Blockchain Commercialization is No Longer a Fantasy: ‘Yuan Chain’ is coming!
The rise of Bitcoin price has made blockchain a hype. Ethereum and in particular its ‘killer app’ — the smart contract have empowered numerous ICO projects. However, blockchain technology is really in its infancy, as a number of fundamental problems are pending to be resolved. Believe it or not, some of the problems are highly unlikely to be solved perfectly, and protocols or solutions are proposed to merely improve one while making a sacrifice on another — notably the Trilemma in the degree among Security, Decentralization and Scalability of the blockchain network. In this article, we will briefly discuss some of the general issues faced by public blockchain, and what purpose does Yuan Chain serve.
Bitcoin does not scale!
Bitcoin was suppose to be a peer-to-peer electronic CASH system — when first outlined by Satoshi Nakamoto in 2008. A decade has passed by and Bitcoin is still unable to gain wide adoptions in the world as a medium of payment. It is its scaling issue that hinders Bitcoin from being used as a digital cash, the limited block size and long confirmation time have restricted its performance to below 10 TPS. Additionally, the transaction fee — the fees paid to miners for transactions to be picked up and put in the block — is too large that has made micropayments impractical. Ethereum has not been much better in that regard neither, the network is congested with transactions of ERC tokens which slow down the network and increase transaction costs.
Blockchain has not received wide adoptions!
Another challenge faced by blockchain in general is that it hasn’t been many business use cases adopted yet. How would we call a technology disruptive if it could not bring social benefits to the society? The most significant application that blockchain does thus far is crowdfunding, namely ICO. Even that, most of ICOs are scams. Blockchain technology is promised to bring benefits to industries such as provenance (food/art work), supply chain (finance/logistics) and some of other areas. However, most of them are still based on theory and we have not seen major applications happening in reality.
Yuan Chain is promised to deliver us a high-performance public blockchain for commercialization.
Yuan Chain team are concerned about the two above fundamental challenges faced by public blockchain and the launch of the project is to provide a secure and stable blockchain platform with high performance for commercialization.
The Yuan Chain project is not really a spur of a moment due to the hype of blockchain, but is a gradual and consistent progress lead by a team with 300 members, of which 80% are developers. The team started in 2013 with the research and development of blockchain technology, while doing so, they are dedicated to make integration with business applications. Unlike Ethereum which started off with building the architecture of the Ethereum open-source platform. Yuan Chain team postponed their launch of public blockchain until their successful engagement in business adoption lead by several corporate private blockchain projects. They built a blockchain-based supply chain finance platform to improve efficiency and liquidity on supply chain, a blockchain-based matching system for bills, notes and drafts for a giant airline company in China and a royalty points exchange to increase the usage of points issued by merchants.
Besides that, various on-going projects are happening in the Yuan Chain ecosystem such as provenance of artwork, asset digitalization of hard metals and financial securities as well as projects with banks, automotive industries and electronic giants. Blockchain is an open source technology, however, Yuan Chain team pays special attention to intellectual property and has filed over 100 patent applications in the blockchain space which leads the world in top 10. It is vital that the partners of Yuan Chain uses technology that is protected by patent.
Yuan Chain aims to build a corporate-level SaaS platform, which allows industries of all kinds to integrate blockchain technology with their business. Yuan Chain provides the technological support, and help with the on-chain and off-chain management. Ethereum is a Dapp platform where it is easy to issue a token to launch an ICO campaign. Conversely, for the sake of due diligence, Yuan Chain has been cautious in choosing partners, ensuring that scams and frauds are ruled out.
With experience in blockchain commercialization, Yuan Chain team understands the importance of technical upgrades and maintenance when it comes to business applicable. Also, privacy is vital to corporations as they do not want too much data exposures. By taking these issues into considerations, Yuan Chain blockchain architecture is featured with a powerful main chain and various parallel chains with different applications. The security of parallel chains are provided by the main chain, the nodes are shared and the parallel chains only need to keep a few nodes of their own. More importantly, parallel chains are highly flexible, it is possible to upload selective data onto the main chain while keeping others privately. Yuan Chain blockchain is incorporated with several innovations such as Heterogeneous smart contracts and Hot Replacement smart contracts. They are designed to increase flexibility and lower the level of complexity for developers to build smart contracts on Yuan Chain.
Yuan Chain has the ambition to create a blockchain ecosystem for million-level number of corporations. We will cover Yuan Chain’s technical innovations and advantages and their business use cases in details in later posts.