and is compared to the new generation of the Internet. Back to the progress of the Blockchain. Our vision of InterValue is to build the internet of value globally to provide the foundation network for Blockchain which supports a wide range of applications in the form of public Blockchain permissive Blockchain and private Blockchain. For a specific application, the data is operated by hash and the value is stored on InterValue chain. All applications. Such as digital currency represented by Bitcoin in the context of Blockchain 1.0, the financial services combined of digital currency and smart contracts under the background of Blockchain 2.0 and 3.0 can be built based on InterValue. As a public chain of Blockcahin 4,0. InterValue also supports more extensive applications. Such as health care, IP copyright, education internet of things, sharing economy, communication, social management, charity, cultural entertainment and so on.
Blockchain 4.0 technologies based on HashNet data structure have gradually attracted attention of the industrial community. The consensus algorithm based on HashNet can achieve a qualitative growth in transaction throughput and scalability. The Blockchain will become the Infrastructure of industry and a consolidation ecosystem which also change people’s lifestyle extensively and profoundly.
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