What is a Multidimensional Block Lattice Structure? (2)
Recently, MarketWatch reported on a research forecast which predicts that Blockchain in the Telecom industry will reach a market size of up to $1 billion within the next five years. Blockchain will be able to address increasing security concerns in the industry as well as provide support for OSS/BSS processes. This market forecasts will help to boost morale in the industry while early practice fields such as identity, banking, supply chain, and copyright are struggling to manifest their market value. All blockchain-based companies are competing to “row the blockchain boat to reach the shore of massive adoption,” the winners will be companies with ready-to-deploy structures, open sandbox, and comprehensive end-to-end solutions.
Blockchain started a new era in the evolution of not only computing, but also the world at large by providing the missing “trust layer” to applications on the Internet. Industry leaders such as IBM and JP Morgan are supporting this shift in evolution and have publicly stated that blockchain is here to stay.
The new kids, also known as, the third generation of Blockchain technology are designed to improve Bitcoin and Ethereum networks while overcoming their limitations. The key issues that they are addressing are TPS, scalability, security and anonymity tailor-made for specific use cases. Afterall, value transfer is the most basic use case of Blockchain technology. On Ethereum, smart contracts are deployed into more specific industries including supply chain, identity, insurance and gaming other than token issuance that is overwhelming the market.
Separately, QLC Chain has developed a Public Chain with a Multidimensional Block Lattice structure specifically for the network industry. The Public Chain will support frequent transactions and various functions, enabling decentralized Network-as-a-Service. This article is a continuation of “What is Multidimensional Block Lattice Structure?” In this will introduce and highlight the advantages of the Multidimensional Block Lattice structure.
QLC Chain uses the existing Block Lattice structure and takes it a step further. By converting the single dimensional Block Lattice into a multidimensional structure, each account can handle multiple tokens with new tokens being mapped to a new chain within the account. Since each token exists on a single chain (dimension), the entire structure with multiple tokens is called a Multidimensional Block Lattice Structure.
The design inherited the advantages of Block Lattice while adding smart contract on top. QLC Chain changed Block Lattice to become a protocol to support various tokens to build a Public Chain for blockchain network services. Currently, the team has completed the first step of the multidimensional structure construction.
- Low Transaction Validation Latency
The adoption of independent account chains allows the user to update the blockchain asynchronously. Previously an effort like this would require the involvement of the entire blockchain network. With a dual-transaction approach there is no longer a need for intermediaries such as miners as the verification is done by the sender and receiver. A huge advantage of this method is that there are zero transaction fees and transactions are instantaneous.
The Multidimensional Block Lattice structure allows transactions to be handled independently of the main ledger. Each transaction is an independent block that fits in a UDP datagram. Therefore, there won’t be any block size debates as nodes just store the current blocks of all account-chains, which also improves scalability.
- Low Energy Consumption
QLC Chain uses a dual consensus architecture: Delegated Proof of Stake (dPoS) and Shannon Consensus. dPoS reduces energy consumption by the network as both these algorithms require no mining to function. Utilising a small amount of Proof of Work as an anti-spam measure, the dual consensus largely reduced the energy consumption.
- Beyond Value Transfer
By enabling Multidimensional Block Lattice, the architecture will be able to support various functions and services. To cater to the network industry’s demand, QLC Chain deploys virtualized network services functions on the block lattice such as name address translation, storage, routing, and security. These functions can be supported on QLC Chain native token or by other issued tokens, furthering the expansion of the industry to incorporate enterprises. The future of network services will be decentralized, carrier independent and on-demand.
Inherent Anti-Centralization alludes to the way that each account has its own particular record, to be specific, the individual blockchain structure, and the validation by delegates by means of an offbeat mode. Shannon Consensus separates bookkeeping nodes and the transmitting nodes. The transmitting nodes will provide transmission capability in the network. If the transmitting nodes do not possess QLC tokens in the first place or if there is no transmission occurred, nothing will be registered on the ledger, thus no ledger to be recorded. The token is the key instrument to allow nodes to play any role in QLC network.
The complete graph structure has unparalleled advantages compared to traditional blockchain designs. This does not render Bitcoin’s blockchain obsolete, instead, it provides another solution for underlying P2P transaction issues in current and future networks. The Bitcoin’s blockchain will still be the basic design principle. There are a lot of projects competing to reinvent the wheel. Instead, these projects should shift their mentality and focus on discussing the future of Blockchain and issues that need to be solved. The limitations of current blockchains have led to the implementation of DAG-based models such as IOTA, NANO, and QLC Chain use. This novel architecture will ensure that a decentralized peer-to-peer network will be able to scale with the demand.