Background:
Present-day blockchain technology have shown promise as infrastructure for pseudonymous online payments, cheap remittance, trust-free digital asset exchange, and smart contracts. However, public blockchains systems suffers from a number of issues in scalability and extensibility limiting their potential in supporting applications with critical mass.
we present a framework for solving blockchain scalability using high performing application-specific blockchains. Scalability is addressed on both the consensus layer as well as the interchain communication layer, enabling a parallel scalable architecture.
Solution:
ContractLand provides a general technology framework designed for building blockchain systems to support critical mass. This mean we could use this framework to deploy application oriented blockchains in alternative to building applications on public blockchain networks. An app-chain should have comparable security and decentralization properties of a public blockchain while being significantly more efficient as the network’s processing power is dedicated to a single application domain.
System Overview
In order to build a high performing public ledger capable of supporting high volumes of transactions, we need to tackle the problem of decentralization, scalability, and interoperability, to do so, ContractLand is building from the ground up. Starting with the blockchain layer, to the cross-chain communication layer, and all the way to the application specific logic layer. Each layer is designed to be modular and minimal in logic.
－Chain Layer
Differing from existing public blockchains, ContractLand’s blockchain layer is designed with scalability in mind to support critical mass. It does not implement any inherent functionalities, and offloads the application specific logics to the application layer. Unlike existing blockchains such as Ethereum or EOS, ContractLand’s blockchain does not allow arbitrary logic execution, but will be dedicated to a single application domain. This is a conscious design decision to reduce transaction throughput dilution that exists in public blockchain systems where transaction throughput is shared by many different applications. However, given each layer is modularizable in design, different application logics could parallelly scale out by deploying on a large number of app-chains that are interconnected by cross-chain bridges.
－Bridge Layer
The bridge provides the ability to perform interchain communication in a multi-chain ecosystem. This is a critical component of the framework as it not only allows individual app-chains to communicate with each other, it also opens up the ability for them to communicate with other existing blockchain networks. Just like the blockchain layer, the bridge has its own consensus and incentive mechanism, ensuring the secured and decentralized inter-chain transactions.
－Application Layer
The application layer contains application specific logics written any EVM compatible language such as Solidity [3]. Due to the modularity of the system, the application logic is not limited to any particular set of constraints, and could be applied to a large array of domains such as exchange, payments, finance, and games.
First Usecase: DEX Chain
One obvious utility of the framework is decentralized exchanges (DEX). Most DEXs existing today are hybrid exchanges, usually offloading the orderbook and matching engine off-chain. The end-user experiences are usually clunky due to public blockchain’s performance limitations. A DEX built using the application-specific blockchain framework can have the entirety of the exchange system built on-chain, and expect end-user experience similar to centralized exchanges. Utilizing the bridge, the DEX would open up assets available for trading to all existing blockchain systems instead of being limited to only assets available on the chain the DEX was deployed under. A pure DEX built this way could provide stronger security guarantee, stronger censorship resistance, and minimize centralized operational risks.
Welcome to ContractLand’s Community:
Website: http://www.contractland.io/
Telegram: https://t.me/joinchat/GbshrRFAu8gW6Eb0EmzPFA
Medium: https://medium.com/contractland
Twitter: https://twitter.com/ContractLand
Github: https://github.com/ContractLand
Reddit: https://www.reddit.com/r/ContractLand
Token Contract: 0x0b6bc42cb9b89259a3aa986363fa37a9cbf03b8e
ContractLand DEX Chain Alpha Test Bounty:
https://medium.com/contractland/contractland-alpha-test-bounty-announcement-ebd38587bbf7
Topic: [ANN] ContractLand - The Chain for Trading Crypto (Read 123 times)
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