BIUT listed on BIKI on August 23, 2019. Due to the active participants, two round subscriptions all successfully completed in few seconds. Alan Lee, BIUT(Bit Trust System) China Technical Director, who has a live chat(AMA) in the Chinese community on August 22, 2019. Answered and introduced BIUT to 40,000 people. Below is the AMA summary.
Can you describe to us what is the main goal of BIUT public chain?
BIUT actually is an electronic trust system that is completely implemented by peer-to-peer technology. It is a public chain developed by Javascript. As far as I know, LISK and Asch are based on Javascript. BIUT maybe the third one. BIUT has 50 thousand downloads on NPM. Moreover, BIUT is a public chain but originated from the application and started from application demands and especially the blockchain application.
BIUT start since 2016, I was in charge of the social E-commerce field in MAIZUO at that time, Social e-commerce also a new industry in 2016. MAIZUO can consider as a pioneer in the social e-commerce industry. Besides, Maizhuo’s main business is movie tickets, It was ranked third in the to C, and to B ranked first. At that time, we had more than 80 million users, and we wanted to transfer these users to social e-commerce. After studying social e-commerce, we have found that to resolve the social e-commerce form is to solve the trust between people, rather than the form of modern acquaintances.
Selling goods in moments is more likely strangers trade through peer-to-peer, of which hardly solve the trust problem between strangers. I keep in touch with reliable friends( of whom famous on the blockchain) since 2016. They encourage me to buy some Bitcoin. But I have this in mind that the peer-to-peer technology of blockchain will be the tool to resolve the trust problems. So we start our BIUT project in 2017. We don’t know how to solve the trust problem by blockchain at that time. So it takes a really long time to bring it to the world.
That is the reason BIUT comes out. BIUT mainly to solve two-way trading trust. Before BIUT, the tokens exchange trust problem can be solved by ETH smart contract. As knowns as us, the decentralized exchange can be built through ETH smart contract. In this way, the token/coin exchange problem was resolved. But coin and fiat money exchange, external assets, commodities exchange, services, crowdfunding and also ICO. When people want to invest in a project, the trust of decentralization still missing.
From the perspective of the public chain, BTC’s Pow algorithm, it is combined with his application. Other chains, including Ethereum, are not combined. BTC solved the problem of its application layer digital currency through POW. This is the difference between BTC and other public chains. Even though Ethereum’s smart contract uses gas. The POW or POS might not necessarily for a smart contract. Another consensus algorithm also can be considered as a good choice. Ethereum now changing to POS a little. Their consensus algorithm has no connection with the application layer problem. Pow of Bitcoin resolves the double-spend problem. It is subtly and organically combine the human and machine. It is the biggest difference.
We have many similarities with Bitcoin. BIUT is used PGPOW which similar to the POW algorithm. It also merges some mechanism of POW and POS. This formula not only interrelated with our economic model but also closely linked to the Trust algorithm. Through this POW mining, we might resolve the trust account problem of the Trust algorithm. This is the biggest difference between us and other projects.
Can BIUT solve the Trilemma?
The Trilemma of blockchain technology is a situation that involves the three basic concepts: security, scalability, and decentralization. Generally, for a single chain, the Trilemma will be considered unsolvable. But take a look at the BIUT whole Network. BIUT has solved the
Trilemma by multiple chain technology, node community, and autonomous area.
BIUT is a public chain with a two-coin and Multi-chain structure. Every single chain is an autonomous area. The BIUT single-chain TPS can reach 300. Before launch our Test network, we use 150 computers to build 100 node communities. The test peaks can reach more than 33,000 TPS. The highest performance needs about 10,000 to 100,000 nodes during the turning period of Mainnet. The actual TPS will be more.
Every autonomous area will have a parallel chain to load the transaction date. This also will provide a convenient structure for the upcoming cross-chain technology.
You have mentioned decentralized POW mining, does it needs a Computational power completion, is there any mortgage exist? How about attending barrier?
There will be a computational power competition. But it has lower the standards of computational power. It is mean that if you have some simple conditions and you can mine. Cause node communities divided randomly. Even though you have a high computational power computer. You may be divided into another community. The competition doesn’t exist when these happen. So the computational power standard has reduced.
Similarly, we have a mortgage, you can mortgage 10 BIUT to start mining, lowest barrier because the main net was designed to ensure a decentralized main net.
For mining, what is the master plan of BIUT or single node for every one mining?
For mining, everyone can mine on our main net. With a normal computer CPU above Intel 5. It is a decentralized mechanism. The best performance of our main net is 10,000 to 100,000 nodes. We were planed for the best node numbers.
Furthermore, about the master plan, on one hand, our main net has run smoothly for about 3 months. The whole mining promotion will be started after listing on BIKI. We are also communicating with other mining pools. Such as BigONE. The mining node has built now. On the other hand, we will also have cooperation in the community. The mining promotion more likely mining through invitation, and then to build nodes.
What’s more, we have achieved pure smart contract promotion. It is rarely that smart contract achieve mining functions. For instance, if you install our nodes and you will have a mining pool. You can invite your friend mortgage coin in your mining pool (your computer) and you will get rewards. The profit entitlement ratio 1:9. These were written in the smart contract.
Mining for everyone is closely linked to our upcoming applications. Just as I said before, a few tens of thousands of mining nodes stably maintained within a year. The whole network is very effective. This can guarantee the blockchain technology turns to application.
I have known that BIUT is two main chains and two-coin economic model. It is rarely seen in the blockchain. Could you tell me what’s the advantages?
On one hand, BIUT is a two-coin economic model. It is a structure that multiplies main chains and multiplies chains paralleled. I will talk about the two-coin model first, The solutions of Trust problem in relation to three algorithms. One is an improved Google PageRank algorithm. The others are the trust evaluation of BIUT and BIU chain. As many people in the internet industry may know, there are high-quality pages need for the PageRank algorithm to ensure the effective. Our two-coin model plays an important role like those high-quality pages. In other words, it is a key point and innovation of our Trust algorithm.
On the other hand, the two-coin model meets the requirements of our economic model. At the early stage, the BIU mining amount due to the demands control. When the main net is stably running. BIU mining amount will be halved in 4 years. All of BIU will be mined which fairly balances the interests of participants of different stages. At the same time, it will make the coin price a spiral with long-term growth.
I heard some rumors that BIUT was called Google on the Internet of value. Is it an exaggeration or how to understand this concept?
BIUT solves the trust of P2P transactions. An assessment of trust in the digital currency regarding the transaction of goods on services. One of the more recognized views that traditional Internet is the Internet of information, delivering a variety of information. The blockchain brings the internet of value.
From the blockchain industry, through our multi-chain architecture and trust algorithm, you can evaluate an account through its transaction history, as well as the balance. You can evaluate its reputation value. So from this perspective, it is a Google on the Internet of value. It can be applied to many fields. Such as optimum finance, BTC lending.
All of the new economies are reconstructions of trust. The relatively big obstacle to the development of the new economy is that the mechanism of trust has not been resolved, and this trust problem is what the blockchain will solve. What we solve is that no matter whether you do crowdfunding or develop a main chain, our ecological partners can evaluate the trust value of his transaction. From the application level, we can also say that we want to To be in line with Google. Our goal is to become the first basic public trust chain of trust assessments and to be an institution of trust valuation for this value Internet. We also hope that more partners will work with us to develop the entire ecology.
In the application of the public chain, how is BIUT planned?
Firstly, the main network was not launched last year. We have been testing the social e-commerce products called YouXin shopping which combined with the blockchain economy. This product was developed three months, operated for six months and has developed 110,000 users. We turn its single coin model to two coin model this year.
Secondly, our partners have developed a decentralized OTC trading application on the BIUT network. According to my knowledge, it may be the first decentralized OTC, and if have seen a similar product, you can also provide it to me. The current blockchain industry has three products with users. OTC products ( funds entry), exchanges, derivatives (futures). Although each big exchange has centralized OTC. But it is irregularities (Because in China, digital currency is a personal asset, private individual trading is compliant. But as a company provides services, it is not irregularities), so you can develop the decentralized OTC tools to meet the needs of more eco-companies users.
Thirdly, the eco-based company provides BIUT-based technology to develop blockchain applications for domestic companies. Last year, we have made four large customers, and the two are pending(about 30,000 blockchain points users will turn to the BIUT main network). After contact with some major domestic companies, the blockchain can help the entire industry restructuring in the current predicament. But they still have worries to issue coins or listing coins on an exchange. This year also received CCTV film and television copyright trading program proposal, Hainan’s intellectual property transactions, and other projects. Even in the case of currency-free blockchains, market demand is urgent.
Besides this listing cooperation with BIKI. Which aspects will be also considered ed in the future? Community? Mining? or have the users benefits from this ecology cooperation?
BiKi is the star exchange this year. BIKI has strong strength and continually developing and innovating. It is very happy to cooperate with BiKi. We will have more cooperation in the mining and mining pool with BIKI for sure.
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