Bitcoin Forum
March 25, 2019, 12:22:28 AM *
News: Latest Bitcoin Core release: 0.17.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 4 5 6 »  All
  Print  
Author Topic: 0chain - world's first free scalable decentralized cloud  (Read 2290 times)
0chain
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
December 31, 2017, 09:04:03 AM
 #1

Introducing 0chain

0chain is a true zero-cost superfast, self-forking decentralized cloud for your off-chain {smart contract, data} for IoT, Web, and Enterprise apps.

Today majority of DApps have almost all their code execution and data storage on a centralized cloud such as AWS. 0chain aims to fill this void and provide a free scalable cloud for DApps to become completely decentralized. DApps can move their off-chain smart contract and data on to our platform, and provide their customers with assured decentralized service, but conserve capital and focus their spend on developing their business.

The Technology

Our blockchain is designed to execute a smart contract in sub-second deterministic time, so that one piece of smart contract does not have to wait minutes or an hour for the result of the next one. Our speed is the result of an efficient consensus set made up of 3 primary miners, 6 secondary miners, and 6 bench miners to make sure we have an honest consensus that needs at least 5/9 honest miners, and allow for network disruption, malicious attacks, data withholding, and data manipulation.

And because we have parallel chains, concurrent threads, and an efficient consensus, we can theoretically have infinite transactions .

We also have a notion of self-forking for an evolution toward chains tweaked for specific verticals, applications, or geo location, because we understand that the parameters of one chain cannot satisfy every vertical or application.

In fact, one parameter that is bound to change is the block time, which stipulates finality in a sub-second or minutes depending on the application. Buying coffee, receiving a token for a post, and other micro-payments can be transacted on a sub-second chain, while analytics, image processing for IoT, AI apps may need to be on a separate 2-minute chain. The self-forking aspect allows for new chains to evolve decoupled from the network token value.

Another reason to self-fork could be the consensus parameter of 5/9 which is fine for IoT applications, but a banking institution may need a 8/9 quorum for higher security.

Token Economy

To provide a free scalable cloud, we need to control the inflation rate of tokens to the miners. To achieve this we have a cost-efficient consensus, computing, and storage schemes. We divide the infrastructure scheme up into CPU, RAM, and SSD component needs and designate different duties to miners, sharders, and blobbers. Miners generate and validate blocks. Sharders store blocks. Blobbers store data.

Additionally, we split our genesis chain into smart contract and data chains at the onset. This will allow Miners and Sharders to use different equipment for a data chain and smart contract chain, and charge different prices to the network. The smart contract chain is stateful and so will need higher RAM servers. The miners, sharders, blobbers will need to offer pricing comparable to a traditional cloud at their own fiat currency, and 0chain will adjust token payout based on a daily exchange rate.

Apart from having a fair miner price, we need the DApps to hold tokens based on an expected computational and storage need that they would pay a traditional cloud annually, except that they just need to hold it like a bank. There are no fees. And if the DApp happens to hold enough tokens initially, and the token value increases, then they have a free scalable cloud for years to come without buying any additional tokens. This holding rate is adjusted on a regular basis to control the inflation rate, and these adjustments are done such that the reward pool lasts at least 100 years.

For more information, check out our white paper at 0chain ( https://0chain.net) in and join the conversation on our Telegram (https://t.me/Ochain).
1553473348
Hero Member
*
Offline Offline

Posts: 1553473348

View Profile Personal Message (Offline)

Ignore
1553473348
Reply with quote  #2

1553473348
Report to moderator
1553473348
Hero Member
*
Offline Offline

Posts: 1553473348

View Profile Personal Message (Offline)

Ignore
1553473348
Reply with quote  #2

1553473348
Report to moderator
1553473348
Hero Member
*
Offline Offline

Posts: 1553473348

View Profile Personal Message (Offline)

Ignore
1553473348
Reply with quote  #2

1553473348
Report to moderator
+
=
Equity on offer
in the world's largest
crypto enabled
marketplace
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1553473348
Hero Member
*
Offline Offline

Posts: 1553473348

View Profile Personal Message (Offline)

Ignore
1553473348
Reply with quote  #2

1553473348
Report to moderator
xibeijan
Legendary
*
Offline Offline

Activity: 1190
Merit: 1000


View Profile
December 31, 2017, 10:19:52 AM
 #2

Sounds interesting.

Notable projects 2019: Semux, Dero, Wagerr
fracas
Full Member
***
Offline Offline

Activity: 406
Merit: 100


Multiversum


View Profile
December 31, 2017, 01:50:48 PM
 #3

Interested.

█≣≣≣MULTIVERSUM≣≣≣█▐4th GenerationRelational BlockchainPre-ICO-Starts on 01 March,2018 until 31 March 2018
        WHITE PAPER                  ANN THREAD                                        3rd part blockchain applications infrastructure
✔     Reddit     ✔     Medium     ✔     Facebook          Telegram     ✔     Twitter     ✔
Mr.Nc.Guy
Full Member
***
Offline Offline

Activity: 210
Merit: 100


KickCity a reward-based blockchain


View Profile WWW
December 31, 2017, 02:02:03 PM
 #4

I'm seemed ignorant on this concept but isn't this the same with IOTA perhaps?

kickcity   ●   Connecting People Through Reward-Based Communities on Blockchain
●                                 facebook     slack     VK     twitter     telegram                                 ●
ICO | 1st of March     kickcity WHITEPAPER 
Neo Baudrillard
Member
**
Offline Offline

Activity: 84
Merit: 15


View Profile WWW
December 31, 2017, 02:15:02 PM
 #5

Interesting! I'll watch

JohnPain
Member
**
Offline Offline

Activity: 93
Merit: 10


View Profile
December 31, 2017, 03:01:30 PM
 #6

I just read the whitepaper.
Sounds interesting, but this is a big plan.
As roadmap states it will take some years from now.

I will have an eye on it...

pendul
Member
**
Offline Offline

Activity: 140
Merit: 10

Online digger


View Profile WWW
December 31, 2017, 03:07:08 PM
 #7

Awaiting for more info about project, and now keeping that topic in my history. Thanks Dev!
0chain
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
January 01, 2018, 03:32:39 PM
 #8

I'm seemed ignorant on this concept but isn't this the same with IOTA perhaps?

Check out my blog comparing IOTA - true zero fees, sub-second deterministic finality, free storage of data/image/video, keep audit trail of all blocks, self-fork for multiple chains tuned to a vertical, specific application, or geo location -  https://medium.com/0chain/why-0chain-not-iota-is-ideal-for-iot-web-enterprise-apps-bdd1154d148f
coin8coin
Member
**
Offline Offline

Activity: 336
Merit: 22


View Profile
January 01, 2018, 04:38:12 PM
 #9

sounds like a very big project, add this to my watch list... is there any info about the ICO  ? please count me in if yes!
timenick
Jr. Member
*
Offline Offline

Activity: 42
Merit: 4


View Profile
January 01, 2018, 04:44:48 PM
 #10

keep following this project.

QBIC|Masternodes, PoW, Secure, ASIC Resistance  (https://qbic.io)●
JohnPain
Member
**
Offline Offline

Activity: 93
Merit: 10


View Profile
January 01, 2018, 05:35:20 PM
 #11

I am definitively following this thread.
Interesting concept.
But still waiting for more information and news

0chain
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
January 02, 2018, 04:25:06 PM
 #12

sounds like a very big project, add this to my watch list... is there any info about the ICO  ? please count me in if yes!
@coin8coin its all in the white paper. Pre-ICO in Feb, ICO in Apr.  Click the Join Us button on the website (https://0chain.net) to register.
xibeijan
Legendary
*
Offline Offline

Activity: 1190
Merit: 1000


View Profile
January 02, 2018, 09:41:14 PM
 #13

Are there really only "3 primary miners, 6 secondary miners, and 6 bench miners"?  That doesn't sound like much!

Notable projects 2019: Semux, Dero, Wagerr
nodav
Full Member
***
Offline Offline

Activity: 216
Merit: 100

Early Bitcoin investor.


View Profile
January 02, 2018, 09:51:36 PM
 #14

It is interesting, but it is necessary to understand. Let's read

donacal
Full Member
***
Offline Offline

Activity: 252
Merit: 100



View Profile WWW
January 02, 2018, 09:55:45 PM
 #15

I read this interesting proposal but I did not understand how and when to get the coins. Will there be an airdrop?

0chain
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
January 02, 2018, 10:00:30 PM
 #16

Are there really only "3 primary miners, 6 secondary miners, and 6 bench miners"?  That doesn't sound like much!

@xibeijan - Yes thats a total of 15 miners for the initial IoT chain.  But you can fork a different chain with more miners.  The consensus is set at 5/9 but is configurable and can be 8/9 for a bank-grade chain.  Point is you need to balance the mining cost with practical usage.  Our initial chain would be better than anything that DApps use today (AWS, state channels, etc.) in terms of security and cost.
xibeijan
Legendary
*
Offline Offline

Activity: 1190
Merit: 1000


View Profile
January 02, 2018, 10:10:33 PM
 #17

I read this interesting proposal but I did not understand how and when to get the coins. Will there be an airdrop?

I also want to know.

Notable projects 2019: Semux, Dero, Wagerr
0chain
Newbie
*
Offline Offline

Activity: 9
Merit: 0


View Profile
January 02, 2018, 10:15:46 PM
 #18

I read this interesting proposal but I did not understand how and when to get the coins. Will there be an airdrop?

I also want to know.

@donacal @xibeijan Its all in the white paper under Fundraising. Pre-ICO in Feb, ICO in Apr.  Click the Join Us button on the website (https://0chain.net) to register.  Pre-sale tokens will be in the form of an agreement of ZCHN tokens in exchange for Ether/Bitcoin/etc.

Sorry no airdrop - we hope our project is exciting enough for folks to spread the word!
xibeijan
Legendary
*
Offline Offline

Activity: 1190
Merit: 1000


View Profile
January 03, 2018, 02:13:10 PM
 #19

Are there really only "3 primary miners, 6 secondary miners, and 6 bench miners"?  That doesn't sound like much!

@xibeijan - Yes thats a total of 15 miners for the initial IoT chain.  But you can fork a different chain with more miners.  The consensus is set at 5/9 but is configurable and can be 8/9 for a bank-grade chain.  Point is you need to balance the mining cost with practical usage.  Our initial chain would be better than anything that DApps use today (AWS, state channels, etc.) in terms of security and cost.

Can it support thousands of miners?

What do you mean by fork?

Notable projects 2019: Semux, Dero, Wagerr
mark159
Full Member
***
Offline Offline

Activity: 266
Merit: 100



View Profile
January 03, 2018, 02:23:03 PM
 #20

Hello dev I like the concept and I think this project will have a big future . I'l support as far as possible.
Pages: [1] 2 3 4 5 6 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!