The 2019 Global Blockchain Developer Conference will be held in Beijing from August 20th to 22nd. At that time, the leaders in the field of blockchain technology around the world will gather together with the management of the blockchain department in the leading internet companies, blockchain architects and first-line R&D managers. Here, they will have a series of in-depth discussion regarding the topics of Libra impact, the rise of BaaS, the critical boundary of expansion, privacy calculation, distributed storage, and DApp ecological status. As the world’s first distributed e-commerce network, BitCherry will participate in the venue of the distributed economy and will be delivering speeches as part of the event as well.
Momentarily, “how to achieve distributed e-commerce, distributed search, distributed storage” has become a hot topic in the community. Among them, the topic of using public chain technology to ensure the spread of distributed e-commerce is particularly attractive. To achieve this goal, breaking the “Impossible Blockchain Triangle” on the technical structure of the public chain has become a problem that has to be discussed. Only in this way, it is able to meet the requirement of high performance, high availability, security, and scalability requirements of your specific business. In regard to this, the various public chain has done a lot of innovative projects as an attempt. Meanwhile, BitCherry is still enthusiastically trying to break the chain of “Impossible Blockchain Triangle” with a lot of innovations have been made at the technical architecture level.
On the origin of the “Impossible Blockchain Triangle”
“Impossible Blockchain Triangle” is not a conclusion derived from a rigorous discussion. In fact, it is just a summary of the industry’s actual operating conditions for each public chain. Specifically, “Impossible Blockchain Triangle” refers to the difficulty of achieving a satisfactory decentralization, good security system, as well as high transaction processing speeds at the same time. Currently, even the top three popular public chains such as Bitcoin, Ethereum, and EOS are facing diverse issues when it comes to cracking the “Impossible Blockchain Triangle”.
Bitcoin public chain is the most criticized in terms of “transaction processing speeds”, with an average of 7 transactions per second, making it completely unsuitable for a high frequency of transactions and small transfer daily. With regards to this, the Bitcoin Lightning Network solution was introduced. The small amount of frequent transactions are to first go through some branch nodes for storage and calculation, followed by integration and merge into the main chain within a certain period. But, through this way, although the security and decentralization are well taken care of, the scalability is eventually weakened.
From the security prospect, Ethereum is the second largest after Bitcoin. Although Ethereum TPS is slightly higher than Bitcoin, by the fact that it is a smart contract platform, it has a complicated application scenario that caused it to be more prone towards congestion as compared to Bitcoin. Thus, Ethereum has developed Sharding Technology.
Sharding Technology from Ethereum is equivalent to a multiple semi-independent chains, whereby it has a separated transaction history. Due to the decentralization of computing power, the essence of Sharding Technology in Ethereum has become the choice of “decentralization” and “extensibility” while partly will need to sacrifice its security functionality. Meanwhile, for the financial industry, which is currently the most widely used but also the most rigorous in the blockchain, data errors are unacceptable. Therefore, Sharding Technology on Ethereum should have the capability to make the system run. In this design, it is also necessary to consider inter-chip communication, to prevent attacks on monoliths, fraud detection and other issues.
When EOS is being introduced, their biggest selling point lies in its high TPS and strong transaction performance. However, to achieve such TPS, EOS has made great sacrifices in terms of “decentralization”, therefore making it the most questionable among the three major public chains in the aspect of “decentralization”. At the same time, due to the small number of nodes, EOS is the worst among the three public chains when it comes to security.
In this way, when the three major public chains confronted the trilemma of the “Impossible Blockchain Triangle” blockchain, they all encountered various problems. Therefore, the public chain has to take a different approach to technological innovation, and this is where the layered approach has slowly begun to step into the stage.
The Layered approach towards BitCherry technical architecture
The layered approach is equipped with several characteristics. First, starting from business needs, focusing on safety and fairness while not completely decentralized. The other is to let go of the unrealistic mindset on “one chain consumes all” and advocate vertical public chain. Specifically, the entire technical architecture is divided into a public network infrastructure layer and a protocol layer. The chain data structure, the consensus mechanism, the P2P network protocol, the smart contract virtual machine, the cryptographic algorithm and other content are placed in the base layer of the public chain while putting the functions of the side chain and bottom chain calculations into the protocol layer. With the layered approach mindset as guidance, BitCherry will apply the two-stage realization of the industry’s vertical public chain as a goal technically.
The first stage, BitCherry will provide an asset, such that the digital assets in the field of e-commerce will remain safe with an efficient circulation. At this stage, BitCherry will provide a 3000+ TPS, which will be compatible as the smart contracts from Ethereum. The public chain will seamlessly support Ethereum wallets and exchanges, providing e-commerce with a trusted platform for digital assets.
The Second stage, BitCherry will provide a huge public chain environment supporting e-commerce ecology. This huge public chain environment will support the entire e-commerce ecology, allowing the e-commerce operators to quickly achieve the digital operation transformation in the era of the digital economy. By using the trusted ecology provided by BitCherry, there will be a fair and real-time distribution of entitlements between participants in the e-commerce ecosystem, including consumers, stores, operating platforms, digital rights owners, and recommenders. At the same time, there will be multiple e-commerce operators to issue their digital assets and multiple exchanges in this big public chain to enable the digital assets to be exchangeable and works according to the market mechanism. Creating a mutual flow in the sector of e-commerce ecology.
How does the chain network platform meet the business needs of distributed e-commerce?
When BitCherry completed the second phase of the e-commerce vertical blockchain platform, we will start to examine its security, performance, and scalability to discover its advanced features.
By separating the protocol layer from the basic public chain and using the protocol layer to provide various functions, not only can the protocol layer be deeply integrated with the e-commerce industry, but also be optimized in the distributed e-commerce application scenario and improved the platform flexibility, making it easy to upgrade and expand. This could ensure the high scalability of the platform.
Under the main chain of BitCherry big public chain, the use of block data structures, consensus mechanism using POS / POW, to maximize the protection of the main chain security to prevent double-spending attack. Based on this, the security of the main chain is used to ensure the security of the DAG sub-chain. On top of that, Smart contracts are supported on the sub-chain. The smart contract engine will also provide a Turing Complete Engine that supports multiple languages. The whole Bitcherry big chain will be using BCHC as the sales unit of “Gas”, prevent security problems due to Turing’s completeness. In this way, the security of the entire system is also guaranteed.
BitCherry will combine the force of blockchain and DAG technology system to provide a chain system. The e-commerce operators can build an independent e-commerce relationship through BitCherry, with each sub-chain used to support a specific application scenario, and each sub-chain can independently issue digital assets. The sub-chain is mainly based on the DAG design, which increases the concurrency of the transaction so that the TPS on each sub-chain can reach 10000+. So, to replace the single-chain network chain, the TPS from the entire BitCherry could easily reach one million. As a result, the high performance required for distributed e-commerce is also guaranteed.
For now, the public chain project proposes a variety of technological innovations to meet the business needs of the vertical industry. When making choices in the face of these technological innovations, BitCherry choose to set off from the business requirements to balance the relationship of “Impossible Blockchain Triangle” This kind of application based perspective has generated certain thoughts towards decision making on the technology which is a very worthy reference in the industry.