As announced to the community in the previous article, RealTract Network team has been working on the completion of RETchain with the highest degree of innovation than ever. All adjustments and updates in the final version of RETchain will be presented in our official Whitepaper, which will be re-published soon to the community. In this article, we briefly introduce RETchain, highlighting a few technological features that RealTract is experimenting with. It is a work in process and the final result may vary depending on the latest development of related technologies.
RETchain is based and upgraded upon ETH 2.0 (PoS) into Proof-of-Honor (PoH), much more advanced than Proof-of-Importance (PoI) of NEM (which uses NCDawareRank algorithm). PoH uses “HodgeRank” to rank nodes based on: the amount of Stakes and amount of Transactions (which share a significant proportion of rewards and network control to Dapp developers to encourage them to develop many applications for many users to generate transactions). PoH also implements an advanced incentive system to eliminate all cheating & slacking miners (those who do not seal blocks) to preserve the longevity of the blockchain network, and implements a smart free-gas policy based on “stamina” (which is promised to be more advanced than Tron’s) called “GasStation” to make blockchain transactions cheaper while evenly anti-spamming and incentivizing to miners.
We invent “sec.RET” — a privacy protocol which combines the best of Aztec protocol, CryptoNote, BulletProof and more. Sec.RET is a powerful weapon for our Smart Contract 2.0, making it more advanced than Mimblewimble and Zk-snark (which only accommodate native privacy coins without any scripting tools to write smart contracts).
Smart contract 2.0
Smart contract 2.0 is “Smart contract for everyone” with multi-tier smart contract architecture. Tier 1 is for technical developers. Tier 2 is for non-tech users to create “real life applications”. We will deploy multiple “templates” for non-tech users to create Dapp for specific businesses. Our smart contracts can also be plugged into the most advanced technologies (such as IPFS, ChainLink, Band Protocol, Ocean Protocol, etc.) in the blockchain universe to form a complete ecosystem.
Tentative Technical Roadmap
Phase 1: Testnet Version 1 uses Proof-of-Authority (PoA) consensus along with a suite of tools including RETchain explorer, Validator smart contract, Privacy smart contract which allows sending token privately.
Phase 2: Testnet Version 2 uses the more advanced Ethermint BFT consensus (apply Tendermint of Cosmos Network into Ethereum), and upgrade the Privacy smart contract.
Phase 3: Mainnet Version 1 implements PoH consensus along with a suite of tools including RETchain explorer, Validator smart contract, and the upgraded Privacy smart contract.
Phase 4: RETchain to be upgraded in to Hybrid PoH + PoW + sharding along with ETH 2.0.
Phase 5: We continue to upgrade Sec.RET privacy protocol with strong technologies (such as Fully homomorphic encryption, and Schnorr signature) to perfect the privacy of the sender, the receiver, and the amount being sent, and serve further real life applications in banking, statistics, and AI.
Phase 6: Apply Merkelized Abstract Syntax Trees (MAST) or other advanced technologies to improve privacy & efficiency.
Phase 7: Smart Contract 2.0 (“Smart contract for everyone”) with templates for non-tech users to make applications in a wide range of businesses.
Phase 8: Fully realized Smart Contract 2.0 with inter-communicated smart contracts for high interoperability, linking all other technologies such as decentralized file storage and oracle and fiat payment to create complete financial system on chain. Teaser: Smart Contracts 2.0 = RotoLadder + WhiteHole + DecenNet + Sec.RET (more information on these later).
The tentative technical roadmap of the project will be constantly updated and officially re-published to the community in the upcoming articles. Make sure to follow us on social media platforms to not miss a word. RETchain, the core of RealTract Network project is promised to bring innovations that solve the biggest puzzles in the blockchain world — feasible applications in the business field.