ACHAIN: SCALABLE BLOCKCHAIN FOR TODAY’S AND TOMORROW NEEDS | SEE ALL YOU NEED TO KNOW @ACHAINOFFICIAL

Dating back to the early years of the internet,many scientist(cyperphunks) have sought for ways to make privacy a right,but not until 2009 when Bitcoin surfaced did this dream became a reality

 

Bitcoin showed it was possible to transact between two parties without the interference of a bank and any form of censorship,from 2009 till 2014 lots of crypto projects popped up the scene many of them focusing on payments,many have come and gone,even as time evolved many bright minds began to study the underlining technology behind Bitcoin and discovered that the technology could power applications beyond payment,in 2014 Vitalik Buterin and a host of others raised some money to build a world supercomputer that will enable people to write smart contracts and build decentralized applications

 

Some of the benefits of the blockchain

One of the features of distributed ledger technologies that distinguishes it from centralized databases, is public verifiability,by this we mean transparency and integrity

Transparency: everyone can verify how the state of data has been updated

Integrity: anybody can be sure that the data they are retrieving or seeing is not tampered with

 

Others include decentralization{transactions can occur without 3rd party mediation}

 

Resource sharing: using the power of crowd computing(when individuals pool their computing resources together for specific purposes like computing of whatever form, hard disk sharing,bandwidth etc) applications at the scale or magnitude of facebook or VISA or mastercard can be built

 

Privacy: So maybe you are not aware that the most prized and most mined asset is no more oil,it is your data. it is a whole world of mystery how this evil operates but never mind,there is a plausible solution So with blockchain,we will take privacy back

 

SOME PRACTICAL USE CASES OF BLOCKCHAIN

Blockchain is beyond Bitcoin and payments,below are some blockchain use cases

 

1. Supply Chain: Blockchain can be leverage for the tracking and credibility of products as well as for payments within the supply chain of any industry

2. Smart contracts and Dapps

One could build Dapps(decentralized applications: applications that do not require a central whatever to run) and smart contracts(contracts that do not need human interference to work)

3. Decentralized cloud storage and computing

Blockchain can be leverage to provide cheaper,safer and more private cloud storage

4. Copyrights infringement

Piracy and copyright infringement is a major issue with digital assets.Take for example an author can write a book and sell 1000 copies whereas the pirated copies of his work is in the hands of millions of people thereby making him and other affected individuals poorly compensated for their work.

5.International remittances and banking the unbanked

so we know the high cost of sending money to our loved ones,with blockchain those middlemen who spoil everything will be taken off and we will have lower transaction fees also nearly everyone has a mobile phone but not everyone has a bank account,In a situation where one earns less than $30 dollars per month,what is that fellow got to do with a bank

Blockchain can solve that problem by lowering the cost of international transfers and build systems that will usher many to the era of decentralized banking

6. Fund any worthwhile project

So, you do not need the government or whatever funding organization

Do you have an amazing idea or invention there are lots of blockchain companies that will help you gain access to lots of investors worldwide through an ICO

 

BLOCKCHAIN PAIN POINTS

In the near future,gaming will be a major thing in blockchain,social media and entertainment and whole financial structures and economies will be running on the blockchain,but one question that begs for an answer is : ARE THE

 

BLOCKCHAIN DESIGNS OF TODAY EQUAL TO THE TASK?

Currently less than 1% of the world’s population and businesses use blockchain,the blockchain just like the internet will touch every single industry on earth but today blockchain platforms do not have the capacity to accommodate such due to scalability,security,no interoperability ,dumb contracts to smart contract programming constraints and ease of use and many drawbacks

 

PERFORMANCE

Blockchain performance are rated by “Throughput and latency”, Throughput is the maximum rate they which the system can write transactions,Latency refers to the time taken for a node to write a transaction after they are aware of it

The throughput of Bitcoin is dependent on the block size and block time interval,a block is an array of transactions,block size is the maximum number of transactions per block and block time interval is the maximum time allowed for all nodes to be aware of the transaction

Bitcoin at 1MB block size and block interval of 10 mins, the bitcoin network can process 7 Tx/s and we have to wait for 6 more blocks to be added to be sure that the block is permanently added to the network,but this is no where near centralized payment systems like Visa or Paypal

Studies has shown that readjusting the block parameters can give a maximum of 27 Tx/s and latency of 12 secs and these have led to more research

Research on which is the best consensus algorithm to adopt,sharding, blockchain pruning, adoption of state channels etc is still underway,way many of these solutions are just like someone spraying perfume on a pile of poo

The cryptokitties game brought Ethereum to its knees,to build platforms at the scale of Facebook,Youtube or Google we need to reengineer the design of blockchains

 

SECURITY

The Parity incident,the DAO hack and lots of security flops are some examples of what smart contracts are today. A research has shown that over 34000 of all smart contracts on the Ethereum blockchain are really faulty and with over 25% of all world’s businesses expected to use Smart contracts by 2022 and trillions of dollars expected to be handled by smart contracts,today smart contracts platforms are not equal to the task

Many of the blockchain platforms have no logic or code framework in place for smart contract auditing thereby allowing human errors or incompetence in smart contracts go unnoticed and resolved until major flaws prove to be irredeemable

 

Non interoperability to dumb contracts

Many of today blockchains are just like the internet in the early days,they do not interact with one another

Business A using blockchain X cannot interact with Business B using blockchain Y,also these blockchains and their smart contracts cannot adjust to real world reality as they not open to the flow of data. Also many of them are not upgradable

Smart contract programming constraints and ease of use

One is required to be a technical geek,understand a certain language before they can program smart contracts,this technical constraint makes smart contract adoption by businesses tough as they are required to have employees who have this expertise

 

SOLUTIONS

Achain has been built with customizable features that allow anyone to build smart contracts and blockchain to meets their needs. Achain offers BaaS,individuals and business can simply fork off the Achain Main chain to form their own blockchain that meets their industry needs. These forked chains(side chains) can exchange value or information between the parent chain or other chains via the Value Exchange protocol

The VEP supports cross chain communications and cross chain smart contract invocation(an example is cross chain token exchange)

It will also support the incorporation of online data of non blockchain based events to enable smart contratcs respond to events in real world

Forks are essential to meet various application scenarios

The VEP includes following information

 

Blockchain registration information, network identity, service identity, seed nodes, etc. ,Cross-chain verification protocol, Communication protocol, Assets exchange protocol,Rewards and punishments mechanism.

It uses the LVM(Lua virtual machine) to ensure upgrade performance

It uses RDPoS(result delegated proof of stake) to increase block response and reach consensus and currently it can handle 1000 TPS

It uses a smart sandbox solution to test for the health and viability of smart contracts and determine if they are fit for upload to the Achain ecosystem

Easy of use: It will provide BaaS for enterprises and businesses

It will support multiple programming language and visualized development for rapid developments

 

Loyalty program

Holders of ACT coin get rewarded monthly for simply holding the token in a Kcash wallet and sending 1 ACT to a specified address, also in the case of forks holders of the coins get a 1:1 of the new coin

 

WHERE CAN I BUY ACHAIN

You can purchase Achain from one of the following exchanges

Kucoin, Houbi ,BigONE, Bitbns, Okex, Coinnest, Cobinhood, HitBTC and CoinEgg

 

WHERE TO STORE YOUR ACT

Achain has different wallets available for use, web wallet, light wallet, HTML wallet and KCash

 

THE PLATFORM

Currently,it has over 110 projects,it has over 300 people with 100 developers,with 2 million people in Chinese community

 

Some of the Dapps of Achain platforms include

Pundix: Any store can buy sell and accept Cryptocurrency with Pundix solutions

LinkEye: LinkEye is a Hyperledger Fabric based consortium-blockchain solution to facilitate global credit alliance.

Utilizating blockchain technology and the credit economy model enables Linkeye to create a shared list of untrusted profiles within the credit alliance through connecting isolated islands of credit data, which creates a comprehensive and reliable credit database. This serves to boost and supplement the credit system of society, eventually achieving the end goal of creating fairness in credit access for all.

 

The Linkeye project has a huge significance at a scientific and technological level to promote the development of a global credit-based society.

 

Others include: Selfsell, Kcash, Simons Chain, Blackstone blockchain etc

 

Governance

The Achain foundation is responsible for the Achain development,it consist of various committees responsible for providing capital funding for investing in projects,the technology,administrative affairs, strategy,marketing and promotion

Categories: Achain News

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