Compared with the original chain CFO Li Zongcheng: a commercial era with Blockchain

On July 10th, at 8pm, Elephant Finance's "Block Chain People Weekly Live Room" invited about the recent hot Styack than the original chain CFO, Bystack node recruiting person Li Zongchong.

Bystack is a main chain multi-side chain BUTXO model BaaS platform pioneered by the original chain team. It helps users to quickly create, manage and maintain enterprise-level blockchain networks and commercial blockchain applications. It has low development cost and deployment. Fast, high performance and scalability, safe and reliable, easy to use and other features, providing a one-stop solution for blockchain capabilities for developers or enterprises.

On the road of commercial application of blockchain, it has been actively exploring than the original chain.

02

On May 15, the Bystack white paper was released.

On June 4th, Bystack officially announced the launch of the node recruitment plan.

On June 28th, the Bystack Flint Project – Consensus Node was recruited by the Global Bank (Beijing Station), Babbitt, the founder of the original chain, the former chain CFO Li Zongchong, senior blockchain architect, BBFT consensus invention Wang Wei, introduced from the perspective of Bystack's development vision, Staking program, and technical architecture.

It is reported that Bystack will recruit 10 formal consensus nodes and 32 alternative consensus nodes. The official node's annual mortgage income is expected to be 10%~60%. The first year of node operation will donate 10 million BTM to the system fund than the original chain foundation. The pool serves as a block reward for both formal and alternate nodes. Any subject that meets the selection criteria can participate in the node election. Volunteers are welcome to participate, together with Bystack, accelerate the application of blockchain, and welcome the commercial era of blockchain.

At present, cobo wallet, fire coin mine pool, OK mine pool, bitter pie, bigONE, BTC.com, ZB, Kucoin have applied to join the consensus node.

Let's listen to what Li Zongcheng shared on July 10th in Elephant Finance's "Block Chain People Weekly Live Room":

03

1. Everyone said that Bystack is a treasure project. Can you first introduce what is Bystack? Where does the word originate?

A: Bytom + stack is the meaning of the technology stack. A main multi-layer hierarchical structure is a stack, and many cloud platforms use this name.

2. The title of the homepage of the Bystack white paper is: “The world's first major multi-side architecture BUTXO model BaaS platform”, can explain in detail what is “one main multi-side”, “BUTXO model”, “BaaS platform”?

A: Bystack is based on the blockchain BaaS platform than the original chain, which helps users quickly create, manage and maintain enterprise-level blockchain networks and commercial blockchain applications.

From the background, Bystack is equivalent to the original BaaS platform; from the front desk, Bystack is equivalent to the DAPP store; from the business model, Bystack is a commercial version than the original chain.

3. What is the relationship between Bytom and Bystack? Since you have Bytom, why do you still want to do Bystack?

A: Bystack is a combination of the main chain + side chain, the main chain is layer1, and the side chain is layer2.

The Layer1 main chain creates a consensus-free environment that is responsible for issuing and destroying assets, guaranteeing decentralization, and is the basis for transaction security and data modification. Layer 2 sacrifices part of the decentralization to greatly improve transaction efficiency and is responsible for running large-scale commercial applications.

4. As a representative project of POW, how can there be POS Staking than the original chain?

A: This is where we innovate. The main chain uses pow, relying on the side chain of the main chain to use POS. The innovative places are mainly reflected in these aspects:

First, Bystack has the innovation of a consensus mechanism. We can summarize the consensus mechanism into three routes, POW, POS or DPOS, and BFT (Byzantine fault tolerance). Bystack is the master of the three routes.

Second, the duality is taken care of. How to balance decentralization and efficiency, Bystack gives his own answer: main chain PoW, side chain DPoS + BBFT. The main chain is responsible for asset issuance, asset confirmation, key data deposits, and asset and transaction security. The side chain is responsible for asset transactions and transfers, ensuring transaction efficiency.

Third, one main side. The main chain is more than the original chain, based on the main chain than the original chain we can access a variety of side chains, and even third-party developed side chains. The main multi-side architecture is flexible and can match different asset-winding scenarios in the real world, such as business points, blockchain games, and equity.

5. Emphasize the application of Bystack, which will be the first application?

A: The typical case is the Business Points Alliance.

Previously, many of the business points alliances failed. The biggest pain point was that the members of the alliance spawned points, causing bad money to drive out good money. The advantage of the blockchain is that it no longer agrees on a fixed exchange rate and determines the exchange rate through market mechanisms. Users can trade spontaneously and integrate points. The point redemption price is determined by the market.

The second is to use the price determination mechanism, which is equivalent to one-click exchange. In accordance with the Bancor agreement, the participating companies of the points alliance agree on the amount of mortgage tokens, supply, and reserve ratio. In the chain of agreements, any party to modify the agreement needs to be open and transparent. The redemption price for different points is calculated by the Bancor Agreement. This is the benefit of a regular chain.

6. The blockchain community consensus is the first. How do users and communities participate in Bystack staking? Can you introduce the Bystack Flint Plan? How will the Flint Project build the community of Bystack?

A: We have a few ideas about the choice of super nodes. First of all, we must hold long-term value. A team with long-term values ​​than the original team.

Secondly, our positioning of the consensus node is an ecological co-constructor, which means that everyone participates in ecological construction, and Deby and other application development based on Bystack, thereby harvesting the multiplication effect.

Finally, the consensus node has other benefits in addition to the Token allocation, such as using the locked BTM for DeFi services based on Bystack. Can participate in the formulation and management of relevant asset rules.

Bystack node recruitment will start, will recruit 10 formal consensus nodes, 32 alternative consensus nodes, the first year of operation of the node will be donated 10 million BTM into the system fund pool as the official and alternative nodes of the first year of the node reward . The annual mortgage income of the official node is expected to be 10% to 60%.

7. Bystack's node campaign has been launched. What is the biggest attraction of this mechanism?

A: The number of token incentives provided is quite impressive. It is 10 million btm a year, and the value of the current market value is 12 million yuan. This should be the biggest attraction.

8. What is the benefit of the formal consensus node and the alternative consensus node? How long will it take to get a reward after becoming a consensus node? Is the income cashed on a regular basis or allowed to be compounded?

A: Bystack will recruit 42 nodes, 10 formal consensus nodes, and 32 alternative consensus nodes. In the first year of operation, the original chain will donate 10 million BTM into the system fund pool as a formal and alternative node.

There will be more than 6 million BTM rewards for each of the 10 official consensus nodes. Each formal consensus node will have 600,000 btm rewards a year. The first 1-10 of the official consensus nodes have the same probability of going out, and the benefits are the same.

9. It is understood that there are already many large organizations such as Cobo, Firecoin Mine Pool, OK Mine Pool, ZB, etc., so how do ordinary users participate? How are user voting rules and benefits determined?

A: Vote for the node you trust.

10. What are the major events in the original chain this year, and what is the project plan?

A: We call Bystack's future plans a Wandering Earth project.

Brake Age (2017~2019): Complete the research and development of Bytom public chain and improve the application ecology of wallet, mining pool, browser and development tools. It is like the base chain of the Bystack planetary engine, which is the core technology infrastructure. What we have to do now is to commercialize Bytom and land it. This is our next job.

Escape Age (2019~2022): Completed the development of Bystack's main multi-side BaaS platform and developer platform, and successfully landed one or two business scenarios with potential market potential of 100 billion. Such as business points, blockchain games, etc. In addition to the market size, they are also very suitable for the BUTXO model public chain.

The first wave of the era (2022 ~ 2025): the realization of the transformation of the asset-up platform to the general blockchain computing platform. Our first step is to achieve asset chaining, without implementing the rule chaining. This requires us to move the matrix multiplication, convolution and other operations to the chain, so that the original chain becomes a real blockchain. A general-purpose computer, not just a distribution platform for assets.

Post-Wandering Era (2025~2028): Realize the transformation of the blockchain computing platform to the blockchain operating system, and support terminal devices such as mobile phones, computers, and Internet of Things to realize the mutual chain of all things.

The New Sun Age (2028~2031): This piece of planning is still meaningless, but our goal must be ambitious.

interactive session

In the interactive questioning session, netizens and guests actively exchanged ideas. We selected some of these questions and Mr. Li Zongcheng’s reply:

Q: Is there any difficulty in technical development compared to the original development process?

A: Technical difficulties are still good. The main task is to dock the landing scene. This is the current priority.

Q: Under what circumstances is the tps of sidechain theory tested? What is the current tps of the test chain in a normal environment?

A: We actually tested it in a 10-node environment. In the most rigorous case, there is 4000tps, which is enough for the current application.

Q: The node has voted so far, it is close to the amount of 100 million locks you said at the time. Is there any heavy project party to participate in the election? How much do you estimate for the final vote?

A: Participating in the node candidates is an important partner for us. They are all heavyweights. We originally expected that there would be a lock-up of 1-2 billion, which is consistent with the expectation.

Q: Is it considered to introduce fragmentation techniques than the original chain, such as zil? Helps improve tps and speed, and also contributes to ecological development.

A: The technical direction of fragmentation is relatively easy at the network fragmentation level. It is very difficult to achieve state fragmentation and transaction fragmentation. It takes a long time to land, and the route of the fragmentation is different from ours. This technical route.

Q: Is there any plan for pledge and destruction?

A: We expect to have a lock of 1-2 billion when designing the staking incentive, which is currently in line with expectations. We have not yet destroyed the plan and will re-plan it according to the ecological development.

Q: I think the nodes are mainly domestic capital interventions. What is the current progress of foreign market expansion than the original chain? What development plans are there?

A: Overseas nodes are also in the process of docking. There will be some large overseas institutions participating in the recruitment of our nodes. We will host a developer conference in New York in August to drive the development of overseas ecology.

Q: The point application of the side chain business alliance depends on the trust between the merchant and the consumer, and the DPOS consensus mechanism for the implementation of the side chain is planned. How to solve the problem of trusting the master node when the business comes to the future, how to make the consumer trust?

A: Our side chain consensus mechanism is the mode of dpos+bbft. If the node has a problem within one third, the security of the book can still be guaranteed.

Q: Although there is Tps, how to solve the point trust of this landing application? If one-third of the nodes confirm that traffic will continue to increase, one-third will be a lot. How can the speed bottleneck be solved?

A: The issuance of points is done in the main chain. It is open and transparent. The main chain issues assets, guarantees the security of assets, and the side chain is anchored and traded in the side chain. Increase trust from openness and transparency. Reducing the number of nodes, increasing the bandwidth, or another side chain to undertake business is the way to solve tps.

Q: Every time the next sidechain is out of a block, is it done by two consensus mechanisms? Not only the consensus confirmation of DPOS?

A: The side chain consensus mechanism only maintains the ledger on the side chain. The pure dpos is slower than dpos+ bbft, so we use the latter.

01

Author: Elephants a sister