On May 13, 2019, the founder of the TERA platform, Vtools, visited the “Official BigOne Community in WeChat” and answered live: “How to create a public blockchain with a million TPS on the POW consensus”.
BigONE: Today we are honored to invite TERA's founder Vtools to share in BigONE. The following is the presentation by Vtools. Please keep quiet，our event is about to begin.
vtools: Hello, colleagues!
I am glad to welcome you all. Today I want to tell you about the future of the blockchain world.
My name is Yuri Ivanov, I'm from Russia and I'm the founder and chief developer of the TERA project.
vtools: What is TERA?
TERA is a Decentralized and high-performance blockchain platform. In the TERA network, the topology has a distributed form, and the network is peer-to-peer - that is, all nodes have the same rights and are block producers. The number of nodes is not limited: now there are actually more than a thousand, and nothing prevents them to make for example a million.
All this suggests that we have a truly decentralized blockchain.
vtools: What's the meaning of that?
This is not 20/40 nodes, as the blockchains made on the basis of DPOS consensus, or any other essentially centralized consensus. We do not need to pay for the creation of your node and we do not need to vote for the right to become a node that creates blocks. We have free entry, we have POW consensus.
vtools: Why is this possible?
In fact, we invented a new block exchange Protocol. We did not look at other blockchains, because we knew that they do not provide the scalability characteristics people need, which means that they contain errors at the conceptual level. We went on our way - we basically re-invented the blockchain.
vtools: Brief history of creation:
It all started in September 2017. Then a wave of great popularity of cryptocurrencies began. I have been engaged in the automation of business processes in companies for about 20 years and at that time just completed the project in a major Russian Internet marketplace. Then I drew attention to the main problem of cryptocurrencies - slow transactions. I was wondering if it was possible to create a Protocol that would make the exchange of transactions fast, almost instantaneous. I wanted to thoroughly understand what determines the speed, and what factors affect it.
vtools: It turned out that the following factors:
Firstly, it is the time of delivery of the package, because the speed of light is limited and there are delays between the continents. This is a fundamental factor and there is probably nothing to be done about it in this universe.
Secondly, it is the speed of information processing. If we want to use an ordinary laptop as a normal node, we will be able to process only a few thousand transactions per second.
And third is the time of building the block from transactions. It turned out that this time nobody really studied, and you can try to figure out a new way how to do it optimally.
Once we have determined the theoretical limits, it became clear in which direction you need to “dig” to solve the problem.
vtools: What other factors were taken into account
I wanted to create a perfect blockchain that could be used as a convenient tool in all decentralized applications by all programmers of the world. I wanted to build a common information system in the form of a distributed network that would connect every city, every house in the world and that would be unsinkable. Therefore, TERA was based on the main principle - decentralization as a religion.
vtools: Decentralization is the main idea that gave birth to blockchain technology. We need to not lose it. Not to exchange for cheap promises of speed increase in exchange for usurpation by ten other nodes of the right of creation of blocks and their censorship.
vtools: So, what we have got at the moment:
A new block is created every second. Now it is as convenient to use blockchain as usual programs.
In TERA, the simple language of smart contracts is JavaScript. This allows you to involve in the industry of creating Dapps broad masses of web programmers who are not previously familiar with the blockchain.
Information processing speed reaches 1000 transactions per second, which allows you to make free transactions.
Free transaction extends the application of Dappu. You can create such a Dapp (for example, a decentralized forum), which allows them to use even without having a cryptocurrency. Users are no longer required to pay for each of their actions in the blockchain.
In TERA hosting Dapps - ie, their visibility from the Internet is carried out by the miners, which allows you to use the blockchain in real life without installing any programs. Now any programs and websites can use the tera blockchain through microservices. This is essentially the first practical step in building an economy without borders.
vtools: And now, a few words about our plans.
We have developed a sharding mechanism, and this summer we will implement it in the network Protocol:
vtools: Any blockchain that supports the TERA Protocol will be able to unite into a single super high-speed network with a total speed of about 1 million transactions per second! This speed will be available when you connect about 1000 shards.
vtools: To do this, we have developed a special Protocol for merged mining and cross-sharding transactions. By creating a new fork in the TERA blockchain and connecting it to the common network, you increase the network bandwidth.
In contrast to other blockchains, here at fork you improve the network. Since in each shard all nodes calculate the total hash of the network and the overall security of the network at the fork does not deteriorate.
vtools:
We invite you to join our sharding crypto-Union. Everyone will be able to create their own chain, with their own coin, with their own rules of emission and mining. Together we will build a huge super-network that will connect every country, city, house and will be unsinkable..
The future is already here. You with us?
BigONE: 1. When will the mobile app release?
vtools: In the next few weeks.
BigONE: 2. Why do you make TERA? What was your original intention?
vtools: Create the perfect blockchain: a decentralized, scalable, and free transactions. TERA is the answer to an intelligent call, whether it is possible to create an algorithm for fast delivery of blocks. As you know, the answer was positive.
BigONE: 3. Does TERA plan to cooperate with other enterprises to facilitate the implementation of the application？
vtools: Our team is open for cooperation and we take part in public events - exhibitions/conferences. There are already companies with which sharding on TERA will be created this summer.
BigONE: 4. What's the difference between sharding in ETH and in TERA. Can you describe sharding in TERA in plain language?
vtools: In TERA when sharding decentralization is maintained. With the growth of the number of shard, increases bandwidth, increases the number of nodes and thus increases the decentralization and reliability of the network. All other blockchains do the opposite. They introduce a POS Protocol that reduces the number of block producers to a very small number - up to a few dozen, they bring centralization along with scalability. The idea of blockchain is emasculated in them, and decentralization disappears.
Tera sharding idea: if I validate chain 1, and I have a trusted friend who validates chain 2, then we can combine these two chains into one network. As a result, we will get twice the network performance. If I don't have such a friend, I just create another node and add them to my common cluster.
BigONE: 5. Whether Russia has a cryptocurrency-friendly policy and whether it has good promotion means in the future in Russia?
vtools: In may, we are taking part in the prestigious Russian blockchain conference at The SKOLKOVO innovation center and possibly in several other local conferences. At the state level, there is no support for blockchain in Russia, so TERA's headquarters will be opened in Europe or in the United States. In Russia, we are located only at the initial stage. In the future, a mandatory move is planned.
BigONE: 6. Are you married? Any kids? Is there enough financial support for you to develop TERA full-time?
vtools: Yes, married, two children.
I have been doing Tera full time + weekend since September 2017. In addition to me,the Moscow team (3 people) + remote developers (mobile application,website, marketing, design) are on full-time.
Tera also has a large international team, all working for the future and investing their own funds.
BigONE: 7. Is there a plan for a decentralized pool?
vtools: Our task is to maintain the policy of maximum decentralization of the blockchain. By themselves, the pools is centralization as mining should not only include the calculation of the hash, but it should also contain: a validation chain, data exchange, supporting entry points into the network. Therefore, there will be no pools as such, but there may be a decentralized mining Protocol. But this issue needs to be worked out.
BigONE: 8. Do you think the current TERA is still seriously underestimated? Have you ever had capital contact with you? Or is there any intention to contact capital investment?
vtools: The potential of TERA will be repeatedly evaluated by the blockchain community. Now we are at the beginning of the path, we chose the path without going to the ICO.
Today every day coinmarketcap.com several tokens or coins are added. Almost everyone is a clone of Ethereum. Their typical task is to come up with a reason for the creation (ecology, B2B, solar energy, etc.), spend several hundred thousand dollars on marketing and conduct a listing of the token on several exchanges. And all this in order to get their short-term profits and close the project.
The TERA project is categorically against such a scheme. We have chosen a serious and fundamental path. We did not attract investments for marketing, but engaged in the development of unique technologies that will make a breakthrough in the blockchain industry.
TERA team is negotiating with exchanges and we are gradually expanding our presence, increasing awareness and at the same time the capitalization of the project is increasing. More and more exchanges offer tera listing and we are open to cooperation with them.
At this stage, investors can invest very profitably by purchasing TERA. Emissions are limited, and the TERA rate will continue to grow as the project becomes known.
Tera is also ready to cooperate with a large capital, we are looking for partners at international conferences and exhibitions.
BigONE: 9. What rank do you think TERA should rank among the current cryptocurrencies?
vtools: TOP 5, since the TERA project is a full-fledged blockchain with a unique algorithm, this will not happen at once, but perhaps in the next couple of years.
BigONE: 10. Can you explain the decentralized internet portal in the roadmap?
“-Gateway to the decentralized internet (web3)”
vtools: Internet web3 is a P2P Internet in which files are stored decentralised on users ' computers. In the near future, we will launch a distributed file storage Protocol based on the principle of DHT over the Tera and build an economy to stimulate the storage of large amounts of data for users (there will be an analogue of mining). And each node will become a gateway to a decentralized cloud with data.
BigONE: 11. I have never heard of TERA before. Does TERA intend to do some promotion in China? Can you talk about it in details?
vtools: If you look at the coverage map of nodes in the tera network, China is a leader in the number of nodes. China has the largest community and it continues to grow. The first listing was in Chinese exchanges. The Chinese community is actively developing and popularizing TERA. They hold contests for developers of decentralized applications - DAPPs, conduct work on tera listing on exchanges, increase the number and quality of our community.
BigONE: 12. What is the annual inflation rate? And is there a project roadmap?
vtools: the graph shows that starting from 2021, the emission will be approximately 3% of the total emission of 1 Billion Tera.
Yes, the road map is on the website:
https://terafoundation.org/The peculiarity of our project is that we are not limited to one part of the blockchain technology (for example, only the creation of infrastructure), but are engaged in the development of the entire range of applications - from the Protocol to the creation of dapps.
This allows our team to see bottlenecks in advance, eliminate them in a timely manner and improve the Protocol.
BigONE: 13. What's TERA? What's the consensus algorithm of TERA?
vtools: TERA is the world's only decentralized and scalable blockchain. We have a POW consensus.
BigONE: 14. TERA is a blockchain with zero fees. Will the consensus change to POS for maintaining miners' rewards after all the TERA token is mined?
vtools: The emission in the TERA chain is designed in such a way that mining will continue for several decades. We treat decentralization as a religion, POS is centralization, so it's a bad choice. If you look at the capitalization of the block chain with POS than with POW, it becomes clear that the world as we are, the more trust the POW blockchains.
There is another incentive for miners to maintain the network. We will have a joint mining sharding - this means that the miner calculates one hash, but receives a reward in all shards. Thus, the addition of new shards will fuel miners.
BigONE: 15. What's the mission of TERA? Will it be available in real life in the future?
vtools: The mission of TERA is to transplant users from the legacy wagon in modern comfortable vehicles. Give the world a real decentralized, fast, convenient blockchain.
TERA is not another blockchain. It should be understood that only TERA solved the problem of scalability while maintaining decentralization and reliability. Therefore, only on TERA it is possible to get the maximum benefit from the introduction of blockchain technologies in real life. In fact, TERA takes on the mission of creating an economy without borders.
BigONE: 16. What's TERA? What are the specific applications of TERA?
vtools: TERA is the result of a team that works not for money, but for a creative and technological breakthrough. TERA, like Bitcoin, did not conduct an ICO, it was created for the sake of a scientific breakthrough and freedom for intelligence.
TERA is still a young blockchain - we launched on July 1, 2018, but now there are more than 1000 full nodes in the network. We have already created dozens of decentralized applications, which you can see here:
https://terafoundation.org/web-wallet.html#TabDapps
