Business Was Never as Integrated | BGX PUBLIC RELEASE
Using decentralized technology to achieve unprecedented business unity, cross-industry synergy, shared customers, revolutionary products.
And more.
It might as well be the most powerful product for businesses available yet.
Meet KOWABUNGA! — BGX version 0.5 release.
A NETWORK FOR BUSINESS
SYNERGISTIC ECOSYSTEM FORMATION; INSTANT BIG DATA ANALYSIS; FRICTION-LESS TRANSACTIONS
In the era of digital transformation, businesses thrive primarily in ecosystems. There are no open platforms to support this emerging dominant business model.
Transactions go through layers of intermediaries, financial systems, nation borders, industry divides, regulations and risks. There are no open platforms for fast, transparent, intermediary-free and collaborative commerce of digital assets.
Big data importance is becoming crucial, yet no modern technology allows businesses to instantaneously take advantage of all the customer and supply chain information without sacrificing privacy and increasing infrastructure costs.
In BGX, nodes are owned by businesses that form clusters, reflecting of real economic ties augmented by ease of integration. These ecosystems enable seamless vertical, horizontal, and cross-industry sharing of data, customers, and creation of previously impossible cross-selling products.
Transactions on the BGX Network are not just about transferring crypto-currency. Transactions are reloadable — and can transfer any kind of information, including digital good or service. All this intermediary free, without borders and exuberant fees. With a stable inner currency, the entire commerce cycle becomes immensely more profitable with decentralization, without any of its risks.
The increasingly important challenge of processing big data may come from having the advantage of having instantaneous knowledge of any shipment delay, each unit’s detailed history of storage and manufacturing; it may also arise for the power of knowing every customer on a personal level, even if there are millions of them. In either way, the immutable data storage and BGX’s top-tier AI ORACLES provide instant data availability and analysis.
FORMING BUSINESS ECOSYSTEMS
THE UNIQUELY EFFECTIVE F-BFT CONSENSUS
The focus of the current release is BGX’s cutting edge consensus model.
BGX’s own F-BFT (Federated Byzantine Fault Tolerance) Consensus forms a special network topology, which implements a pseudo-trust network based on clusters.
The two-layered voting within and outside a cluster ensures that transactions go through a test of balanced rules to ensure the network’s eventual integrity (BASE Architecture — Basically Available, Soft-state, Eventually consistent).
The F-BFT Consensus is augmented by the DAG (Directed Acyclic Graph) structure, that stores verified transactions. It has several mathematical properties that enable it to grow in several directions simultaneously (unlike a “blockchain”), while also being capable of instantly sorting to preserve the transaction order.
The combination of F-BFT and DAG make the BGX Network hierarchal — enabling ecosystems, and also horizontally and vertically scalable (capable of limitless transactions per second, with speeds only going up per each new node).
EASIEST INTEGRATION FROM ALL DECENTRALIZED SOLUTIONS
AIRBRIDGE — THE VERSATILE API SERVER OF KOWABUNGA!
The BGX Network provides easy and seamless integration through the AIRBRIDGE.
In essence, the AIRBRIDGE (which follows the Open API standard) allows the BGX Network to connect to legacy systems, mobile apps, integrating modules and data buses.
Having access to a decentralized system like BGX, shouldn’t be difficult. Businesses can integrate to the most versatile decentralized system within just two weeks.
The API functions in the current release are divided among the following groups:
- Supporting the user’s account
- Supporting singular transactions (buying, selling, exchanging any digital asset by a specialized client)
- Receiving information about the transactions conducted, tokens emitted, node state and results
- Overall network statistics and current load profile.
RELEASE COMPONENTS
BGX DASHBOARD — FIRST RELEASE COMPONENT
DIRECT NETWORK MONITORING
The KOWABUNGA! (v 0.5) allows for direct monitoring of the BGX network, located in the AWS cloud infrastructure.
The BGX Dashboard provides the following information:
- Network — overall network and load information;
- Nodes — list of nodes, graphic representation of the network, information about the current node from which the DASHBOARD was loaded;
- Transactions — list of transactions and their results;
- Ledger — graphic representation of the DAG and storage.
DEMO APP — SECOND RELEASE COMPONENT
WHITE LABEL MOBILE APPS
To be fully integrative, BGX has a number of white label tools. These include white label inner stable currency to be emitted by each ecosystem, but also the mobile applications that can interact with the network through the AIRBRIDGE.
DOWNLOAD THE MOBILE APP FOR ANDROID
DOWNLOAD THE MOBILE APP FOR IOS
In this current release, the applications provide the following functions:
- Creating virtual goods and store management (based on Magento);
- Controlling the purchaser’s profile (sign up, profile);
- Creating virtual payment cards tied to digital assets (tokens), user’s wallet;
- Buying and selling tokens to clients.
NETWORK ANCHOR — THIRD RELEASE COMPONENT
TIES TO THE ETHEREUM PUBLIC NETWORK
Anchoring to a public network allows for the creation of rules that would support and limit the transaction validation procedure through balanced procedures.
Each business node on the network is required to have a number of ERC777 DEC Tokens which serve as a limiting mechanism for emitting inner currency and provide additional security and node verification mechanisms.
These DEC tokens were emitted this month (December 2018) and you can read more about their distribution in some of the previous posts.
BGX NETWORK CORE — FOURTH RELEASE COMPONENT
HIGH LEVEL COMPONENTS
The core is built on the basis of Hyperledger Sawtooth and support the network’s communication functions, verifies and validates transactions, stores them in the distributed ledger (DAG), supports the gateway to a public network, supports the mechanism for emitting sub-tokens, forms transaction signatures and supports monitoring functions (API and Dashboard).
It is the powerful node software that enables businesses to utilize the network’s full potential.
AIRBRIDGE API SERVER — FIFTH RELEASE COMPONENT
INTEGRATIVE AND READY
One of the problems of past blockchain or blockchain-like systems is the high entry barriers for businesses.
The AIRBRIDGE connects various components of the network with white-label tools (such as mobile applications) and allows business to easily integrate without running into high costs or delays.
DAG TREE — NEXT RELEASE
INFORMATION STORAGE
The DAG Tree structure has been built and is currently being integrated into the network.
THE BGX TEAM MESSAGE
The BGX Network and its components could not be completed without the dedicated work and perseverance of many talented developers who contributed immense time and resources into making the project happen.
We would like to thank our current release partners, the Advisory Board, NTR Lab, and Titan Technologies for going above and beyond in their dedication and contribution.
Here is what some of our developers have to say:
It was a project during which the once transcendental blockchain became so immanent for me that now I can no longer distinguish where am I and where the blockchain is
- says Stas Parsov, senior software engineer at NTR Lab.
The significant addition to Hyperledger Sawtooth that we have made allows us to easily implement in Python potentially any type of consensus. We have also iterated through various DAG implementation ideas over the course of the current development. We are very excited to see BGX being on track to become the first decentralized solution built on an enterprise-class graphical database, supporting the unparalleled scalability and promise of performance
- says Anton Malkov, NTR Lab COO.
LOOKING OUT INTO THE FUTURE
Today, on the eve of 2019, it is 10 years since Satoshi Nakamoto published his historic work: “Bitcoin: A Peer-to-Peer Electronic Cash System”
We are very proud of our current release and this is only the beginning. 2019 will be the year of our rapid expansion — with new technologies and capabilities added on, starting from the DAG, to unveiling operating nodes on the system.
We look forward to continuing sharing our journey with you here on Medium. Thank you to everyone who has supported us through this complicated development period.
We’re ready!
MORE INFORMATION
Please visit the following to learn more about BGX:
