I read this interesting proposal but I did not understand how and when to get the coins. Will there be an airdrop?
I also want to know.
Topic: 0chain - world's first free scalable decentralized cloud - page 6. (Read 2746 times)
I also want to know.
Are there really only "3 primary miners, 6 secondary miners, and 6 bench miners"? That doesn't sound like much!
@xibeijan - Yes thats a total of 15 miners for the initial IoT chain. But you can fork a different chain with more miners. The consensus is set at 5/9 but is configurable and can be 8/9 for a bank-grade chain. Point is you need to balance the mining cost with practical usage. Our initial chain would be better than anything that DApps use today (AWS, state channels, etc.) in terms of security and cost.
I read this interesting proposal but I did not understand how and when to get the coins. Will there be an airdrop?
It is interesting, but it is necessary to understand. Let's read
Are there really only "3 primary miners, 6 secondary miners, and 6 bench miners"? That doesn't sound like much!
sounds like a very big project, add this to my watch list... is there any info about the ICO ? please count me in if yes!
@coin8coin its all in the white paper. Pre-ICO in Feb, ICO in Apr. Click the Join Us button on the website (https://0chain.net) to register.
I am definitively following this thread.
Interesting concept.
But still waiting for more information and news
Interesting concept.
But still waiting for more information and news
keep following this project.
sounds like a very big project, add this to my watch list... is there any info about the ICO ? please count me in if yes!
I'm seemed ignorant on this concept but isn't this the same with IOTA perhaps?
Check out my blog comparing IOTA - true zero fees, sub-second deterministic finality, free storage of data/image/video, keep audit trail of all blocks, self-fork for multiple chains tuned to a vertical, specific application, or geo location - https://medium.com/0chain/why-0chain-not-iota-is-ideal-for-iot-web-enterprise-apps-bdd1154d148f
Awaiting for more info about project, and now keeping that topic in my history. Thanks Dev!
I just read the whitepaper.
Sounds interesting, but this is a big plan.
As roadmap states it will take some years from now.
I will have an eye on it...
Sounds interesting, but this is a big plan.
As roadmap states it will take some years from now.
I will have an eye on it...
Interesting! I'll watch
I'm seemed ignorant on this concept but isn't this the same with IOTA perhaps?
Interested.
Sounds interesting.
Introducing 0chain
0chain is a true zero-cost superfast, self-forking decentralized cloud for your off-chain {smart contract, data} for IoT, Web, and Enterprise apps.
Today majority of DApps have almost all their code execution and data storage on a centralized cloud such as AWS. 0chain aims to fill this void and provide a free scalable cloud for DApps to become completely decentralized. DApps can move their off-chain smart contract and data on to our platform, and provide their customers with assured decentralized service, but conserve capital and focus their spend on developing their business.
The Technology
Our blockchain is designed to execute a smart contract in sub-second deterministic time, so that one piece of smart contract does not have to wait minutes or an hour for the result of the next one. Our speed is the result of an efficient consensus set made up of 3 primary miners, 6 secondary miners, and 6 bench miners to make sure we have an honest consensus that needs at least 5/9 honest miners, and allow for network disruption, malicious attacks, data withholding, and data manipulation.
And because we have parallel chains, concurrent threads, and an efficient consensus, we can theoretically have infinite transactions .
We also have a notion of self-forking for an evolution toward chains tweaked for specific verticals, applications, or geo location, because we understand that the parameters of one chain cannot satisfy every vertical or application.
In fact, one parameter that is bound to change is the block time, which stipulates finality in a sub-second or minutes depending on the application. Buying coffee, receiving a token for a post, and other micro-payments can be transacted on a sub-second chain, while analytics, image processing for IoT, AI apps may need to be on a separate 2-minute chain. The self-forking aspect allows for new chains to evolve decoupled from the network token value.
Another reason to self-fork could be the consensus parameter of 5/9 which is fine for IoT applications, but a banking institution may need a 8/9 quorum for higher security.
Token Economy
To provide a free scalable cloud, we need to control the inflation rate of tokens to the miners. To achieve this we have a cost-efficient consensus, computing, and storage schemes. We divide the infrastructure scheme up into CPU, RAM, and SSD component needs and designate different duties to miners, sharders, and blobbers. Miners generate and validate blocks. Sharders store blocks. Blobbers store data.
Additionally, we split our genesis chain into smart contract and data chains at the onset. This will allow Miners and Sharders to use different equipment for a data chain and smart contract chain, and charge different prices to the network. The smart contract chain is stateful and so will need higher RAM servers. The miners, sharders, blobbers will need to offer pricing comparable to a traditional cloud at their own fiat currency, and 0chain will adjust token payout based on a daily exchange rate.
Apart from having a fair miner price, we need the DApps to hold tokens based on an expected computational and storage need that they would pay a traditional cloud annually, except that they just need to hold it like a bank. There are no fees. And if the DApp happens to hold enough tokens initially, and the token value increases, then they have a free scalable cloud for years to come without buying any additional tokens. This holding rate is adjusted on a regular basis to control the inflation rate, and these adjustments are done such that the reward pool lasts at least 100 years.
For more information, check out our white paper at 0chain ( https://0chain.net) in and join the conversation on our Telegram (https://t.me/Ochain).
0chain is a true zero-cost superfast, self-forking decentralized cloud for your off-chain {smart contract, data} for IoT, Web, and Enterprise apps.
Today majority of DApps have almost all their code execution and data storage on a centralized cloud such as AWS. 0chain aims to fill this void and provide a free scalable cloud for DApps to become completely decentralized. DApps can move their off-chain smart contract and data on to our platform, and provide their customers with assured decentralized service, but conserve capital and focus their spend on developing their business.
The Technology
Our blockchain is designed to execute a smart contract in sub-second deterministic time, so that one piece of smart contract does not have to wait minutes or an hour for the result of the next one. Our speed is the result of an efficient consensus set made up of 3 primary miners, 6 secondary miners, and 6 bench miners to make sure we have an honest consensus that needs at least 5/9 honest miners, and allow for network disruption, malicious attacks, data withholding, and data manipulation.
And because we have parallel chains, concurrent threads, and an efficient consensus, we can theoretically have infinite transactions .
We also have a notion of self-forking for an evolution toward chains tweaked for specific verticals, applications, or geo location, because we understand that the parameters of one chain cannot satisfy every vertical or application.
In fact, one parameter that is bound to change is the block time, which stipulates finality in a sub-second or minutes depending on the application. Buying coffee, receiving a token for a post, and other micro-payments can be transacted on a sub-second chain, while analytics, image processing for IoT, AI apps may need to be on a separate 2-minute chain. The self-forking aspect allows for new chains to evolve decoupled from the network token value.
Another reason to self-fork could be the consensus parameter of 5/9 which is fine for IoT applications, but a banking institution may need a 8/9 quorum for higher security.
Token Economy
To provide a free scalable cloud, we need to control the inflation rate of tokens to the miners. To achieve this we have a cost-efficient consensus, computing, and storage schemes. We divide the infrastructure scheme up into CPU, RAM, and SSD component needs and designate different duties to miners, sharders, and blobbers. Miners generate and validate blocks. Sharders store blocks. Blobbers store data.
Additionally, we split our genesis chain into smart contract and data chains at the onset. This will allow Miners and Sharders to use different equipment for a data chain and smart contract chain, and charge different prices to the network. The smart contract chain is stateful and so will need higher RAM servers. The miners, sharders, blobbers will need to offer pricing comparable to a traditional cloud at their own fiat currency, and 0chain will adjust token payout based on a daily exchange rate.
Apart from having a fair miner price, we need the DApps to hold tokens based on an expected computational and storage need that they would pay a traditional cloud annually, except that they just need to hold it like a bank. There are no fees. And if the DApp happens to hold enough tokens initially, and the token value increases, then they have a free scalable cloud for years to come without buying any additional tokens. This holding rate is adjusted on a regular basis to control the inflation rate, and these adjustments are done such that the reward pool lasts at least 100 years.
For more information, check out our white paper at 0chain ( https://0chain.net) in and join the conversation on our Telegram (https://t.me/Ochain).
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