BAC Blockchain (OP)
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November 28, 2018, 06:38:49 AM |
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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.
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