Data Structures and Algorithms

   

Biconch Chain: A New Distributed Web Protocol Based on an Innovative Proof of Reputation (PoR) Consensus Algorithm and Eco System

Authors: Caesar Chad, Neo Liu, Leon Lau, Joseph Sadove

BITCONCH chain proposed an innovative POR (Proof Of Reputation) reputation consensus algorithm, which solved the pain point that the blockchain is difficult to maintain both high throughput and decentralization. Based on social graphs, BITCONCH Chain mathematically models social, time, and contribution activities to build a decentralized reputation system. Each user has the opportunity to establish a high reputation value. The higher the user's reputation, the lower the transaction cost (or even free). The more opportunities that are selected as trust nodes to participate in the consensus, the greater the benefits. High-reputation users are defined as “mutual trust nodes”, and small micro-transactions will start “payment channels” for high-speed offline transactions. The reputation system and system incentive system will effectively promote the continued enthusiasm of business developers and ordinary users, and contribute to the construction of the business ecosystem. Business developers with traffic are more likely to get high reputation values, and the chances of being elected to a trusted full node are higher. Ordinary users can increase reputation by actively engaging in social interactions and actively using business applications in the ecosystem, increasing the chances of being selected as trusted light nodes. The Bitconch chain uses a DAG directed acyclic graph data structure to maintain the system's positive scalability. Support smartphone light node client to resist the decentralization of the system and maintain dispersion. Zero-knowledge verification, latticed data storage, quantum-level encryption algorithms, and improved BVM virtual machines make Bitconch chain more reliable and provide a friendly DApp and sidechain development environment to meet certain applications. Technical requirements for large file storage, low transaction costs, user information protection, sidechain and smart contract iterations, and bug fixes. BITCONCH chain is a decentralized distributed network with no block and no chain, which solves two difficulties in the application of blockchain: scalability and decentralization. Bitconch chain, which can be applied to the commercial application needs of users above 10 million, is the most feasible blockchain ecosystem for high-frequency small micro-transactions and social applications.

Comments: 34 Pages.

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Submission history

[v1] 2018-07-23 13:10:53

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