Blockcloud Review: A Blockchain-based Advanced TCP/IP Architecture
Original article by EVALUAPE
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A. Introduction
A Blockchain-based Advanced TCP/IP Architecture Providing Constant Connectivity for Dynamic Networks.
B. Industry
Blockcloud aims to establish a decentralized IoT blockchain system that combines Service-centric Networking (SCN) and blockchain technology to leverage a service-driven communication paradigm to support mobility and scalability, as well as trust, security and incentive. At present, there are few projects focusing on the development of underlying Internet protocols. Blockcloud is the first next-generation Internet infrastructure project that combines blockchain technology and SCN.
C. Mode
Blockcloud combines blockchain technology and proposes PoS (Proof of Service, Service Proof Consensus Mechanism)to verify the authenticity of services in the network. By learning from the lightly-coupling hierarchical structure of TCP/IP, the Blockcloud team decide to build a 4-layered structure, each of which is relatively independent and combined together, including: transactionchain layer, servicechain layer, routing layer and service layer. They respectively play the role of service release, verification, matching and accounting. Each of the layers cooperates with one another and at the same time evolves independently to provide better and more stable connecting support for the application layer network. Blockcloud leverages BLOC tokens as a means of trading value, incentivizing participants in the ecosystem and rewarding service providers who contribute to the market. Miners are responsible for the maintenance of distributed ledgers and verifiers to ensure the quality of service providers. Blockcloud develops TCDA (truthful continuous double auction) for fair pricing and service matching. It defends against price cheating in the form of smart contracts, guarantees fairness and minimizes trading maintenance costs.
D. Technology
At present, technology is mainly concentrated in five aspects: (1) Designing a hierarchical system that embeds blockchain into the SCN network. SCN can provide reliable connectivity and scalability, but trust, security and incentives are hard to be guaranteed; (2) Implementing service-oriented communication mechanism; (3) Developing PoS(Proof of Service)mechanism, and checking whether it is efficient; (4) Developing CoDAG for fast recording of transaction. CoDAG improves the traditional DAG structure to guarantee fast confirmation time and liveness property; (5) Designing a continuous double auction (CDA) mechanism based on Game Theory to achieve fair pricing and matching of services. Blockcloud combines blockchain technology and proposes PoS (Proof of Service) to optimize trust mechanism and at the same time, learns from the lightly-coupling hierarchical structure of TCP/IP, dividing the SCN transmission logic into four layers, each of which is relatively independent, and respectively plays the role of service release, verification, matching and accounting.
E. Community
Twitter 8771 followers (updated actively), Telegram 46348 followers, LinkedIn 254 followers
F. Team
CEO Zhongxing Ming: Ph.D. in Computer Science of Tsinghua University, Visiting Scholar of Princeton University, Chief Technology Officer of BlockCloud’s parent company Oudman;
Dr. Yang Shu is the Chairman of BlockCloud Foundation, Head and Co-Founder of SCN Lab, Postdoctoral researcher of Hong Kong Polytechnic University, member of the China Computer Federation Blockchain Committee, currently CEO of Oudman, with 10 papers published up to date.
The 12 people in the core team are all from famous universities at home and abroad such as Tsinghua University, University of Tokyo, etc., or have worked in world-class companies such as Morgan Stanley, BAT, Huawei, etc. 7 of them have background in science and technology with strong research ability, and the other 5 have rather rich experience in marketing and operation. Technical advisory team consists of 12 people; and there are 5 business consultants.
G. Conclusion
The Internet of Things is one of the areas where blockchain is easier to be implemented, but currently still lacks extensibility, security, trust and incentives. The two solutions in use, SCN and blockchain, both have their own flaws. Blockcloud combines the two technologies to complement each other. For the time being, it is one of the few projects that focus on the underlying Internet protocols with a broad market prospect.
Advantages: (1) Blockcloud’s parent company Oudman has successful experience in IoT business and can provide a wide range of cooperation partners in the industry; (2) Blockcloud is the first project to combine blockchain technology and SCN; (3) The future IoT market will be larger.
Disadvantages: (1) The complete test network is not expected to be released until mid-2019, and the completion of the final 4-layer solution is expected to be post poned until the fourth quarter of 2019; (2) Blockcloud team is not experts in the development of blockchain protocols. The project is still in the early stage of development and the timeline is rather conservative. The introduction of blockchain technicians may cause potential deficits.
Hype Score:Medium High
Risk Score: Medium
Investment Score:Medium High
Total Score:6.8
All information in this article is provided for reference only and does not constitute investment advice.
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