On November 8th, the “2019 World Blockchain Conference • Wuzhen” hosted by Babbitt was officially opened. The conference gathered more than 100 global blockchains, digital assets, AI, 5G experts and scholars, and technical geeks. Opinion leaders and founders of popular projects, with the theme of “application unbounded”, explored the application of blockchain, technology frontiers, industry trends and hot issues, and promoted blockchain technology and industrial innovation.
Quarry Chain's chief commercial officer, Yang Yaodong, delivered a keynote speech on "Industrial Application of High-Performance Heterogeneous Alliance Chains".
Highlights of the highlights:
- Wuzhen·BKEX (coin guest) CEO Ji Jiaming: How to make digital asset circulation more valuable
- The most academic taste, the average age is the smallest, Wuzhen this technology forum has come to more than 200 college students worldwide!
- Wuzhen·Bai Shuo: To compete with Libra, we need to establish a legal digital currency system.
- Wuzhen·Zhu Xi, Da Yu, Zhang Li, Dominic on Wuzhen, who is the future of POW and POS?
- Wuzhen·Conflux CTO Wu Ming: Making the “impossible triangle” of the public chain possible
- CGTN Tracks and Reports World Blockchain Conference·Wuzhen: China will be the frontier of blockchain technology development
- The benefits of blockchain: A. Provide good security; B. Distributed governance model; C. Open and transparent.
- Constraints of blockchain: A. Security issues; B. High participation costs; C. Low performance; D. Poor expansion capabilities.
- High-performance public chain needs to meet: A. high throughput; B. low threshold; C. security assurance; D. flexibility.
- As the earliest blockchain application, Bitcoin has many advantages, but it can not meet the ever-expanding application scenarios. Therefore, it is suitable for different application scenarios, private chains, and alliance chains.
- A separate coalition chain is actually a retrogression. A heterogeneous alliance chain group is proposed based on two basic protocols: Boson Consensus and Proof of Staked Work. Among them, the boson consensus solves heterogeneity, and the pledge workload proves to solve the security. Combine Pow and PoS, the first Po5w.
The following is the full text of the speech, Babbitt finishing:
Dear guests, good afternoon everyone!
I am Quark chain scientist Yang Yaodong, and today we share our thoughts on the next generation of technology.
My title is "Intermediary application of blockchain technology, universal service, real economy, high-performance heterogeneous alliance chain". In the speech of Xi Da, I hope that there is a better combination of blockchain foundation and physical mature business. It has truly become the core source of power for the next step of China's economic growth. How do i do this? There are a few points in my sharing today: First, let's talk about the difficulties, that is, what obstacles are there in the application, and let's talk about the solution, that is, the simple exploration we made.
First look at the benefits of the blockchain. In simple terms, it can be summarized into three pieces:
- Provides good security. The blockchain is based on modern encryption technology and cannot be tampered with. Bitcoin has resisted various attacks in the past 10 years. Bitcoin has been running for 11 years in a relatively difficult and relatively low security environment, proving the security of the technology. It is conceivable that a large network of assets is maintained by a bank and may provide a large amount of money each year to maintain security, while each node of the Bitcoin network is very low compared to banks.
- Distributed governance model. It has a natural design of cryptographic economics that promotes or supports the participation of more people and continually explores new governance models.
- Open and transparent. Everyone knows that blockchains go to intermediaries and trust, and they can use public methods to make people have no trust crisis and easy to build trust.
We have such data, from the rapid growth of wallet users in each quarter from 2016 to 2019, we can feel that the blockchain is making more connections with everyone and entering thousands of households.
But how many people actually landed, but also question marks. As for landing, it also comes down to the problems of unsafe, high participation costs and low performance.
But just said bitcoin security, then where does its insecurity come from?
1. Security issues. Bitcoin gold was attacked in double flowers in May 2018, losing $18.6 million in assets. In recent years, ETC (Ethernet Classic) has also been attacked by double flowers, with a loss of nearly $1 million. These two projects are actually big projects with quite a few audiences, but they will all be attacked. In other words, the security of many projects that are already on sale or already in use is actually a question mark. Bitcoin can operate safely for 11 years. Can the current project run for 11 years? To ask questions, security is a constraint.
2. High participation costs. We just said that the benefit of the blockchain is that many people can get involved, and it has a distributed approach. But if you really want to get involved and want to participate deeply in the past, its cost actually has to be calculated. Let's take two examples: EOS uses the DPoS algorithm. The EOS node costs $230,000 a year, making it impossible for ordinary individual users to become nodes, and the requirements for block producers are even higher. We use Taifang to measure. The current hash value of Ethereum is about 160Th/S. We communicate with blockchain producers. They think that there is a 1/1000 computing power to enter the network. Producer, but this requires 5366 NVIDIA 1070 graphics cards, which are not available to ordinary people. To become a block producer, not only must we have the funds and money to buy equipment, but we can still choose these 23 nodes and ask questions. So when the blockchain just came out, the environment is very fair. After years of evolution, you have to be more and more demanding whether you want to be a node or become a block producer. Conversely, the cost and threshold of participation are getting higher and higher, which becomes a big problem.
3. Low performance. We want to use it, the biggest constraint is the low performance. Speaking of TPS, let's take a look at the data, Bitcoin 7TPS, Ethereum can handle 15 transactions per second, EOS just out to say 1 million TPS, but daily is a few hundred TPS, this year's Libra is said to reach a thousand TPS, Is it enough? Of course not, we see the demand side, Alipay in the double 11 can generally provide more than 200,000 TPS. Director Mu mentioned that if the central bank does such a project, it will be more than 300,000 TPS to meet the daily use. Low performance is not just a lack of throughput. It is only one aspect, and other problems will follow. The blockchain is just a distributed ledger. Each node records the account. The original TPS is relatively low. If your TPS is 100,000, you have to run for ten years and the account book is very large. Next, how to store such a large book? This is the challenge. The current book size of Bitcoin and Ethereum is now acceptable for ordinary computers, but its TPS is on the order of 10. If one day TPS increases several times, this book is very large. Can a personal computer be a bookkeeping tool? To make a question mark.
4. Poor expansion ability. At present, the public chain, the alliance chain, and any one chain use only a single consensus, that is, the virtual machine's certificate model. If we look at a project white paper, whether it is a coalition chain or a public chain, we will generally discuss four issues from the beginning: how to use the contract, what is the virtual machine, what is the consensus mechanism used, and what is the book format. What is the final stop-and-go model? We can understand it as the four attributes of the chain. At present, each chain has four unique attributes, and the constraints often only meet the specific needs of one field, and are not universal.
If we want to build a truly high-performance public chain, or a blockchain that can be used, it is not necessarily a public chain, but a group of alliance chains can be combined to meet the needs of a specific industry. There are such performance requirements:
- Can meet the hundreds of millions of users of the market, it probably requires tens of thousands or even more than 100,000 TPS throughput, requires very low latency, as well as storage of T or even P data;
- There is also a very low threshold, and participants must be able to easily participate in the network or launch the network according to their own circumstances;
- There are also security issues, which must be guaranteed. If the network is not secure, it is meaningless to talk about anything else;
- In the end, there must be very good flexibility to meet a variety of real business needs.
If we build such a network, what can it do? It can make payments, as long as it can connect to the network, it can be paid in any country, and easily support other businesses, such as chain management, lending, and AML/KYC in the banking industry, or even the central bank wants to see it. The use of M0. Of course, it does have the challenge of requiring a very high TPS, and a delay of seconds or even seconds, which is a very high challenge.
If we have such a network, what can it do? There is a supply chain finance here. For example, a customer now goes to the 4S shop to buy a car. After the purchase, the money is given to the 4S shop, and the 4S shop gives the money to the supplier. If the blockchain is used for this matter, the entire supply chain is reliable, and the user automatically distributes the first-level supply chain and the secondary supply chain according to the original regulations at the moment of swiping the card, thereby greatly reducing the cost. The evolution of the entire financial industry is constantly reducing transaction costs, from financial currency to banknotes to the current Alipay are reducing transaction costs. If any of our inventions or innovations can effectively reduce transaction costs, it is desirable. We can see that the blockchain can be done from these properties.
I just talked about the problem, how to solve it? How to build truly usable or to meet a wide range of needs? We propose a heterogeneous alliance chain group. The concept of the alliance chain has been explained by everyone. The alliance of IBM has proposed such a scheme. In addition, there are many, especially the banking industry, which has been widely used. It has also been developed for several generations. This year is already 2.0. But if a coalition chain is built in only one industry, it will often meet very limited applications. But our internet is interconnected. For example, we have a network in Zhejiang, we have a network in Beijing, we have a network in the tourism industry, and there is a network in games. This is not the Internet. So if you establish a separate alliance chain, it is actually a retrogression, so I propose to use heterogeneous alliance chain groups, how to do this? We propose a simple solution that requires two basic protocols: the Boson Consensus and the Proof of Staked Work. The boson consensus has four key attributes:
- Expandable blockchain fragmentation consensus;
- Increase throughput by adding shards or shards;
- The upper chain provides full network security;
- Each shard can use a heterogeneous consensus or a different escrow economy model.
What is a flexible underlying architecture? We made a comparison. Let's look at a project white paper that roughly discusses what each of these four links is. In general, each of these four key attributes is inherent, but if we use the just boson consensus, each so-called slice The four key elements of the chain are customizable and can be adjusted, and the entire chain of alliances meets different needs. Below it is a project to solve fixed asset protection and large asset conversion. You have some chains below to specifically support games, such as projects that need to be settled quickly. So by combining the pieces that are customized by these different requirements, you can satisfy more and more specific needs.
It sounds a bit like a cross-chain. Just Da (Hongfei) always said that there are some famous projects in the cross-chain, including Polkdot and Cosmos. Quark chain also has such a consensus, you can look at it. In general, the framework of the quark chain as the group structure of the heterogeneous alliance chain can also satisfy the Poca or Cosmos scene and achieve the effect of cross-chain.
The boson consensus that was just mentioned is to solve the heterogeneity, but also to have security. How is security done? That is, we have developed an agreement on proof of pledge workload. Everyone knows that Bitcoin has been used for more than a decade with PoW, which is very reliable, but today's gold also uses PoW, but it will be attacked. Now if new projects use PoW, they must solve this problem. Therefore, in order to improve the security of PoW in PoW, especially on new projects, we have developed proof of pledge workload. We emphasize the value of the certificate and need to provide a certificate. The project's main network was only launched this year, and now the cost of launching attacks on our system has exceeded ETC and should exceed ETH by the end of the year.
solution. In terms of security, we combine the features of Pow and PoS. In terms of participation, because we have heterogeneous fragmentation clusters, as a participant, we can work directly on the fragmentation group you are interested in, and do not involve a very powerful service base for calculation. You can The ability to enter this network without difficulty. Our project has a very high throughput. Last year, the third-party verified TPS reached more than 50,000. Of course, there is still a gap from the central bank's target of 300,000. We are still working hard. Flexibility, we can support the dynamic addition of various heterogeneous shards, heterogeneous shards with new consensus, new books and different transaction models to meet different real business scenarios. Finally, Token is allowed to become a native certificate to support the miners' fees, which is not available in many projects, especially on contract Tokens.
Let me explain the flexibility. In fact, in the blockchain usage scenario, the requirements for different specific scenarios have been very different. For example, I want to do business for two large multinational companies. The target amount of the transfer is 1 billion. The first requirement is security, which is not sensitive to time. For example, a transfer of 1 billion or hundreds of millions of dollars can be completed within one day, which he feels is acceptable. The security of this network or the chain required for this transaction is paramount. Another scene, everyone using the blockchain payment network to take the bus, certainly can not wait for a long time. If you use the bitcoin to brush the bus now, you can't accept it. In this scenario, what you are asking for is a quick end, and the transaction can be confirmed. So imagine that if you are a network and meet such N kinds of very different consumption scenarios or business scenarios, like the US space shuttle at that time, it is necessary to carry people on the one hand and have very high technical requirements. On the one hand, it is necessary to carry goods, and it must have very high cost and safety, so the space shuttle project is finally over. The same logic, if you are just a blockchain, to meet very safe transactions, but also to solve the transaction scenarios such as buses, the actual requirements for it are unrealistic at this stage. Through such a heterogeneous scenario, some segmentation chains can solve the quick settlement of the brush bus, and some can meet the transfer requirements of several billion and hundreds of millions.