On May 28, 2018, 12:00, KKEX has listed VNT/BTC trading pair, in several hours, the trading volume reached 7 million, and the price multiples many times. Are you curious why?
KKEX has invited the co-founder of VNT, Mr. Feng Zhou to share the story and future development with us in KKEX’s telegram group, and we have created a Bixin chat group for receiving VNT red packets, such surprises!
Following below is the conversation of the interview:
Jimena: Hello, everyone, we are so honored to have the co-founder of VNT Chain, Feng Zhou, to share the talk with us about VNT here tonight. First of all, could you introduce yourself, please?
Mr Zhou: Hi, everyone, I’m Feng Zhou, the co-founder of VNT chain, one of the earliest members of Alibaba Finance (previous Internet banking), then successively served as the manager of Alibaba’s financial department; the president of the branch bank and the head of the bank headquarters; the director’s assistant of the Lianlian Payment Institute, and I took charge of the research and incubation of a number of blockchain projects.
Jimena: Thank you very much. Perhaps a lot of us don’t know very well about VNT, to open this interview, I’m gonna introduce a little bit about VNT. Supported by the worldwide leading blockchain service provider — Yunphant, VNT Chain adopts the “consortium blockchain + crosschain + public blockchain” architecture to build a global distributed smart value network and provide full data and asset services.
Today, at 12:00 O’clock, KKEX has listed the VNT/BTC, two days later, on May 30, VNT/ETH trading pair will be listed too.
Jimena: Now we have Mr. Zhou in our group, so we are gonna learn more information about VNT. Because our interview is made in the telegram group, and it will be conducted in the form of question & answer.
Mr. Zhou, since we knew that you will come to make an interview, many VNT holders, and fans send me their questions about you, but due to the limited time, I have chosen some typical ones, so I am going to ask you one by one, and please answer. When you finish, please type” DONE”, is it fine?
Mr. Zhou: Ok, no problem.
Jimena: VNT targets at Chinese market or global market?
Mr. Zhou: VNT targets at the global market, but at the first stage, we will focus on the Chinese market.
Jimena: We can see that the VNT community is big yet, do you have a special team which takes charge of the community operation?
Mr. Zhou: We built our community quite late, currently, we only have thousands of people, but they are all very active. We have organized a professional team to expand our community, we believe that after being listed in KKEX, our community will expand rapidly too.
Jimena: Are there investment institutions behind your project?
Mr. Zhou: Yes, we have several investment institutions, such as Liao de Capital, Bixin capital，F Bisheng Capital etc.
Jimena: How many people are there in your team now? Ｗho are they and what background they have?
Mr. Zhou: We are almost 30 in the technical team now, and most of us are from Zhejiang University, the National University of Singapore, including Guangyao Li, the champion of 2017 Global Business Competition, a founding member of Alibaba Finance, Topcoder community senior developers. Our team was ranked first in the number of 2017 global blockchain patent innovation talents.
So I have to say that we have a professional team in blockchain industry.
Jimena: Could you introduce us the architecture of “ Consortium Blockchain+ Crosschain+Public Blockchain “?
Mr. Zhou: Regardless of supply chain finance, copyright, credits, the final launch scenario is basically based on the alliance chain implementation.
In a realistic business scenario, a vertical platform is formed between several agencies. And there are common things between these platforms, such as data. Among these, the need for data exchange is very easy to generate. In the future, we can exchange data and conduct transactions in the data market. This is part of it.
On the other hand, the vouchers in the copyright and supply chain finances are assets that can be circulated offline. Now that we have digitized these assets, we will implement asset-on-chain and consensus-on-chain, then these assets can be traded in the public blockchain.
Data and assets can be exchanged via VNT, the advantage of doing this is that the applications are easier to be launched.
Such as ETH, EOS, all the apps are loaded on the public blockchain, even they are all high-performance blockchain, but the main chain also has a great pressure. For example, the game based on Etherium, ETH CAT, once the number of users increases, the entire network congestion cannot be relieved. BM declares that EOS can achieve 1000,000 TPS, but currently, the truth is only 500–600TPS, if one DAPP gains hundreds of thousands or millions of users, the main chain will be crashed.
But our DAPPs will be launched on the Consortium Blockchain, the exchange of data and assets will be launched on the main chain, which will relieve the pressure of the main chain. In addition, VNT chain utilizes Vortex consensus algorithm, meanwhile, we have designed block producer as the witness, and each witness must pay a deposit. Data and assets on the Consortium Blockchain can form substantive transactions under the witness of block producers.
At the same time, we connected Consortium Blockchain and public blockchain via crosschain, this made the date and assets can be exchanged on the main chain.
Jimena: VNT chain has made some improvements to the pain points of the public and consortium and public blockchains. There is a sentence in the white paper, I do not understand very well. What is “the public blockchain lacks control over the member access?”
Mr. Zhou: I’m so glad that you have read the whitepapers very carefully. Why do we have to integrate both the public blockchain and the consortium blockchain? A lot of business scenarios mainly use consortium blockchain because the consortium blockchain has access mechanism and privacy protection, and the consortium blockchain has better scalability. Moreover, the specific applications of blockchain basically rely on consortium blockchain to implement them.
After the various consortium blockchains are set off, how do the data and assets of each consortium blockchain achieve the value interoperability? The data and assets of each consortium blockchain can be launched to the public blockchain for value interoperability.
The traditional approach is that all data and assets run on the public blockchain. This leads to two problems. One is the actual compliance, and the other is the scalability of the public blockchain. At present, the performance of the public blockchain is not enough to support the entire applications.
The goal of VNT is to make connectors for data and assets exchange.
Jimena: Most applications will be launched on the consortium blockchain, will this make the main chain be too simple?
Mr. Zhou: This is a very good question. Most applications will be launched on the consortium blockchain, will this make the main chain be too simple?
The main chain is not simple. We have stored the key data in the main chain. Among the key data and assets, we will make hashate as proof on the main chain. The main chain can also issue digital assets, the VNT chain uses the sidechain mechanism to support multiple types of assets.
We target on launching blockchain scenarios, and we have intensive experience in doing this. We hope the data and assets can be free circulated under this architecture, taking the advantage of consortium blockchain and public blockchain, abandoning the defects of them, and building the VNT ecosystem of launching applications + value circulation.
Jimena: How is the current development progress?
Mr. Zhou: Currently, we have finished the Consortium Blockchain development, the main chain is still under development, please wait for us and witness us.
Jimena: How will VNT achieve 10000+ TPS?
Mr. Zhou: VNT Chain utilizes Vortex consensus algorithm, why can we achieve 10000+ TPS, we can talk about two aspects, technology, and human talent.
On one hand, regarding technology, we have optimized the consensus algorithm. A large number of optimizations have been made to traditional PBFT, transactions and consensus optimization are handled in two channels, and the Consensus messages are prioritized. In addition, Replica cancels the entire network broadcast of transactions, speeds up the consensus response, and reduces the requirement on network bandwidth. There are 22 consensus nodes selected by the VNT network, and each node has to pay a deposit, and some subnodes will be selected among the participant nodes.
The other strategy is to hardware acceleration, each block producer needs to equip their own servers, the cost of servers is required. and each block producer needs to employ GPU for accelerating hardware.
In the future, we will also implement consensus verification system via FPGA, perform peer-to-peer connection by executing TCP/IP protocol, use ARP, ICMP, DHCP-assisted TCP/IP protocol to interact with other FPGA nodes, shorten the TCP/IP stack, and make the FPGA in a real network; Meanwhile, the data message will be converted into a message format that satisfies a consensus protocol, and the data message will be delivered and broadcast. After receiving, other FPGA nodes send feedback and vote. Especially for dense computing services, communication efficiency will be greatly improved.
We believe that we can be the top in this industry via VNT’s consensus efficiency. EOS is currently only improving the efficiency of the software, while VNT further improves performance through hardware.
Jimena: Regarding the security, how will you ensure this?
Mr. Zhou: Regarding the security, because we have applied the architecture of Consortium Blockchain+ Crosschain+Public Blockchain, we can ensure the security of transaction data via the Consortium Blockchain, the majority of transactions will be done on the Consortium Blockchain, which has relieved the transaction pressure for the main chain. Originally everyone said that on-chain and off-chain were synergistic, and we made the Consortium Blockchain and the public blockchain collaborate with each other.
Jimena: What if the Consortium Blockchain members cheat?
Mr. Zhou: We will ask all the Consortium Blockchain members pay a deposit first, meanwhile, we have set a publishment mechanism as well. If fraud is discovered later, we will deduct the deposit. Although the consortium blockchain is weak consensus, however, it can guarantee certain data and asset trust.
Jimena: Does VNT focus on credits, copyrights, and supply chain finance?
Mr. Zhou: Besides these three fields, we can develop more DAPPs, by incentive mechanism, we will attract more developers to enrich the VNT community.
Jimena: Could you introduce us the VNT governance mechanism?
Mr. Zhou: The VNET Foundation is a non-profit organization, the foundation devotes itself to the development and construction of the VNT network and promotes transparent governance and harmonious of the open source community.
The foundation comprises the Decision-making Committee, Executive Committee, and Functional Committees. In addition, external directors, including investors, scholars from research institutions will be introduced as independent directors.
Jimena: Could you explain a little bit about the VNT ecosystem plan?
Mr. Zhou: The VNT ecosystem aims to build a global open-source community for a value network, involving blockchain technical enthusiasts, industry vertical resources, investors and third-party organizations to focus on blockchain technology innovation. This community will then promote the VNT infrastructure to various fields of applications such as finance, social networking, tourism, gaming and IoT (Internet of Things). Following which, the applications will be integrated to VNT chain.
Jimena: Many start-up companies want to build the consortium blockchain like what VNT does, but what do you think are the main factors that VNT will achieve the goal?
Mr. Zhou: Yes, many start-up companies want to, but first, I have to declare one point that we are far away from great success, but VNT team has wide experience in launching blockchain products. We aim to open the business chain and value network for the substantial economy, realize the interconnection of information and value, and provide complete data services and asset services.
Jimena: Do we need to bug rigs for mining? Or how to obtain more VNT tokens?
Mr. Zhou: No, don’t need to bug rigs for mining VNT tokens. But no matter you are enterprises, developers, or you are interested in VNT and want to do something for it, we have an incentive mechanism, and we will reward the majority of the tokens to our community members.
Jimena: Thank you so much, Mr. Zhou, and thank you so much to all our participants.
BTW, do you want to take a look of RED PACKETS in cryptocurrencies?
If you are interested, please join in KKEX English telegram group: https://t.me/KKEnglishChat
VNT telegram group: https://t.me/VNTChainLabs