IoT Chain Mid-Year Review (15/08/2018)

Aug 16,2018

15th Aug 2018 Lyu Xinhao

15th Aug 2018 Lyu Xinhao

How far along is IoT Chain’s current development?

We have designed a well-organized modular framework with a working Directed Acyclic Graph (DAG) data structure, and a modified Byzantine Fault Tolerance (BFT) algorithm for consensus.

We have implemented ITC’s Cryptographic Module needed for the creation of accounts, signatures of transactions, and encryption of communications.

We have also added support for the Ethereum Virtual Machine (EVM).

We are continuing to develop our multichain wallet which will include some exciting new decentralized protocols such as Bancor (BNT), HYDRO, and SWFT, along with the other basic wallet functions. The ITC wallet will be easy to adapt and run on all kinds of devices including Android, IOS and H5 due to our use of the React Native framework.

I am happy to announce that all our technical steps are still progressing steadily in accordance with the roadmap.

What can ITC’s technology do now?

Our technology can already be used in enterprise alliance chain scenarios. The following are some functions of the enterprise version:
15th Aug 2018 Lyu Xinhao

◆ Data structure

Due to IoT Chain’s adoption of the DAG structure to store transactions, rather than the traditional blockchain structure, IoT Chain is able to achieve much better performance with the support of parallel transactions.

◆ Consensus algorithm

In the alliance chain architecture of the IoT Chain for enterprise application scenario, the optimized BFT consensus algorithm is adopted to satisfy Byzantine fault tolerance. IoT Chain also supports a flexible consensus engine architecture which allows you to switch between different consensus algorithms based on your business requirements.

◆ EVM smart contract

Ethereum Virtual Machine Smart Contracts (EVM) is currently the most widely available technology in the blockchain ecosystem, and the most user-friendly smart contract operating environment for developers. IoT Chain supports EVM virtual machines and allows developers to write secure smart contracts using solidity or other languages.

◆ Blockchain Explorer

The ITC Blockchain Explorer allows publicly viewing for all transactions on the blockchain. Users can search transaction information or contract execution records through the ITC Blockchain Explorer.

◆ ITC Data Flow

Nodes belonging to alliance chain members can deploy and trigger a contract. The transaction process of the node is always accompanied by the trigger of the deployed contract. The parameters of the transaction, and the structure of the executed contract are embodied in the smart contract, which can be viewed through the blockchain browser.

◆ Secure Communication Protocol

The nodes of the alliance chain are encrypted by KDF (Key derivation function), ECIES (Elliptic curve integrated encryption scheme), and AES (Advanced Encryption Standard) key exchange algorithms, first confirming identity through a secure handshake and then encrypting communication on a secure channel. Node p2p agreements will be used to automatically screen and rate according to a node’s historic behaviors, nodes with bad behaviors will then be removed from the network.

◆ IoT Chain’s Encryption Algorithm

For private information on the chain, the encryption hashing algorithm keccak256 is used to guarantee data security as well as preventing any malicious node from wrongdoing. Accounts on the chain use asymmetric key encryption, such as ECDSA and EDDSA, to sign transactions initiated by individuals, this prevents malicious nodes from forging transactions.

◆ Monitoring The Blockchain Node Environment

By using node and block monitoring systems, the state of each node in the alliance chain network can be monitored in real time, including synchronous information, block statistics, transaction statistics, and malicious or abusive behavior.

◆Application Interface

A complete RPC (Remote Procedure Calls) interface with mainstream language client support. The micro-service architecture can be easily deployed within the enterprise and then integrate with the existing facilities and services of the enterprise.

What is next for IoT Chain?

15th Aug 2018 Lyu Xinhao

1) Corporate Clients

IoT Chain is in cooperation with influential companies who share our belief that faster, highly innovative blockchain application solutions are needed for the healthy rise of the blockchain technology industry.

IoT Chain’s enterprise beta version (available on GitHub https://c-block.github.io/jbok/), allows corporate clients to run on a local network. To help us facilitate a large test group, we have also created a blockchain technical guide. We welcome all interested enterprises and institutions to join the ITC network!

2) Mainnet Development

We will be focusing on two essential parts of the Mainnet. The first is the integration of VRF (Verifiable Random Function) consensus. After the VRF is implemented, the performance and security of the IoT Chain main network will be greatly improved. We will release a public test network in October, inviting the community to test and optimize the IoT Chain main network.

Main net performance optimization will then proceed. Performance optimization requires tuning of individual modules and joint optimization after module connection. In theory, VRF, DAG, and BFT technologies should already ensure the feasibility of high performance, but we really want to achieve the ultimate performance of the IoT Chain as we implement the project. This part of the work is very important.

We will focus on the design and implementation of storage solution. A new colleague who has significant experience with distributed storage, which will speed up our development.

The past six months work has made us confident in the delivery ability of the team. We believe that IoT Chain will bring a whole new value to the Internet of Things. We hope that you will continue to support us in the future. Thank you.

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