New fourth-generation blockchain puts power in the hands of people: Ronald Aai
The present and future are mobile.
This realisation was a major inspiration for Ronald Aai, who conceived and led the development of Bit Beta System (BBS), the “fourth-generation” distributed ledger technology (DLT or “blockchain”).
Mr Aai, the Malaysian-born founder and Chief Technical Officer (CTO) of Singapore-based Bit Beta Pte Ltd, presented his brainchild publicly for the first time at the 4th World Blockchain Forum in New York, November 8.
“We want to bring blockchain to life by putting its power and potential literally into the hands of people and organisations in the real world,” Mr Aai said.
BBS works by pooling computational, networking, and storage resources from smartphones and point of sale devices used by individuals and organisations who transact with each other using decentralised applications (dApps).
“Every transaction is treated as a file or block in its own right,” Mr Aai explained.
“We have developed a FSDLT [File System Distributed Ledger Technology] and combined that with other technologies and protocols to process transactions in real-time.
“Every transaction is recorded in parallel ledgers, which I like to call Parallel Atomic Chains, owned and controlled by each party to the transaction — the buyer, the seller, and the witness.
“Parallel Atomic Chains mean BBS is infinitely scalable — the more user nodes there are the more transactions can be processed simultaneously in real time.”
A dApp user can “witness” a transaction between a buyer and a seller and earn a share of the small transaction fee automatically paid by the seller in the form of a BBS01-standard stable coin.
“In addition to incorporating sensible stablecoin and non-fungible token standards a among our four token issuance standards, we have done away with traditional blockchain mining,” Mr Aai said.
“Now everyone can get paid for witnessing [“mining”] simply by using a BBS-powered dApp on their phone.
“No more power-hungry ASIC miners and graphics cards!”
Witnessing is determined by BBS’ Proof of Reputation (POR) algorithm which is based on the actual order of transactions using a mixture of response time, influence (number of connections), and stake (number of transactions). And there are no decisions about “gas” to be made by either the buyer or seller.
Mr Aai said organisations would “benefit hugely” from deploying BBS.
“We have thought long and hard about why organisations have resisted rolling out DLT solutions to date,” Mr Aai said. “Part of the reason is the speed and cost of transactions and the volatility of crypto — all of which we’ve solved.
“The other part is how to deploy a blockchain-based system without undergoing major change management issues, and how to integrate it with accounting, reporting, and regulatory protocols.
The explanation for this and other issues can be found in the BBS white paper, which can be downloaded from https://bbeta.io.
Private sales of the BXB staking token will run from November 8 through to the end of 2018. If deemed necessary, presale and public sale phases will continue through to the end of March 2019. The only source of trusted information about the BXB token sale is https://bbeta.io/.
About Bit Beta System (BBS )
Bit Beta System (BBS), the fourth-generation distributed ledger technology (DLT or “blockchain”) developed by Singapore-based Bit Beta Pte Ltd, promises to bring people closer together at work and play and life on a fast, stable, scalable, mobile, and adaptable platform. BBS corrects the shortcomings of first- and second-generation blockchains to offer a true DLT alternative to the slow and expensive traditional payments systems.
BBS benefits everyone. Designed for mobile devices, BBS lets people and organisations transact globally in real time, using an asset-backed stable coin as the medium of exchange, without incurring high intermediary and forex costs. BBS lets organisations bundle the benefits of its payments platform into feature-rich decentralised applications (dApps) for customers and stakeholders. Organisations retain full ownership and control over the transaction data for business, accounting, and regulatory reasons.
People who use BBS-powered dApps automatically earn real value as “witnesses” (“miners”) to others’ transactions without requiring any special knowledge or equipment. And all BXB token holders, large and small, enjoy their fair share of network profits.