New Blockchain Development - BAC Blockchain

[BAC Blockchain]

We are a Singapore-based project, with resources in Hong Kong. Looking forward to sharing our development with the Bitcointalk.org community.

BAC intends to be the Business Application Chain, making it easy for global enterprises to unlock value creation with blockchain tech.

BAC & The New Paradigm for Business Value Creation
What is your gut reaction to the fact that 3 of the world’s top 5 financial centers are in East Asia? That they are trending upwards, while historic leaders London and New York are trending down?

Feelings of rivalry are understandable but misguided. Firstly, global finance both transcends and shapes national policies, although local media may distract us from this reality. Secondly, blockchain’s promise is pendant on decentralized, borderless growth and adoption.

Of course, geographic/cultural considerations have and will continue to define blockchain development. At the same time, it is necessary to evolve from the current Web 2.0 paradigm, in which Silicon Valley monopolizes tech innovation, to the primary advantage of insiders, leaving the vast majority of organizations and enterprises playing catch-up.

Instead, what is now both possible and necessary for global business is much more intimate, collaborative, and scalable cooperation between tech and enterprise.

Hence the mission of BAC – the Business Application Chain- to create blockchain-powered apps enabling the global realization of blockchain’s business advantages: time/cost savings, transparency, security, and most importantly, trust.

[BAC Blockchain]

1.3 Advantages of BAC

1.3.1 Strong Privacy

Currently, many blockchain projects are neither as secure nor as decentralized as claimed. If decentralization were achieved through public ledger entries and transparency, some of those claims would directly result in privacy issues. Therefore, anonymity must be implemented, in order to mask the number of node connections. This way, an attacker cannot interpose between the users and the system. The BAC Platform achieves this anonymity through the use of independently developed confusion mechanisms to select master nodes randomly for user transactions, and then the subsequent use of these nodes as payment gateways, in order to ultimately conrm these transactions. As a result, the next node has no way to recognize the real identity of users. Such technology will ensure that the transactions are private, and not compromised by interconnectivity.

1.3.2 High Availability

A blockchain application platform for enterprises should satisfy the usage requirements of millions of users. In order to achieve this, the underlying blockchain platform must meet the needs of users on a large scale. In the rst stage of implementation for the BAC Platform, through reasonable optimization of the communication protocol and the consensus mechanism, the BAC Platform is expected to achieve 1,500 TPS, thereby achieving the ability to satisfy the application scenarios of most enterprise-level products.

1.3.3 Flexible Development

BAC has pioneered the bună language for rapid DApp development. Similar to the Express framework development of Node.js, application developers can use bună to build their applications. Compared to C++ and Stacked Script, as well as Ethereum’s Solidity, JavaScript is much more popular, has a wider user base, and is more user-friendly. Therefore, with its similarity to JS, bună will oer the same advantages, making the BAC Platform more accessible to developers than any other blockchain.

The BAC platform also provides command-line interface tools, so that application developers can input conguration parameters when prompted, in order to rapidly set up a side chain for the main net. Numerous blockchain applications can be developed on the side chain. After development, the DApp should be submitted to GitHub, and registered in the BAC Web Wallet or Light Wallet to accomplish its deployment, after which the DApp will be shown in the application store of the BAC Platform for users to download and use. Developers can arbitrarily design any parameters of side chains, such as the generating rate of blocks, transaction modes, transaction fees, even the implementation of a brand-new consensus mechanism.

1.3.4 Switching the Consensus Protocol

For a distributed ledger system, what matters most is consistency – that is, after conducting a series of operations on a particular set of server nodes, every server node must reach a consensus on the processed result, according to the safeguards of a certain protocol. This protocol is also called a consensus algorithm.

Dierent distributed systems have emphasised the usage of dierent consensus algorithms - one algorithm is designed to not deal with Byzantine Fault Tolerance, which boasts better algorithm performance, but lower fault tolerance, as found in projects such as Paxos and Raft. Another is designed for resolving the Byzantine Fault Tolerance problem, and has better fault tolerance, but slower performance as a result. This includes consensus algorithms such as Proof of Work (POW), Proof of Stake (POS), Delegated Proof of Stake (DPOS), Practical Byzantine Fault Tolerance (PBFT), etc. Devoted to forging a public blockchain with a wider range of applications, the BAC team has developed a new consensus algorithm with high performance which allows developers to select a consensus algorithm according to their requirements and application scenarios. For example, if developers hope to build a consortium blockchain through the BAC Platform, PBFT would be a good choice; on the contrary, if they hope to set up a public blockchain, POS or DPOS would be more favourable. In summary, developers are free to use either the revolutionary DPoW consensus algorithm developed by the BAC team (detailed below in section 2.1), or others, as they see t – another testament to the BAC Platform commitment to flexibility and efficiency.

1.3.5 Regulatability

With the rapid development of the blockchain industry and the increasing number of product innovations, it has become a signicant challenge for regulators of all countries to eciently determine the legal nature of new nancial products and businesses appearing daily.

To address this issue, a supervising function operates in the underlying structure of the BAC Platform. In the event of abnormalities in on-chain packaging or transaction data, this function can rapidly assist the protocol of the BAC Platform, detecting and processing errors in user nodes on the platform according to grading records. Meanwhile, institutions and organisations concerned with data transaction can explore business modes, product processes, data analysis, legal relations, and risk attributes of projects on the BAC Platform. This will empower decisions on whether to bring projects into supervision, clarifying the license type that should be applied to them. Such clarity will help instate applicable regulations, to ensure that unied standards can be employed for businesses of the same scope, in order to establish unied compliance and safeguard fair competition.

[BAC Blockchain]

Technology Implementation

The BAC Platform will increase the scalability and processing speed of its main net through side chains, written in its proprietary bună language. DApp development on the BAC Platform is intended to be as simple as creating traditional web applications, and as similar, in order to help companies reduce blockchain adaption costs, and increase productivity. The system of the BAC Platform itself is also a completely open, decentralized application with a built-in token named BAC. BAC is designed to interact with other DApps seamlessly, allowing for conversion to ETH and BTC, then conversion back to BAC through secondary smart contracts and/or logic.

2.1 A New Consensus Algorithm - DPoW

With a firm grounding in the common characteristics of algorithms such as POW, DPOS, RAFT, and PAXOS, the BAC team has developed the world’s first true Delegated Proof of Work algorithm – initialized as “DPoW”. 

All those who would obtain BAC mining status will have to rst obtain mining qualications through the purchase of BAC, as part of a voluntary registration process. Thereafter, a miner will have either “follower”, “candidate”, or “leader” status.

The leader is the decision maker, setting the task and diculty of the hash via MQTT protocol, and conrming the hash. Followers will recognize the leader via “heartbeat” information sent out every five (5) seconds. Once the block has been created, however, a timeout will occur, turning all active, or “awake” followers into candidates for leadership in creating the subsequent block.

The timeout will trigger a request for votes from awake candidates, who will vote automatically and at random for a new leader. That candidate who receives 51% of the votes automatically becomes the next leader, deciding task and diculty value of the hash for the next block. Once decided, the leader becomes an ordinary miner, until it is time to conrm the new block’s hash. The confirmation is broadcast via MQTT protocol, so that other miners may make a secondary confirmation, further to which the block is updated, and the cycle begins again.