THE CURRENT BLOCKCHAIN AND REALTRACT’S 4.0 BLOCKCHAIN

About Blockchain
Blockchain is an open, transparent, and distributed ledger that can record the transactions between two parties or a group in an efficient, permanent and verifiable way. Blockchain is a continuously growing list of digital records, called blocks, which are linked and secured using the cryptography processes. Each block contains a hash pointer as a link to a previous block, transaction data and a timestamp. Blockchains are secure by design and inherently resistant to the modification of the data.
Blockchain formation is based on a lengthy and time consuming process. The main chain consists of the longest series of the blocks from the genesis block to the current block. The blocks existing outside of the main chain are orphan blocks and have little relevance or no value in the system.
For use as an effective distributed ledger, a blockchain is managed by a peer-to-peer network that collectively adheres to a specific protocol for validating the new blocks. Once recorded, the data stored in any given block cannot be changed retroactively without changing all the subsequent blocks, which requires collaboration of the network majority. Thus, any unilateral or unauthorized changes are next to impossible.
Blockchain is based on a design that prevents the owner of a currency token from committing a fraud by spending it twice. The first spend is recorded publically for all to see, so no one would accept a second spend.
Decentralized consensus is achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, voting, or various other phenomena.
Blockchain is leading to a sea-change in the internet’s evolution, from the internet of information to the internet of value with its capabilities to generate unprecedented opportunities to create value. To stay functional, it needs a lot of computing power and continuous innovation. In 2017, despite the cryptocurrency boom, there was a limited spread in the reach of the cryptocurrency and blockchain in terms of the common masses due to complex technical issues and time consuming processes.
The problem of current blockchain and How Realtract solved it.
There are many technical difficulties around blockchain core technologies, which need breakthroughs and out of box thinking. At present, the infrastructure to support development of blockchain applications is unstable and time consuming. Thus many applications are not effective. It is imperative to make research and development on blockchain infrastructure, thus providing reliable support for various blockchain applications, as well as promoting implementation of blockchain applications in all kinds of industries in order to make blockchain technology more effective in serving mankind. The major problems related with the current blockchain and smart contracts are as follows:
- Low transaction throughput: Performance is one of main challenges for current blockchain technology. The current blockchain platforms and applications have a low transaction throughput. Bitcoin is designed to handle only seven transactions per second, and Ethereum can only handle a few more. As the current blockchains are simple concatenations of single data entities state changes; reconstructing the actual states of these entities implies a whole chain scan, which causes an even greater system slowdown and resources usage. This slowness is caused by the lack of horizontal scalability, i.e. the increase of computation capacity obtained by merely adding processors. The current blockchain safety mechanism is designed to prevent anyone from taking over the majority of the clusters by making it very expensive to achieve in terms of calculation power and/or cost. This causes the problems of scalability and low transaction throughput.
- Ability of extension: Upgrading blockchain networks poses serious challenges. All nodes on a blockchain network must validate the same blocks. It is therefore impossible for any subset of parties to freely upgrade to a new protocol without affecting the rest of the network; or permanently detaching from it by forking the chain. Simple chains of data are not flexible enough to fulfill emerging needs, in which complex data structures need to be organized. At the same time, those structures need to be validated and made immutable with blockchain-based techniques, increasing traceability and security
- Energy costs, depending on the miners: The threshold for current blockchain has been rising, which is reflected not only as a higher requirement of technical performance, but also as increasingly fierce competition of computing power. Particularly in the early era of Bitcoin mining, the personal computer alone could easily mine the coin. Later, mining became more demanding of a computer’s performance. This led to emergence of specialized mining computers. As a result, there is an increasing requirement of nodes. Most of which, are controlled by a select number of mining pools. This further isolates the blockchain from the masses. Moreover, the heavy energy consumption also has adverse impact on environment, which is a major cause of concern in today’s world.
- Attack potential 51%
- Transaction speed: Bitcoin, based on first-generation blockchains and Proof of Work algorithm for transaction validation, and the second generation Ethereum based on the smart-contracts-enabled blockchains, are extremely low energy efficiency with low block validation speed and transactions per block. The thirdgeneration and the fourth generation blockchain solutions, using techniques like Proof-of-Stake validation algorithm, off-chain routing, graph-chains, and complete or partial centralization, are still not able to solve the issues of scalability, speed, and energy consumption.
- Transaction fee: The high cost of using blockchain technology is a major barrier to mass adoption. It also limits developers who need the flexibility to build free services. Just like today’s Internet and mobile Apps, there is no need to pay for every operation during blockchain transaction. Similar to the Internet, blockchain technology should be able to support free applications. Making blockchain free to use is key to its widespread adoption. A free platform will also empower developers and businesses to create valuable new services they can monetize, rather than having users pay fees to use the blockchain network
The current blockchain architecture and technologies along with application scenario are limited by performance, applicability and stability of the underlying chain. Therefore, there is an urgent need to study the underlying mechanism of Blockchain, and redesign or improve the various key technologies of blockchain to solve the problems such as transaction congestion, high transaction fees, long confirmation latency, weak antiquantum attack capability, low anonymity of communication and transaction, weak crossing and merging chain capability, large storage space, etc. The current blockchain technology problems have to be solved effectively and expeditiously.
RealTract is born as a thorough solution to the disadvantages of the current blockchain. RealTract has created multi-layer chain based on Infinity Block Graphs technology with double consensus algorithms:
- Infinity Block Graphs technology based on DAG protocol with infinite scalability helps keep transactions from overloading, speeding up transactions to 2 million TPS, the cost nearly zero and absolute security.
- RealTract network proposes to have a multi-layer chain structure. This structure will increase the storage capacity, process more transaction confirmations per second and provide more security
- The connection is essential to the multi-layer chain. The speed of access between the chains needs to be ensured, and at the same time, in order not to take up too much transaction space storage, Cross Chain Communication will deal with the above.
- Double consensus algorithms, Proof of Truth (PoT) and Proof of Stake (PoS) will be used in Main Chain and Supply Chain
Learn more about us:
- Website: https://realtract.network
- Whitepaper: https://realtract.network/Whitepaper-EN-1.1.pdf
- Whitepaper Korea: https://realtract.network/Whitepaper-KOR-1.1.pdf
- Telegram community: t.me/RealTractOfficial
- Telegram Korean Community: t.me/RealtractKorean
- Telegram Channel : t.me/realtractchannel
- Twitter: https://twitter.com/realtract
- Medium: https://medium.com/@realtractofficial
- Reddit: https://www.reddit.com/user/RealTract
- Youtube: https://www.youtube.com/channel/UCQDTEf-A31H74yhdVaRv2EQ
- Github: https://github.com/RETnetwork
