Community Observation: 2019.08.16

Community Observation publishes insightful opinions and interesting thoughts collected from the SimpleChain community. If you have any thoughts/opinions about blockchain/crypto that you’d like to share, feel free to contact us through our Telegram group.

Computing Power & Nodes: Foundation of A Public Chain’s Security
By Parsifal

The security of a PoW public chain relies on two basic rules.

First, in terms of technology, computing resources can’t cheat. The more computing resources there are to maintain the system, the less likely it is for people to cheat.

Second, in terms of economics, the cost of doing evil is much higher than the cost of maintaining the system. Human nature naturally draws on advantages and avoids disdvantages, so as to reduce the overall uncertainty.

No system is perfect, but the simpler the rules are, the more they can reduce complex motives of people.

On SimpleChain, there has been a sharp rise in computing power and number of nodes. This is a very important sign of a public chain’s development.

If you look at the computing power growth chart and the price chart of Bitcoin, you will see something interesting. An important sign of the growth of a PoW’s public chain is exactly the rise of both computing power and price.

About SimpleChain

SimpleChain is a PoW main chain with flexible sub-chains. Different sub-chains can adopt different kinds of consensus and block data structure as needed, to support a variety of applications and use cases on blockchain. Sub-chains also support sharding to improve performance. This double-layered structure of one main chain and multiple sub-chains can fuel various applications while ensuring the consistency of the network.

Built on Baoquan Chain, SimpleChain’s first sub-chain, Baoquan.com provides electronic data services including electronic evidence service, online evidence gathering service, and copyright protection platform. Based on the non-traceable and non-tamperable features of the blockchain, the advantages of Baoquan.com is that user data can be permanently stored on the blockchain, independent of corporations.

In June 2018, Hangzhou Internet Court of China judged a case of a dispute over information network communication rights. For the first time, the court confirmed the legal effect of the electronic data stored on Baoquan blockchain, and clarified review methods of electronic evidence on blockcahin.

We have launched the mainnet beta version in January (see blockchain browser), and we will be launching mainnet official version 1.0 in Q3 this year. Also, our codes are open-sourced on Github.

Find SimpleChain at:

Website: https://www.simplechain.com
Twitter: https://twitter.com/SimpleChain
Medium: https://medium.com/SimpleChain
Facebook: https://www.facebook.com/SimpleChainOfficial
GitHub: https://github.com/simplechain-org
Telegram Group: https://t.me/SimpleChainEN