On November 8th, World Blockchain Conference hosted by 8btc is held in Wuzhen. At Bytom’s special meetup “Keep MOVing”, CTO of Bytom, James brought us his keynote in “the future of blockchain oracle”. James shared the development progress and the technology ecosystem building process at Bytom.
James spoke about Bystack first, Bystack is a BaaS platform that has one main chain and multiple side chains. Bytom’s team started working on this project since April this year, and it was officially launched in July. After Bystack’s launching, Bytom’s community members started to participate in the staking and voting process.
Bystack utilizes Bytom’s POW consensus protocol to ensure asset security. With cross chain asset mirroring, assets on the main chain can transfer to other blockchain platforms. This will enable more possibilities and functions on the main chain. On the other hand, Bystack was able to resolve the impossible triangle paradox by dividing the issue into multiple layers. Users can customize their own side chain on Bystack base on their own needs or use cases, which will better serve the enterprise clients. Information on blockchains and liquidation between businesses will become much easier.
For traditional entities, blockchain remains a relatively new concept. It’s not easy for them to utilize the blockchain technology in their field. Bystack expanded the possibilities from Bytom, and transformed blockchain technology into common sense, easy-to-use general tooling portal. This could benefit the traditional internet developers, because they can develop blockchain applications without even understanding the underlying technology, which will significantly simplify the development process and make blockchain technology much more user friendly.
James also spoke about the side chain, Vapor. Vapor is the very first side chain that was developed base on Bystack. Vapor uses the BBFT consensus algorithm that was developed by our team. BBFT performs the parallel verification of the block and signature of the block in a parallel manner. In this way, if a block on the node is out of the block, the block can be directly sent out, but the verification is done in parallel, so there is no delay interference. Based on the side chain of Bystack, there are 10 supernodes and 32 candidate nodes, which will pack time in 0.6 seconds, and the fork rate is 0.27%. On Vapor, transactions can be verified in parallel. The limit is the number of 160,000 transactions per second. Due to network delays, the actual measurement can reach 21000/s. Currently, Bytom’s development team is upgrading Vapor, after the upgrade, it will be able to support sub-module and OFMF protocol.
So what is the OFMF agreement? OFMF is a decentralized universal cross-chain protocol. It refers to the multiple signature contract and threshold signature method. Although multiple signature can solve the problem, but there is a limit for the number of keys can be used in multiple signature contract, and that is why the thresholds is used. The threshold can split one key into multiple sub-private keys. Within the system that’s formed between the sub-private key holders, no one knows whether there are multiple sub-private keys or just one private key behind the public key. So let’s say you have several organizations hold the key, you only need to breach these organizations’ system to take the asset. However, with threshold, you will need to breach every community participants’ system to be able to take the asset. Threshold has truly decentralized the system. The development process of OFMF is coming to an end, it will make most of the common framework codes open source, this is also a no permission required protocol. This means you can transfer resources from other blockchains to Bytom’s blockchain freely. We are also able to diversify the asset management method.
As a blockchain BaaS platform, Bystack inevitably involves asset exchange, liquidation and other services, that is why we came up with the smart contract-based magnetic coupling protocol: MOV. The MOV agreement will package the demands for asset exchange through smart contract and put these packages on blockchains. Supernodes will then match these demands together. The smart contract we put into place will make sure the supernodes are not doing any illegal packaging, so you don’t have to worry about these supernodes become bad actors. The highlight of MOV is that it can support on-chain trading and loop exchange.
Loop exchange allows multiple parties to exchange/trade in one single transaction, this could significantly simplify the exchange process between multiple parties. MOV can analyze the exchange demand from different parties and then later package those demands together. The advantage of MOV is that it’s very stable. Right now, the packaging speed for MOV’s TPS is 16,000 per second (8000 per block). As you can see, we have reached the speech limit of internet TPS. MOV also supports off-chain exchange, we will allow supernodes to put it off chain, with server clusters.
When James spoke about the blockchain oracle, he explained that oracle is only part of the Bytom system, the main chain ensures security of the assets from the bottom layer; there is a side chain on the upper layer of the main chain to ensure high TPS and high performance. On this basis, an open pipe network is used to exchange assets for the best exchange. So what exactly is the blockchain oracle? The prophecy is that you want to know what is going on in the future, but now it is trusted by third parties, for example, it tells you the bitcoin of tomorrow and the exchange rate than the original, but this is not credible of. If all are traded on the chain, the oracle is just a step on the chain. Bystack supports Loop exchange, and this made it a very solid system, because the system won’t crumble because something happens to one single node.
Lastly, James mentioned the MOV’s future plan. As for now, the development process of MOV is coming to an end, it is expected to be released on DEV, on November 22nd. This version will be a professional interface. It will invite some professional teams and users to experience and use half a month to do some upgrades on user experience and optimization. This December, the community will have a trade contest, so that our community members can participate in testing the performance of MOV framework. The open gateway OFMF will go live on December 2nd. This version only supports Bitcoin’s open gateway. The review of the safety review body will open the Ethereum’s open gateway on December 9. At that time, the MOV will be officially launched, and the ecosystem partners of the original chain can access the MOV system for development. It is expected that by the first quarter of next year, the ecosystem partners will be able to complete the application development, and by then the Bytom ecosystem will be able to form a perfect closed loop.
