Researchers have invested millions of dollars to study how to securely expand a decentralized blockchain network. Today, a new researcher claims he did.
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Asensys, led by former Microsoft chief researcher JiaPing Wang, launched its website today, 11 months after it first introduced the concept of a scalable blockchain. Wang Jiaping said he created the Asensys agreement and put the proposal into practice. He said that during the test, his protocol was showing much greater throughput and capacity than Bitcoin and Ethereum.
How does it do it? Wang Jiaping said in an interview with Decrypt:
"Asensys is basically able to 'divide and conquer' all network behavior, thereby reducing unnecessary redundancy."
The ternary paradox of blockchain scalability
You may have heard of the “Trilemma” (also known as the impossible triangle) of blockchain scalability, a term coined by Ethereum founder Vitalik Buterin. In essence, blockchain is easy to achieve two of the three key attributes of decentralization, security, and scalability, but it is difficult to take into account the three. So far, increasing capacity has always meant sacrificing another attribute. District0x raises this question concisely:
"… If Ethereum nodes become too expensive to run, the network will be more vulnerable to centralization. At the same time, requiring each node to process each transaction will make Ethereum never expand.
To solve this problem, Buterin and other Ethereum developers have been experimenting with sharding.In sharding, nodes process only part of the transaction, not all of each transaction. Bitcoin developers have mainly explored Layer 2 solutions, such as Lightning, which allow some transactions to take place off-chain, so that the network is not blocked by a large number of small payments. But this is not a completely decentralized or secure solution.
The newly released Asensys protocol claims that it solves the "ternary paradox" problem without conducting off-chain or shard transactions. Asensys founder Wang Jiaping was mainly engaged in graphics processing during his time at Microsoft, and later joined Sinonovation Ventures, a China venture capital fund focusing on emerging technologies.
In the innovation workshop, Wang Jiaping entered the blockchain field for the first time, and co-published a paper entitled "Carbon Monoxide Model: Extending Blockchain with Asynchronous Consensus Group" (Monoxide: Scale) jointly with Hao Wang of Ohio State University. out blockchains with asynchronous consensus zones.
This paper proposes to eliminate redundant work built on the blockchain and instead decentralize the workload by creating multiple "areas" of independent and asynchronous work across the network. This is Wang Jiaping's concept of "divide and rule" on the Internet.
In addition to higher throughput and capacity compared to standard bearer blockchains such as Bitcoin and Ethereum, a press release from the company also states that "the capacity of the Asensys protocol increases in proportion to the size of the community".
But beyond this technology, there aren't many details about Asensys. Although Wang Jiaping told Decrypt that there was a "global team from the US, China, and Germany," the only other person he specifically mentioned was Michelle Chuang, who is responsible for audience engagement and customer experience. He hinted that Asensys would soon appoint consultants and investors.
In other words, it is still in its early stages.
Ethereum is not short of teams dedicated to scaling solutions, including Fuel Labs, Connext, and Plasma Group. But Asensys is not trying to solve the expansion of Ethereum or Bitcoin. In contrast, Asensys is its own blockchain and there will be no problems in this regard.
But the only public-facing product of Asensys is its website. Therefore, regardless of the scalability, security, and decentralization of its blockchain, the company must face a completely different dilemma: how to overcome the first-mover advantage of the world's largest blockchain and defeat them.