A Brief Yuan Chain’s Review in 2020 and Prospects for 2021
In 2020, Yuan Chain’s team was focusing on the mainnet launch of Yuan Chain. Yuan Chain (YCC) completed a series of works, including alpha testing, launch and beta testing of the mainnet with community members. After the joint cooperation of the development team and community members, Yuan Chain has the ability to launch mainnet at the technical level.
Technology Development Summary in 2020
After a year of development, testing, feedback, and adjustment, two cornerstones of safe mainnet launch have been laid the groundwork based on the consensus architecture for Yuan Chain. For the cornerstones, one is the steady improvement of performance and the other is the safe and stable mainnet operation.
Consensus & Architecture
The POS33 consensus of Yuan Chain is based on the jury consensus mechanism established on the VRF verifiable random function. While ensuring decentralization, it can achieve rapid verification and generation of blocks, taking account of credibility and performance.
Two-layer Architecture Extension
In order to stabilize the performance of commercial-grade public chain applications, Yuan Chain mainnet also supports the expansion of two-layer multi-chain blockchain architecture. Parachain can be created to achieve performance improvement and ecosystem expansion based on the main chain consensus.
Performance
At present, the performance improvement of Yuan Chain mainly depends on two levels, one is the improvement of Chain33’s bottom architecture performance, and the other is the improvement of YCC consensus performance.
Yuan Chain Bottom Architecture Performance
After a year of development in 2020, it has completed upgrade of the data structure and communication layer on the Yuan Chain bottom architecture. The optimization of the database realizes the selection of different data reading schemes regarding different physical hardware, thereby significantly improving data storage performance.
At the communication level, the libp2p communication scheme is used to replace the p2p communication scheme developed previously by the team. Through the introduction of the general libp2p communication scheme, the Yuan Chain mainnet has achieved a huge improvement in network communication performance and stability. At the same time, the community considers the problem of block generated timeout caused by poor network and the communication delay caused by it. Community increases the timeout frequency from minutes to hours to ensure data synchronization and verification synchronization of each node.
Yuan Chain Consensus Performance
Yuan Chain (YCC) adopts the innovative Pos33 consensus algorithm. In 2020, the developer team improves the consensus performance of the Yuan Chain mainnet by optimizing the execution rules of the consensus algorithm.
1. Advance the lottery and voting process, and there is no need to wait for the lottery and voting process when the block is produced on the mainnet.
2. Calculate the lottery for a single ballot to obtain the lottery data for all ballots.
3. In the public network environment, one block is generated per second, which is relatively stable.
Security
After one year of iterative testing, in the formal environment, through the continuous beta testing at a height of 6 million and two months of real network environment operation, the TPS performance of the Yuan Chain can meet the security and stability of most commercial requirements.
Co-construction
When building the community, the Yuan Chain team collected about 300 deep users to participate in the Yuan Chain mainnet beta test. Through the joint construction of the community, the iterative process of the Yuan Chain mainnet was accelerated, and at the same time, it provides feedback for the optimization and upgrade before the Yuan Chain mainnet launch on the real life scenarios, and improves the security and stability of the Yuan Chain mainnet.
Technology Construction Outlook For 2021
Mainnet
Based on the results of the comprehensive test in 2020, currently, the consensus of Yuan Chain’s mainnet to generate blocks per second tends to be stable. In the first quarter of 2021, a final test will be launched to confirm that the mainnet is safe and stable, thereby the mainnet can be officially launched.
Development Fund
After the launch of Yuan Chain mainnet, 40% of the mining profits in the mainnet consensus will go to the Yuan Chain development fund to build the Yuan Chain community ecosystem. At the same time, it will also start the development fund voting.
DeFi Ecosystem
After the mainnet is launched, representative DeFi projects, such as DEX will be available to the market in the second quarter of 2021. Yuan Chain mainnet can support DEX with second-level consensus to ensure the decentralized public trust and the same experience in the CEX. At the same time, the team encourages more developers to develop DeFi applications on the Yuan Chain mainnet.
Asset Management Upgrade
In the third quarter of 2021, it plans to launch a zero-knowledge proof-based equity management plan and a token management plan on the Yuan Chain mainnet. Based on the overall signature scheme, the wallet retrieval function will be realized. The issued token will support the overall recovery function, and comprehensively strengthen the digital asset management on the chain.
Privacy Protection
The IOU note solution based on the zero-knowledge proof will be launched in the fourth quarter of 2021. While isolating data through the privacy protection, supervision can also be achieved.
Multi-Chain Ecosystem
In 2021, Yuan Chain (YCC) will gradually build a multi-chain and cross-chain ecosystem. The Yuan Chain mainnet can support 10,000 consensus parachains. The BaaS system deploys a 4-node consensus parachain with one click, and the cost is only about 400 CNY per year. The main chain supports 1,000,000 single-node parachains with the cost of 100 CNY per year. On the parachain, a variety of blockchain applications can be realized, such as commodity traceability, commodity token pre-sale, logistics token tracking, issuance and acceptance of IOU note, etc.
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