Achain: the solution to blockchain today’s problems and the future hope

Existing Problems Before Blockchain Technology:

1. Untrusted third party as a mediator of transactions to process electronic payment, documentation of contracts, reliable data storage etc

2. High cost of mediation resulting to high cost of transaction and therefore placing limitation of practical transaction size, no possibility of small casual transaction and also double spending

3. High cost in the loss of ability to make non-reversible payment for non-reversible services.

4. Fraud due to the possibility of reversal of transactions either by the supposed trusted third party or hackers.

5. Lack of mechanism to make payments over a communications channel without a third

Blockchain Technology

In other to solve the aforementioned problems in the business world, Nakamoto Satoshi, a name used by an unknown person or people who developed blockchain technology and invented Bitcoin as a digital currency using peer-to-peer network. The invention of Bitcoin impressed the world by its great breakthrough in anti-fraud, distributed ledger, anonymous and reliable characteristics.

Blockchain Technology is one of the inventions that is transforming the world industries today. It is transporting organizations, governments, financial institutions, payment platforms into a new digital age. Its applications are unlimited in our world today but many people have little to no understanding of this technology.

The Spread of Blockchain Technology

The blockchain technology start spreading as people get to realized that it could do more than just bitcoin and that it could be used for other cryptocurrencies and a very wide range of industries and purposes. This is where the history of blockchain technology and innovations really took off.

Some of the major innovations that have taken place after the bitcoin blockchain platform that was invented is the Ethereum blockchain whose primary advantage over previous blockchain is The Smart Contract System. it is second major blockchain platform after Bitcoin and it consists of building small computer programs directly in the blockchain that allows conventional financial tools such as loans or bonds to be represented on the blockchain, instead of just bitcoin and cryptocurrencies. Others are Litecoin that has same function as bitcoin , which focus on the development of digital currency; Bitshares which function as a decentralized cryptocurrency exchange; Zcash and Dash, which protect users privacy etc

What Is Blockchain?

A blockchain is open, distributed ledgers that can efficiently records transactions between two parties in a verifiable permanent way. It is called blockchain because it is actually a chain of blocks. Every block in the blockchain consists a list of transactions and a block header. The header contains three sets of metadata, including structured data about the transactions in the block; a timestamp and Proof-of-Work algorithm data; and a reference to the parent block using a hash. By the used of these three sets of metadata, each block is chained togethered. Hence, the compound word blockchain.

The technology behind blockchain is the peer-to-peer network that lies over the top of the internet. The peer-to-peer network could be either centralized , decentralized and distributed. The centralized network disadvantage over the others is that, it centralizes databases and servers where all their data is stored. This makes a centralized network used by organizations prone to hackers.

A decentralized or distributed system is a system where data is publicly decentralize but encrypted which makes it tamperproof. Every transaction that occurs on the blockchain, data about the new transaction must be sent to all computers nodes in the system. This makes the blockchain stays in sync as one World Wide Ledger. Instead of having multiple conflicting ledgers, there is a single version of the Truth.

The blockchan uses Digital Signature which consists of the public key and a private key cryptography. The public key is used to sign encrypt and authenticate the identity of the sent message; anybody can see the public key but only the recipient has the private key to decrypt the message.

A block header with no transactions would be 80 bytes and as more transactions are occurring in the network, the tendency of the initial block getting full and the need for additional new block for the storage of data within the system is inevitable. This resulted to what is known as MINING in the blocchain technology.

Blockchain Management

Since the invention of Bitcoin, various management technologies such as PoS (Proof-of-Stake), DPoS (Delegated Proof-of-Stake) etc have been applied to improve its transaction performance and PoW (Proof-of-Work) consensus algorithm yet to not perfect result. there are still recommended problems such as:

1. Security risks of smart contracts

2. Difficulties of cooperation and interconnections of different blockchain platforms of different fields of application.

3. Difficulties of linking between a blockchain world and non-blockchain based reality.

4. The high technical qualification required by the blockchain industry.

5. Low transaction performance compared to the centralized systems.

What is Achain?

Achain is a popularly known blockchain platform in China that has been under development for about three years now and has gained a large recognition for the unique way in which digital asset issuance can be executed on it. Presently, it has over 110 projects, it has over 300 people with 100 developers,with 2 million people in Chinese community and its foundation is responsible for the Achain development, it is made up of various committees responsible for providing capital funding for investing in projects, the technology, administrative affairs, strategy, marketing and promotion. It has the creativity and the innovations to solve the aforementioned current problems looming the blockchain industry. It is considered as one of the technological innovations of the greatest potential and creativity in the world. The founder of Achain is Tony Cui who is a co-founder, chief executive and president of Hinacom software and technology Ltd. Achain blockchain is similar to Ethereum blockchain that focuses on smart contracts system.

Why do we need Achain?

Achain is committed to building a boundless blockchain world with the priority of efficiency, security, stability, high performance and extensibility.

Achain’s solutions.

Achain blockchain is considered as number one of the technological innovation of the greatest potential and creativity in the world. It solved all the current blockchain technological problems and also prepared to tackle A chain is committed to building a boundless blockchain world with the priority of efficiency, security, stability, high performance and extensibility.future problems by introducing:

1. The LVM (Lua virtual machine) to ensure stability

2. Smart sandbox for security

3. Forking mechanism, Baas (Blockchain as a service) and Value Exchange Protocol(VEP) for scalability and efficiency (i.e easy-to-use, low-cost, well tailored blockchain network to build a connected and multidimensional data interrelated internet world, where personal credit asset, production and consumption data and community consensus, individual behavior and value exchange will be better integrated organically).

4. multiple programming language such as Lua , C++ to java for extensibility.

5. It uses RDPoS (Result Delegated Proof –of Stake) for high transaction performance exceeding 1000tps (Transaction per second).

Blockchain Optimization

Smart contract and LVM: The conventional principle of smart contract only allows for data access blockchain networks. However, Achain rebuilds this technology into one that enables data interaction between the blockchain system and outside networks.

In blockchain networks, there are 5 stages of life cycle of smart contract.

1. Create source code in Lua

2. Compile to GPC bytecode.

3. Contract registration and contract account deposit

4. Call contract API.

5. Upgrade or destroy the contract.

For economic consideration, tokens will be spent only when registrations, calls and upgrades occur. On the one hand, the execution of contracts must take up computer resources, blockchain capacity, and network traffic while on the other hand, economic means raises the threshold of potential cyber attack. The separated module for contract execution, Lua virtual machine(LVM),support more advanced program languages, such as C++, Java, solidity ( Ethereum program language) that enables most of developers and enthusiastic to get involved.

Storage

Achain has different wallets that could be use for its storage such as the HTML wallet, KCash,web wallet and Light wallet.

Links

Contract & Assets: https://browser.achain.com/contract.html#/
Achain Africa: https://www.achainafrica.com/
Github: https://github.com/Achain-Dev/Achain
Whitepaper: https://goo.gl/iPnzjT
Twitter: https://twitter.com/AchainOfficial
Telegram Channel: https://t.me/AchainOfficial
Discord Server: https://discord.gg/HnvpCzy
Reddit: https://www.reddit.com/r/Achain_Official/
Loyalty Program: https://www.achain.com/loyaltyprogram.html

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