As everyone knows, in the second half of 2018, the method of issuing IEOs for projects by exchanges has gradually become popular in South Korea. However, due to the fact that the issued projects lack the genes to detonate the enthusiasm of the market, IEOs have not received enough attention. Until January 2019, Binance restarted Launchpad. Behind this has a lot to do with the industry situation, Binance brand traffic, and the characteristics of the Korean market.

According to Odaily's previous report "IEO is heading towards self-destruction", many practitioners and experts in the industry believe that the fundamental factor for the sustainable operation of the IEO model lies in the quality of the project itself. This mode can only be played for another two to three months at most.

Now various exchanges have announced that they will launch IEO platforms. Huobi today officially announced its preferred currency listing channel Huobi Prime. Bibox also revealed that it will launch an IEO-like plan "Bibox Orbit" in the near future. In order not to be overtaken by other platforms, mainstream exchanges are actively looking for high-quality projects for IEO.

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1. Conflux - PoW + DAG consensus mechanism supported by Turing Award winners

Conflux is a blockchain protocol based on Proof of Work, as a decentralized and scalable DApp (distributed application) solution.

• Technical advantages

Currently, most of the blockchain solutions on the market are based on Proof of Stake (Proof of Stake). On the premise of decentralization, it not only guarantees the security of the blockchain, but also improves the scalability of the blockchain. On some levels, it breaks through the "impossible triangle" of the public chain, thereby solving the problem of solves the scalability problem of the public chain.

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Implementation of Conflux

It is not advisable to simply increase the block capacity and increase the block generation rate in the consensus mechanism. Both of these methods will make the delay of block propagation on the network relatively longer, resulting in many forks in the ledger , not only waste computing and network resources, but also endanger security.

Unlike the Satoshi Nakamoto consensus that strictly regulates the order of transactions when packaging blocks, Conflux optimistically assumes that in concurrent blocks, transactions (Tx, Transactions) do not conflict, as long as all nodes agree on a consistent order of transactions Consensus is enough.

Based on this assumption, Conflux first sets up rules to integrate the blocks into a DAG: each block needs to refer to an edge (Parent Edges) of its parent block, and each block can also refer to the edge that happened before it, The edges of blocks that have not been referenced are used as their reference edges (Reference Edges). The parent edge and reference edge determine the sequence relationship between each block, realize the overall framework of DAG, and increase the same time period to be processed together the number of blocks.

Compared with the inefficient mode of Bitcoin, which can only process one block at a time, the DAG structure greatly improves the speed of the public chain.

However, DAG cannot display the order of different blocks generated in the same period (that is, the total order of blocks). In order to further improve the block ordering mechanism, the Conflux team creatively introduced the GHOST (ghost) protocol and topological sorting.

[Odaily Note: The GHOST protocol is a main chain selection protocol (not a side chain selection protocol). For example: the classic Proof-of-Work protocol is based on the principle of taking the longest main chain to select the next block; the new GHOST protocol is based on the principle of including the largest number of subtrees to select the next block. Block selection - this can be said to be the biggest difference between the GHOST protocol and the PoW protocol, and it can even be said to be the only difference]

team background

• team background

Co-founder Long Fan is a Ph.D. in computer science from the Massachusetts Institute of Technology, an assistant professor at the University of Toronto, and a researcher at the Tsinghua University (Department of Computer Science)-Beijing Aershan Financial Technology Co., Ltd. Blockchain Technology Joint Research Center.

Chief scientist Yao Qizhi is the only Turing Award winner in the Chinese world.

financing

• financing

Summarize

• Summarize

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2. Blockcloud Blockcloud: a new generation of TCP/IP protocol of blockchain + SCN

Blockcloud is a low-level protocol-level project that combines blockchain and SCN (Service Center Network) technology, hoping to establish a new generation of global TCP/IP network, solve the problems of the existing Internet, and support hundreds of billions of mobile devices Connection.

Block Cloud uses blockchain to improve the Internet, promotes the integration of blockchain technology and industry, and empowers the real economy. Blockcloud ranks in the top five of nearly 20 international authoritative rating agencies.

The existing Internet was born in the 1960s and 1970s. The purpose is to maintain stable calls between troops in nuclear wars. Therefore, a point-to-point communication mode based on IP addresses is adopted, and a centralized server is used to connect a limited number of relatively fixed devices. data and services. As more and more devices, data and services are connected to the Internet, shortcomings are gradually emerging.

The existing Internet was born in the 1960s and 1970s. The purpose is to maintain stable calls between troops in nuclear wars. Therefore, a point-to-point communication mode based on IP addresses is adopted, and a centralized server is used to connect a limited number of relatively fixed devices. data and services. As more and more devices, data and services are connected to the Internet, shortcomings are gradually emerging.

features

• features

Building block cloud, which introduces blockchain technology, is to better solve the problems encountered by the Internet today. Most of the existing public chains are the superposition of the application layer. As the basic protocol at the TCP/IP layer, Blockcloud is lower than the public chain and can provide support for the public chain.

If Internet applications such as the Internet of Things and blockchain are cars, public chains are engines, and tokens are fuel, then Block Cloud is the road.

• Technical advantages

1. Combination of SCN technology and blockchain technology

Blockcloud introduces Service-Centric Networking (SCN). SCN provides a service-aware networking stack where applications communicate directly on service names rather than addresses. However, SCN has shortcomings in terms of trust, incentives and profitability at the service level. The blockchain can make up for the above shortcomings.

2. PoS service proof mechanism

In order to reliably verify service providers, Blockcloud has designed a proof of service mechanism (Proof of Service, PoS), drawing on IPFS. This mechanism mainly uses miners to verify the authenticity of the services published to the network. Only after verification can the services be published on the network and users can connect to them.

This kind of verification is not one-time, and there are subsequent random verifications. Once there is a problem with the service, it will be permanently removed.

This mechanism confirms the authenticity and contribution of network participants while eliminating bad actors. Consensus is achieved through a validator network that incentivizes verification service providers.

BLOC economic incentive tokens are used to reward service providers, while miners maintain the ledger and verify service authenticity and validity.

3. On the basis of DAG, the concept of CoDAG is proposed

In order to accommodate the asynchronous transactions of providers and orderers, Blockcloud has designed a compact directed acyclic graph (CoDAG). CoDAG is more suitable for recording transactions while the device is moving and offline.

PoS is used to verify the authenticity of services, while CoDAG is used for accounting. CoDAG is a DAG-based ledger structure that allows multiple blocks to be appended at the end of the entire structure (or leaf nodes), which improves the parallelism of the entire ledger structure and is suitable for asynchronous operation scenarios in decentralized networks. Compared with the ordinary DAG structure, CoDAG adopts a more compact and tidy data structure, and the nodes are more closely connected, making it difficult for malicious nodes to enter, thus achieving higher security performance and more certain transaction confirmation time.

• How to Transform the Existing Internet

Layer4: Interface layer, which provides a service-oriented communication interface for applications;

As can be seen from the figure, this architecture diagram from top to bottom is:

Layer4: Interface layer, which provides a service-oriented communication interface for applications;

Application Scenario

Layer2: quality inspector, the consensus mechanism of Proof of Service is at this layer, where miners continuously check and spot-check the service, and judge whether there is any problem with the service;

Layer1: Cashier, when the service reaches this level and is used by users, the service provider needs to get the corresponding rewards, and this layer is equivalent to the cashier, which is responsible for keeping accounts and giving the corresponding rewards to the service provider.

In the building block cloud, the blockchain system and the peer-to-peer network Coral together form the service distribution backbone network to ensure the security of the network.

• Application Scenario

Blockcloud can be applied in the Internet of Things, content distribution network, high-speed mobile network, blockchain network, edge computing and other fields.

Take the Internet of Things, for example. It is estimated that the number of devices will increase from 7 billion today to 18 billion in 3 years. However, it faces problems such as lack of interoperability, difficulty in ensuring privacy and security, and low-value circulation. Blockcloud will utilize idle resources to enable IoT networks to provide support for massive dynamic nodes.

team background

• team background
  

Blockcloud CEO Ming Zhongxing is a visiting scholar at Princeton University, a postdoctoral fellow at Hong Kong Polytechnic University, a Ph.D. from the Department of Computer Science at Tsinghua University, and a member of the China Computer Federation Blockchain Committee. He has many years of research experience in the field of Internet and blockchain technology.

financing

• financing

Summarize

• Summarize

After reading the above introduction, you can probably understand that Blockcloud is not a pure blockchain project. Unlike the public chain, it is an underlying network protocol and a public chain system at the protocol level.

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3. MultiVAC introduces storage nodes + flexible design fragmentation scheme

MultiVAC, a public chain project that uses sharding technology to expand capacity, proposes a concept of "elastic computing network" that is different from the cloud computing field, that is, DApp developers based on this public chain can choose the scalability and security according to their own business needs. , Decentralization and other different dimensions of demand, the underlying network will use this to allocate contract transactions to different shards. Developers also need to deploy contracts according to their own business.

• Technical advantages

1. DApp developers can adjust scalability, security and decentralization according to business.

MultiVAC proposes a concept of "elastic computing network" that is different from the cloud computing field, that is, DApp developers based on the public chain can choose different dimensions such as scalability, security, and decentralization according to their own business needs. The underlying network will use this to distribute contract transactions to different shards. Developers also need to deploy contracts according to their own business.

The miner nodes in the shard first elect the block producing node, verify and package the transaction (the block producer needs to call the Merkle Proof to the storage node to prove that the input is not used), broadcast in the shard, and then send it to the storage node for synchronization.

In order to reduce stored data and ensure decentralization, MultiVAC introduces the role of storage nodes and divides nodes into three types: storage nodes, miner nodes and light nodes, none of which need to have a full network ledger.

The miner nodes in the shard first elect the block producing node, verify and package the transaction (the block producer needs to call the Merkle Proof to the storage node to prove that the input is not used), broadcast in the shard, and then send it to the storage node for synchronization.

The function of the miner node is to store summary information (block header), and is responsible for verifying transactions and having control over the data. The storage node stores all the ledgers in the shard, which is somewhat similar to the role of a super node. It has a large storage capacity and has certain access thresholds, but the difference is that it only stores transactions and assists in transaction verification, without any control over the data, ensuring other Decentralized features. Storage nodes can be understood as network node basic service providers, similar to the role of network providers (China Mobile, China Unicom, and China Telecom).

The key point of this design is that the miner node can directly use the summary information of the transaction + the transaction + the proof provided by the storage node to verify the transaction. Only storing transaction summary information reduces the data volume of miner nodes and lowers the entry threshold for miners. Ordinary PCs can also join.

3. For cross-shard transactions, each shard will regularly synchronize the latest information of other shards to fix the transmission volume of cross-shard transactions.

Each shard of MultiVAC will regularly synchronize the block headers of other shards. Each block in a shard has a space to record the latest status of other shards, and process cross-shard transactions accordingly.

After shard 1 initiates a transaction at a certain moment, the transaction is confirmed at block height h1; (at this time, the height of shard 2 is h2), and this transaction is reflected on shard 2, which needs to be in shard 2 A certain height (usually the next block, such as h2+1) reads the height of h1 from shard 1 before adding money to shard 2. It’s a bit like here, Bank A remits a sum of money to Bank B’s account. Bank A shows that the money has been deducted, but Bank B may not receive it immediately. During this period, network congestion across shards may cause transaction delays, but it will not Affect the normal progress of other transactions in the shard. MultiVAC uses the final consistency method to ensure that shard 2 can obtain all transfers from shard 1 in order.

team background

• team background

financing

• financing

Summarize

• Summarize

MultiVAC absorbs the shortcomings of other public chain projects in technology development, and uses elastic sharding computing to construct a basic public chain network with unlimited computing power. Developers can choose between shards according to their own needs. The technology is very attractive to the market and the track is high-quality.

Although the development of sharding technology increases the difficulty of development, the technical idea is to strike a balance between simplicity and practicability, which has a good reference value for other projects in the industry to solve the "impossible triangle" problem. Although the project is still in the early stages of development, the team lineup is relatively strong in terms of technology and market operations, with a reasonable mix, and has also received investment from well-known Korean investment institutions.

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Nervos Network is the general term for a public blockchain network initiated and maintained by the Nervos Foundation. It is not a pure public chain, but a multi-layer design network based on blockchain technology. With the existing public chain, all functions are concentrated on one chain, which is difficult to obtain the greatest optimization. There is a famous "impossible triangle theory" in the block chain. It is impossible for a public chain to have security, performance and decentralization at the same time. It can only choose one or two.

Nervos implements their respective functions on different layers through Layer1 and Layer2. Layer1 is responsible for global consensus to ensure the security of the entire network; Layer2 is a set of application chain solutions to ensure performance in various scenarios. From the perspective of the entire network, the entire network has these three properties at the same time to achieve the balance of the entire blockchain network.

At present, there are many Layer 2 projects on the market, all of which are positioned as accelerators of the current public chain, and in general, the native support is ETH; if you want to support other public chains, you need to cooperate again for development.

Projects such as "layered blockchain" have their own Layer2, which directly divides the underlying infrastructure of the blockchain into two layers: Layer1 does not focus on efficiency, only focuses on security, and optimizes for the upper chain; Layer2 Focus on efficiency performance and ease of use.

In this way, the hierarchical network of the blockchain was born. The virtual machine only uploads the final state to the chain, rather than passing the information to the chain. This is a very valuable concept.

At the same time, because this type of blockchain project is a native Layer 2, it will be much more convenient in designing the token model, and there will be no embarrassing situation like "Why can't the Raiden Network use ETH, but have to issue another coin" back then.

• Technical advantages

1. A new decentralized application paradigm

NERVOS has designed a thoroughly decoupled decentralized platform that allows multi-path scalability, transaction determinism, and low local latency. This brings a superior user experience to mobile and web DApps.

2. Ready for real applications

Nervos has built-in identity support and a flexible trust model for DApps to build real-world trust-based transactions.

3. Interoperable with existing systems

Nervos provides a standardized client interface and a small set of state transition semantics. Existing systems don't have to change their programming languages, move their business rules, or break their engineering best practices to integrate with world-class public blockchains.

• team background

Nervos is initiated by Janx, a core member of the Ethereum Research team, who optimizes mobile nodes, supports distributed identity protocols, and simultaneously launches side chain solutions to make blockchain technology real.

financing

• financing

Summarize

• Summarize

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Thunder is a fast and scalable public chain that does not completely rely on the blockchain, pursuing "big consensus" and "big agreement". It is a next-generation high-speed and low-latency blockchain token system and application development platform based on the Thunderella algorithm. The basic platform of the underlying technology of the block chain, using a self-designed consensus algorithm, can help existing block chain projects to increase the transaction processing speed by more than 1000 times.

• Technical advantages

1. Thunder consensus protocol Thunderella, a new provably secure consensus protocol, overcomes two major bottlenecks of traditional blockchains: throughput and confirmation time.

2. The consensus mechanism Thunderella uses the fast chain and the slow chain. The combination of the two can effectively make the transaction confirmation faster, and there is no need to worry about the impact of crash or congestion when it is attacked or has a large amount of transactions, because it can Use slow chains for reliable recovery. It can better deal with the problems caused by network expansion.

However, this model has high requirements on the environment and credibility of the network, which is why BFT (the most traditional Byzantine fault tolerance) is basically used in a permissioned alliance chain environment, while non-permissioned chains such as BTC and ETH do not have reason for adoption.

Projects such as "double-chain hybrid consensus structure" will switch their operating modes according to the network environment, and through a combination of fast and slow mechanisms, "instant response in a friendly environment and safe and reliable in a hostile environment" will be achieved.

For example, the Thunderella consensus mechanism of Thunder Token will divide the entire network environment into friendly (fast) and malicious (slow).

team background

• team background

Thunder CEO Chris Wang is a world-renowned entrepreneur. He founded Playdom, a world-renowned SNS game developer. In 2010, he sold Playdom to Disney for US$563 million. And Chris Wang is also an early investor in Alibaba, Glassdoor and FlipKart.

financing

• financing

Summarize

• Summarize

Thunder token has always been known for its strong endorsement by the academic community. It aims to use the Thunderella consensus algorithm to solve the "impossible triangle" problem of the blockchain, that is, to satisfy decentralization, security and scalability at the same time. There are very few publicity materials in the market, and the public publicity materials are only a speech video of Elaine Shi and a paper demonstrating the feasibility. Under such circumstances, it has been sought after by a lot of capital.

According to Thunder Toke's vision, if the project can be successfully implemented, it will greatly optimize the iron triangle problem in the blockchain (the mutual constraints of scalability, decentralization, and security).

epilogue

epilogue

The above five projects are several projects that have been sought after by the media and rating agencies recently, and they have not yet been listed on the exchange and have begun to circulate in the secondary market. Behind the projects are all supported by experienced technical teams and strong academic backgrounds, especially Conflux has the only Turing Award winner in the Chinese world, Yao Qizhi, as its chief scientist, as a trust endorsement for him. MultiVAC focuses on using sharding technology to solve the problem of public chain expansion, and innovatively proposes a concept of "elastic computing network" that is different from the cloud computing field. Nervos focuses on "blockchain with layers", which allows multi-path scalability, transaction determinism and low local latency, optimizes performance, and solves the "scalability problem" of Ethereum. Thunder innovates the "dual-chain hybrid consensus structure" to solve the blockchain "impossible triangle" problem. These four projects all focus on improving the scalability and performance of the public chain, and Blockcloud is lower than the public chain, which can provide more scalable, safer and more reliable support for the public chain, reduce network congestion, and ensure security. Vulnerabilities and other problems occur, thus forming a good blockchain ecology. Especially when the era of 5G and LoT comes, and the underlying network cannot support the development of applications, the role of Blockcloud will begin to appear at this time.