The story of the public chain has not been finished…
Editor’s note: This article comes from the strategic cooperation blockchain media “Odaily Planet Daily< /a>” (Public ID: o-daily, APP Download)
On August 13th, Conflux Research Director Yang Guang and Conflux Business Technology Director Shang Shu were the guest planet super-speaking community, and discussed with everyone how the public chain should land, how to get out of their own development.
In this community question and answer, Yang Guang pointed out that the public chain is most likely to achieve large-scale application in the field of banking and finance. He believes that Bitcoin is now used as a large-scale electronic cash. In the fight against inflation, cross-border transfers of large amounts of money, and retail storefronts that use lightning network payments, they are already implementing a function as electronic cash or even electronic gold.
“The public chain essentially solves one of the most extensive and expensive trust issues. Which industry is the most extensive and expensive trust in the world? The main reason is in the banking and finance industry. From currency issuance, deposit and loan business The wealth management business, the bill business, and the asset securitization business are all directions that are easier to combine with the blockchain and finance,” Yang Guang said.
Shang Shu and everyone discussed how the public chain should develop the token economy, how to weigh the relationship between “coin price”, “investor sentiment” and “concentrating on projects”, and “doing technology.” “There is a contradiction between “and the currency” and some hot issues discussed in the market.
Shang Shu finally revealed to everyone that the Conflux team promised never to conduct public offerings, and would not cooperate with any centralized exchange to conduct IXO.
The following is a community Q&A record:
What is Conflux? What problems have been solved?
Odaily Planet Daily Q1: Can you briefly summarize what Conflux does? Is it proposed to solve the problem?
Yang Guang: Conflux’s goal is to provide a high-throughput, fast-acknowledging, and high-security and decentralized consensus underlying public chain. It mainly solves the problem that the existing public chain has low performance, high cost, and cannot support large-scale applications. Can be classTechnology development from 2G to 5G in the communications industry.
Odaily Planet Daily Q2: What is the biggest advantage of Conflux compared to other star public chains?
Yang Guang: Conflux is the highest performing public chain under the premise of ensuring security and decentralization. The ground floor uses a proven PoW to maximize the core benefits of security and decentralization, and at the same time achieve the top level of performance in public-chain projects.
Odaily Planet Daily Q3: What is the biggest difference between the Conflux consensus algorithm used by Conflux and Nakamoto’s consensus agreement?
Yang Guang: The biggest difference is the different organizational structure and trade-offs for the block.
All the blocks generated under the Nakamoto consensus form a tree, then choose the longest chain and discard the remaining forks.
Conflux organizes all the blocks in a tree structure and then sorts the blocks on the entire tree without having to discard any honest and valid blocks. So you can make better use of all blocks to achieve higher throughput.
Odaily Planet Daily Q4: Why not choose the “longest chain rule” adopted by Bitcoin (Zhongbencong consensus algorithm)?
Yang Guang: The longest chain rule adopted by the Nakamoto consensus protocol is difficult to handle concurrent blocks. Therefore, the block speed must be limited, the bandwidth cannot be fully utilized, and the throughput limit is very low.
Conflux organizes blocks using a tree structure and uses GHAST rules for blocks? Sorting can handle concurrent blocks well, so you can use a higher yield rate while maintaining system security, and better throughput and acknowledgment time.
Conflux can achieve a throughput equivalent to the node bandwidth, which is about 10Mbps of consensus throughput with 20Mbps bandwidth per node.
Conflux recent progress
Odaily Planet Daily Q5: When is the Conflux main network expected to go online?
Yang Guang: It is expected to be on the line from Q4 this year to Q1 next year. The exact time depends on whether the bug is detected in the test network and the progress of the repair.
Because the underlying public chain has high requirements for security reliability, we hope that we can come up with a mature and stable version at the beginning of the main online line.
Odaily Planet Daily Q6: What is the current state of Conflux technology?
Yang Guang: At present, the development of Conflux is going well, and the consensus node on the test network is running stably. Projects that are currently being tested and tuned include compression history checkpoint mechanisms, light nodes, and systemsSystem parameter adjustment, performance optimization on implementation, etc.
Another point is the browser’s performance optimization, because to keep up with Conflux’s speed indexing every transaction and supporting a variety of queries, the back-end database is still quite stressful.
Odaily Planet Daily Q7: What specific work is Professor Yao Zhizhi currently responsible for in the team? What is the level of participation of Professor Yao in the project?
Yang Guang: Mr. Yao is more in the direction of giving us directions, giving direction and guidance to our theoretical research and future development. For example, the security of the GHAST consensus algorithm, for example, was led by Mr. Yao. The paper on Conflux consensus algorithm that was previously placed on arXiv was also completed under the guidance of Mr. Yao.
In addition, in terms of management, Mr. Yao is a member of the board of directors, supervising and guiding the fund’s use and operation of the fund.
As for the development of specific code writing, Mr. Yao certainly does not participate. Mr. Yao is a theoretical computer scientist and not an engineer. Engineering system development is not his strength.
Speaking of engineering development, Professor Xu Wei from Tsinghua University’s Interdisciplinary Information Institute (Mr. Yao’s unit) deeply participated in the design of the Conflux system and discussed the technical details of many Conflux with our core development team. Especially in the top-level architecture of Conflux, Mr. Xu gave us a lot of guidance and help.
Odaily Planet Daily Q8: What is the problem with the tree-chain (TG) technology used by Conflux to solve the public chain ecology?
Yang Guang: Compared to the public chain with chain structure, Conflux’s tree structure can support concurrent blocks, which solves the problem that the speed of the block must be much lower than the limit of the broadcast speed of the block in the network, greatly improving Throughput.
Compared with other public chains that use graph structures, the tree graph structure can support more efficient calculations, and the computational burden for consensus nodes is lower, and the computational power of nodes is avoided as the bottleneck of the entire consensus system.
The consensus algorithm for many graph structures has not been implemented because it is very difficult to calculate the information needed for consensus on the graph, especially if the entire graph is large and frequently updated.
Conflux’s tree diagram does not have these problems. If the DAG chart used in the ordinary graph-based blockchain is the textbook with the open book exam, the tree map is a textbook with a focus.
Which area does the public chain first land in?
Odaily Planet Daily Q9: At present, in which field is the public chain most likely to achieve large-scale application?
Yang Guang: I think the biggest application scenario is still in the banking and finance field.
Bitcoin is now available as electricitySub-cash is used on a larger scale. In the fight against inflation, cross-border transfers of large amounts of money, and retail storefronts that use lightning network payments, they are already implementing a function as electronic cash or even electronic gold.
The public chain essentially solves one of the most extensive and expensive trust issues.
Which industry is the most extensive and expensive trust in the world? Mainly in the banking and finance industry.
From currency issuance, deposit and loan business, wealth management business, bill business, to asset securitization business, these are the areas where blockchain and finance are easier to combine.
After the public chain with better security and higher performance goes online, especially after the ordinary people start to use the blockchain because of better user experience, the business functions of the bank on the blockchain will gradually appear. ,grow.
In this process, the centralized entity of the bank may gradually disappear in some areas, and the money earned by the banking industry can be divided into all the people who create, participate in, use smart contracts and maintain the blockchain network. The hands of the miners. Create a beautiful scene of who is involved and who is profitable, such a person to share, everyone to participate, and everyone to maintain.
Odaily Planet Daily Q10: How do miners dig the tokens of the Conflux test network? How to calculate the block reward?
尚书: How to calculate the block rewards, our Chen Xiaoxiao brother has a video on the TV show: “Conflux test network mining tutorial v0.1.6 (no programming experience friendly version)”.
Odaily Planet Daily Q11: What aspects of Conflux will be paid attention to in operation? What do you think about the operation of a public chain?
Shang Shu: The core goal of Conflux’s operations is [to make the public chain more accessible to people].
This includes multiple aspects of work: 1. Provide development tools for developers
– The underlying infrastructure of the public chain (including Layer 0, Layer 1 and Layer 2 solutions)
– DApps development toolchain (IDE, SDK, etc.)
– DApps public services (wallets, decentralized exchanges, oracles, etc.)
2. Provide collaboration tools for community users
– Conflux Bounty
3. Provide a solution for Blockchain+
– Yao Yizhi has some natural advantages in the background
– for the country orThe local government, as well as some large companies, cooperate to promote the project.
– Help the industry to do some sandbox supervision.
From bottom to top to C, from top to bottom to B, we are all actively advancing.
What improvements did Conflux make in order to meet the needs of the business?
Odaily Planet Daily Q12: Some people say that the performance of many public chains on the market and TPS are not enough for the basic business scenarios. What improvements has Conflux made to this phenomenon?
尚书: Simply put, we used PoW to run out of DPoS performance.
The technical team that we have filled with Olympus gold replaces the original chain structure with a Tree Graph structure, and replaces the longest chain with the GHAST (Greedy Heaviest Adaptive Subtree) backbone selection rule. And the most heavy chain GHOST rules, and in the guidance of Yao Yizhi’s teacher to do a strict mathematical proof of the correctness of the theory. The impossible triangle of performance, security, and decentralization cannot be broken, but we push performance to the current physical limits while securing security and decentralization.
The public chain can not support massive applications is conclusive, so in addition to focusing on improving the performance of Layer1, Conflux is also deploying the expansion scheme of Layer0 and Layer2, so that the upper layer does not need to worry about TPS.
Conflux application scenarios in the real world
Odaily Planet Daily Q13: What are the application scenarios of Conflux in the real world? Which institutions have you reached cooperation with?
Shangshu: The current main focus of the industry is on cross-border payments, supply chains, games, deposits and so on. Conflux basically has cooperation agencies in various scenarios. Conflux is very pragmatic on the landing, and will announce it to everyone after substantial progress.
In addition, we feel that the blockchain is an infrastructure-level revolution. The biggest application scenario may be to reshape the collaborative relationship of all human beings. In this regard, we are also actively exploring on Conflux Bounty. Exploring the decentralized collaboration paradigm is very interesting and we hope to work with the community to advance this revolution.
How to balance the relationship between “coin price”, “investor sentiment” and “concentrating on project”?
Odaily Planet Daily Q14: How do you think the relationship between the “coin price”, “investor sentiment” and “concentration project” after the project is issued?
尚书: The reason why the three are not balanced is that the value of the token is not supported.
We believe that the public chain is a platform to help everyone better collaborate, regardless of the cost of trust.The decline in transaction costs and the increase in value flow rates can all be mapped to a decline in collaboration costs. We can’t guarantee a clear path to success for Conflux, but we have the ability and hope to involve all members of the community in the construction of Conflux to create value and explore direction together. As a result, we are working hard to provide a better collaborative platform for the community (Conflux Bounty), Conflux Bounty will experience a centralized, multi-centered and decentralized process, gradually exploring the way community collaborative governance.
Conflux is community-wide, building together and sharing revenue.
Odaily Planet Daily Q15: Recently, we found that the founders of public chain projects have announced the departure of the team, and some of the public chain projects have been put on hold due to internal disagreements. Some star public chain projects have been on the second stage. After the market was poor, the investors were diss, and there were a lot of public chains that had a lot of money in the bull market. So far, they have not found a good commercial landing or realizing method… The survival status of the public chain does not seem to be good. Some people even think that the current public chain is not as “live” as many alliance chains. What do you think of this strange circle of public chain development?
Shang Shu: Personal choices may be many reasons, and we are not easy to judge.
But for the public chain, we think it’s important to keep the mind. Regardless of whether the public chain is currently a hot spot in the industry, the public chain is the main battlefield of the blockchain revolution. We hope to keep the initial focus and build a good technical foundation for everyone to use blockchain technology. Blockchain is a community, we do ours, and the community has its own will. Do your best, listen to your destiny, haha.
Odaily Planet Daily Q16: Governance issues have always been a difficult point in the development of the public chain. What do you think is the key to “governance”? Can you introduce the governance mechanism of Conflux?
Shang Shu: The core issue of governance is the voting mechanism. The most difficult question in the voting mechanism is how to allocate voting rights. The United States says that natural human rights are actually allocated voting rights, one person, one vote. However, in the decentralized environment of the blockchain, it is difficult to prove that “I am me”. How to divide the voting rights is very difficult.
We are currently pushing a Conflux Bounty project. The core principle is to use the actual labor to participate in community building in order to obtain the certificate. This kind of certificate truly represents the contribution value of everyone. We may consider adopting this method in the future. Assign voting rights.
The contribution value may be a way to assign voting rights, and we are still exploring.
Odaily Planet Daily Q17: How do you view the token economy of the public chain? Do you think there is a contradiction between technology and currency?
尚书: I feel that there is no contradiction, technology and economy should be complementary.
The blockchain is the heaviestThe three elements required are pass, encouragement and community. Pass is the value carrier, incentive is the way of cooperation, and community is the fertile ground for value creation. And technology is the cornerstone for all this to happen. To achieve commercial success, it must not be unilateral.
The Conflux team promises never to go public and IXO
Odaily Planet Daily Q18: The Conflux team has a strong academic background. There are some other academic labels in the near future. The projects that have been highly anticipated and expected have encountered difficulties and have been questioned, such as conflicts with private investment institutions. There are some problems or loopholes in the mechanism. The initial valuation is very high, and the market value of the currency is very volatile. What do you think?
Shangshu: First of all, we can’t speak for other public chain projects, but we do have some ideas to communicate. I represent Conflux to express our team’s consensus:
Everyone at Conflux has never forgotten their initial goals. Our goal is actually very simple. I hope Conflux can grow into a “useful” platform that everyone feels is, and because of “usefulness”, everyone is getting attention and thriving. Conflux owners will do their utmost to advance the project ahead of the market and regulatory rules.
It should be noted that I think public offerings are no longer a healthy form for today’s blockchain industry, and Conflux has enough resources to realize the ideal public chain platform in my heart, so we promise It will never be publicly funded, nor will it cooperate with any centralized exchange to conduct IXO.
Friends who are interested in Conflux can participate in Conflux through community contributions or by providing security to the network after the main online line.
Finally, I would like to remind you that the blockchain investment is highly volatile and is accompanied by high risks. This includes existing blockchain assets such as Bitcoin and ETH, and may also be derived from Conflux after the main online line. Out of the assets.
As a decentralized public chain, we are unable to determine or control where Conflux’s future assets may be and how they are traded. We always feel that any discussion of the price of private placements yesterday, the price of public offerings today, and the risk of not mentioning risk to Toda Moon tomorrow are extremely irresponsible to the community.
We want to be accountable to all members of the community today and in the future, and please be able to focus more on the technical aspects of Conflux. At the same time, I would like to say to all the friends who care about Conflux, thank you for your way alongside, we are confident that Conflux will bring you enough surprises with technology and application, and finally become the most perfect look in your heart, thank you.
Community Q&A Q1: Please briefly introduce GHAST.
Yang Guang:In simple terms, it is similar to GHOST, but it can achieve better performance and security through dynamic adjustment, especially against attacks such as balanced attacks.
When honest computing power is concentrated, each block in GHAST has the same weight, and high TPS and fast confirmation can be achieved by fast pop-out.
In the case of honesty and power forks, GHAST will adjust the block weights while maintaining the block rate, so that only a small number of blocks have a high weight, reflecting the consensus-constrained blocks. It is similar to Bitcoin, which is conducive to the rapid concentration of computing power. After concentration, return to the mode of quick confirmation.
Community Q&A Q2: What problems can GHAST solve?
Yang Guang: Can’t solve the problem of 51% attack. It also solves the problem that the network is blocked for a long time and leads to a consensus fork.
Community Q&A Q3: Although the main network of conflux has not been online yet, is it curious to plan for incubating applications in the future?
Shangshu: The Conflux Foundation considers hatching a group for two purposes: 1. To make a difference, what Conflux can do, 2. Focus on incubating a number of public services, making it easier for everyone to build a business in Conflux.
Community Q&A Q4: Before we saw a lot of vertical chain of a specific track, I want to know what the public chain team is mainly chasing. Do the application? Still playing cross-chain?
Shangshu: De-Fi is the area we are currently focusing on, but the industry is changing very fast, and we will adjust the strategy as the industry dynamics.