As a new generation internet based on value, the use of smart contract without the need for intermediaries, make blockchain possible to make a risk-free transaction between users who have no trust relationship. Blockchain will record user's information or transaction records such as personal information, enterprise contract, warehouse goods, property, event, and so on. User can use blockchain to prove his credit without a third party, and individuals and enterprises that has good credit is more likely to get low cost financing and other social economic resources.
However, individuals and enterprises use blockchain technology face three problems: hard to find application scenarios, hard to find a development team that understanding blockchain technology, hard to achieve the security of blockchain. Yuan Chain want to solve these problems by providing SaaS (software as a service). Individuals and enterprises can enjoy blockchain services with high security without expensive development costs.
Yuan Chain(YC) is a ecological system includes public chain, alliance chain and private chain. Individuals, enterprises, and the government will be deeply involved. YC consists of multi-layer, and every layer contains a lot of chains. YC can achieve value exchange and communication across the chain. User holds their own information, cooperate with others by providing little privacy information. Avoid the centralized system and reduce the possibility of personal information stolen.
The main chain of YC has the advantages of high stability, easy to use, easy to connect, high concurrent. The public chain has the advantage of high concurrency, the alliance chain has professional standard, and the private chain is personalized and has strong privacy. There are many chain include intermediary chain, statistical chain. The enterprises using YC will reduce the financing cost from more than 50%, and social administration, transaction costs will be reduced to the original 10% or less.
The business model of YC is outstanding, all enterprises and individuals that hold Yuan Chain Coin(YCC) is a member of the community. They can enjoy blockchain services with lower cost, at the same time, they can enjoy the economy after the community expansion which brings a number of benefits. The centralised Internet sharing economy is bound to be disrupted by decentralised blockchain sharing economy.
We predict that in the next 10 to 20 years, almost all companies will use blockchain technology to set up the company, sign a contract, register the digital assets, manage supply chain, logistics, sales, financing, accounting, tax and other business. The companies which don't make good use of blockchain technology will be eliminated no matter how strong at present. YC team provides you an easy way to build blockchain with your application scenarios fastly and quickly keep up with the times.
2.1 Introduction of Yuan Chain(YC)
The main members of the YC community began to study the blockchain since 2013, they have experience with BTC, XRP, BTS,ETH, HyperLedger and other mainstream blockchain system, and understand the advantages and disadvantages of blockchain system with different usage scenarios. The community is growing, there are nearly 60 members. The sponsor members of YC community has applied for nearly 30 invention patents of the underlying and application of blockchain. Formal developed projects mainly include supply chain finance, royal point system, the blockchain exchange. Now there are dozens of blockchain system in developing.
The core developers of YC community include former HuaWei blockchain lead expert, employees from Peking University, tsinghua university, Chinese academy of sciences, fudan university, zhejiang university, jiaotong university, etc.
YC draws on the advantages of BTC, XRP, BTS,ETH, Hyperledger, and integrate several innovative technology to form a new blockchain network architecture. On the one hand, the performance of the public chain can exceed tens of thousands per second; On the other hand, public chain and permissioned chain can realize information interconnection and value interconnection. YC not only ensure the decentralized characteristics of the public chain, but also ensure the property and privacy of permissioned chain.
The innovations of YC includes: hot swappable smart contract, hybrid smart contract, information interconnection and value interconnection across the chain, free usage of service with token(invention patent
YC will continue to standardize financial supply chain and royal point system, and provides SaaS (software as a service). As long as enterprises buy the YCC native token, they can obtain a certain amount of free usage. Enterprises and individuals can build their own blockchain. The business model of YC community is similar to Us warehouse 'Costco' on the blockchain: the more users join, the more efficient the economy will be.
Since 2013, YYC team members study blockchain technology, they are familiar with BTC(POW), XRP, PPC(POS), BTS(DPOS), ETH, Hyperledger(PBFT), and other mainstream blockchain system and they know the advantages and disadvantages of each system. By communicating with nearly hundred enterprises, YC team members use blockchain technology to solve the problems in different application scenarios. Over the years, computer software, or Internet technology is difficult to solve these pain points, in order to normal operate system, and even spend a large amount of manpower material resources, it is unable to improve efficiency.
YC inherited the outstanding design idea or mature technology of each blockchain. In the consensus algorithm, data transmission, storage of fragmentation, certificate key SM2, block management, Mempool queuing mechanism, the order log and other aspects have made corresponding innovation practice implementation. YC system has high performance and stability, and achieve the commercial level.
At present most of the Byzantine consensus algorithm is averaging weight consensus that the weight of each node is the same. This mechanism is similar to DPOS, however, it can solve the “nothing-at-stake” problem which first generation cryptocurrency (such as: NXT,BTS) faced. DPOS uses a simple polling mechanism; In our consensus algorithm, if an account node do something evil, it'll rapidly recognized, vote for standby node to become an account node.
Different with other blockchain consensus system, YC provides instant, safe mobile client payment verification mode. YC don't support fork completely, so mobile wallet can receive real-time transaction confirmation, as to truly achieve on the smartphone.
Different with other blockchain system that has only one chain, YC has the main chain and the child chain. The main chain provides a routing functions, which can realize value exchange across the public chain, alliance chain, and the private chain. The design of the main chain is as simple as possible, and can be horizontal extended, the design of the child chain is as single as possible, such as: a child chain can realize smart contract of Ethereum, a child chain support Bitcoin UTXO model. These two child chains can transfer value without risk.
2.2 Technology advantages
Performance: The performance of the public chain can exceed tens of thousands per second, the performance of the alliance chain and the private chain can reach up one hundred thousand per second;
Function: YC can realize trading with the public chain(Bitcoin, Ethereum) across the chain, and realize information interconnection and value interconnection with permissioned chain; YC can help permissioned chain get more specialized blockchain function, and meet the requirement of privacy protection.
Target: Make more enterprises use YC community services, YC can greatly improve the operation efficiency and reduce the cost.
YC system has several advantages: safety, ease of use, green, classification, scale, privacy, high frequency, free.
1)Hot swappable smart contract. YC smart contract can upgrade (hot swappable), because YC smart contract owners can update the contract address through registry when system is operating(no need to shut down the node). The caller of a smart contract must obtain the address of the smart contract via registry. The access control can be added if necessary to allow only authorized access to certain restricted smart contract. Each permissioned child chain use this similar design pattern and define its own Registry contract and similar access control policy.
2)Hybrid smart contract. The bug of Ethereum Parity caused $30 million worth of 150000 ETH stolen. In different node, YC can use smart contract which has the same rules but write with different code (such as write smart contract with different coding languages, or write smart contract by different developers). As long as they have the same rules , the smart contracts will get the same result.
3)Mainstream development coding languages are supported (JAVA, GO,etc.) to write smart contract, and make blockchain developers easy to get start. Smart contract modular development. Reduce the difficulty of developing smart contract without reducing flexibility. YC team will improve blockchain smart contract technology in various fields, and make the blockchain technology faster serve for enterprises, reducing costs and enhancing the level of business. YC team independent develops docker-based automated operation tools to deploy and maintain blockchain applications; The function of monitoring to manage the full life cycle of blockchain applications.
4)Enterprise Deployment and Operation. Yuan will be designed for business from the start. Business operations require reliability, security, uptime and integration to existing systems. Yuan provides the turnkey solution at the SaaS layer so that business only needs to use configuration instead of costly software development consulting fees to deploy a SaaS application. At the network layer, we will support both public cloud deployment and private cloud deployment as well as a hybrid public/private cloud deployment. We can leverage site to site VPN, leased line (专线) and other secure networking technology to deploy the permissioned child chains. The communication between permissioned child chains and public main Yuan chain can be encrypted via TLS. Furthermore, even within the same permissioned child chain, the communication between peers can be also encrypted depends on the business needs of that child chain.
5)Identity and access management. Each permissioned child chain must have its own way of defining identity for the users on the chain. This is necessary for KYC (know your customer) and also for the permission to access any resources on the permissioned child. Unlike R3 Corda or HyperLedger Fabric, Yuan Chain does not use a single root Certificate Authority (CA) since this CA itself is the centralized weak point. We allow each permission child chain to have its own identity and access management. For example, one child chain can use Microsoft Active Directory to manage its identity and another child chain can use IBM LDAP server to manage its identity. Each identity on the permissioned child chain will have a unique identity on the main Yuan chain. The identity ID of the main chain can be inferred from the child chain, but not the other way around. This is to ensure the privacy of identity ID on the child chain and allow the main chain to authenticate the identity ID.
6)YC system including the public chain, alliance chain, private chain, and can make digital assets and digital currency on these three chains of barrier-free circulation. All users can build their own private chain to protect their own privacy, at the same time, they associate with alliance chain to ensure the data cannot be tampered with and can be verified. Through communication with alliance chain, private chain quickly to deal with other enterprises, greatly reduce transaction costs. Now China has 40 million enterprises in which small and medium-sized enterprises accounted for 99%, and they contribute 60% of China's GDP. In 2016, the loan balance of whole society in the real economy is about 100 trillion, the estimation of small and medium-sized enterprise financing gap will more than 50 trillion. Because of the lack of credit, small and medium-sized enterprise is under the double rate, through YC technology is expected to significantly improve the ability of financing.
7)Performance of Yuan Chain. Yuan Chain achieves high performance using the following techniques:
Due to the fact that most of transactions in the Yuan Chain network occur in the permissioned child chain, and the fact that each participant on the blockchain is authenticated. The permission child chain can use high performance Raft algorithm or other high performance validation algorithm without compromising the security.
Each permissioned child chains are segregated and independent. There are no direct invocation or synchronized calls allowed between child chains (as described below, the communications between child chains are asynchronous via queues and must be coordinated via main chain). This segregation and independence allow for transactions be executed in parallel in child chains.
Similar to Plasma approach (https://plasma.io/) we can use MapRedcue algorithm to further improve the performance.
8)Parallel technology is widely used in YC, and YC plans to use the FPGA or ASIC technology to speed up the ability to deal with the data of blockchain. The smallest block time interval in the YC is 5 ms, using technologies such as hardware acceleration is expected to reach within 1 ms. The application of high frequency blockchain technology is used widely. In addition to financial market which has high frequency and high concurrency, intelligent robot, industrial 4.0, big data processing cannot leave the blockchain technology.
9)According to the amount of token, YC users delegated their mining right to the mining consensus nodes, mining consensus nodes will get the corresponding profits when they vote successful. Mining profits include interest, flow lines, tax deduction, r&d(reseach and development) fee and other fees. Unused flow lines will automatically reduce in proportion, tax deduction can be used to deducte taxes, r&d fees and other fees can only used to pay for the institutions and the organizations which blockchain vote to. Rules can be decided by voting.
10)Security innovation: identity authentication and management across the chain(public chain and licensing chain), the node server's behavior and fingerprint identification equipment, and anti-attack algorithm(double spending attack, grinding attacks, transaction denial attacks, Desynchronization attacks(ie. Eclipse attacks), bribery attacks, long-range attacks, nothing at stake attacks, past majority attacks, selfish-mining).
11) Interchain Communication. The permissioned child chain can have some sort of information channel between them. For Yuan Chain, transactions executing in a permissioned child chain are (according to the logic of that chain) able to effect the dispatch of a transaction into a second permissioned child chain or, potentially, the main chain. Like external transactions on production blockchains, they are fully asynchronous and there is no intrinsic ability for them to return any kind of information back to its origin. To ensure minimal implementation complexity, minimal risk, these interchain transactions are effectively indistinguishable from standard externally signed transactions. The transaction has an origin segment, providing the ability to identify a permissioned child chain, and an address which may be of arbitrary size. Unlike common current systems such as Bitcoin and Ethereum, interchain transactions do not come with any kind of “payment” of fee associated; any such payment must be managed through negotiation logic on the source and destination permissioned child chain. Interchain transactions are resolved using a simple queuing mechanism based around a Merkle tree to ensure fidelity. It is the task of the main chain delegate (in the sense of DPOS) to move transactions on the output queue of one child chain into the input queue of the destination child chain. The passed transactions get referenced on the main chain, however are not main chain transactions themselves.
12)Oracle. Oracles is the link between on chain and off chain information. Oracles provide information such as interest rates, exchange rates or any other information that forms a component of a contract. The information provided is signed ensuring the parties to the transaction can verify its source. It is immutable giving the assurance both during the transaction, and in case of later audit or dispute.
Oracles operate in a commercial manner that assures they can receive payment for their services.
If you interested in Yuanchain, you could contact by Telegram. Our Telegram: https://t.me/yccorg