Bitkub Chain explained in-depth technology from the beginning to the present, emphasizing the importance of blockchain technology
Bangkok, August 3, 2022 - Bitkub Blockchain Technology, Bitkub Chain and Blockchain Total Solution Provider, which aims to be an infrastructure of the Thai blockchain ecosystem, explained in-depth technology from the beginning to the present and emphasized the importance of blockchain technology by Mr. Samret Wajanasathian, Chief Technology Officer (CTO) of Bitkub Blockchain Technology via Bitkub Chain Official Facebook Page.
All of the information is concluded as follows:
The Beginning of the Bitkub Chain
The Bitkub Chain project idea originated from 3 main visions which are
1. Able to allow everyone to easily interact with blockchain DApps (support mass adoption)
2. To make the blockchain secure and stable
3. Enhance on-chain user experience
Bitkub Chain technically derived some of the technology from Ethereum (EVM Compatibility). This allows developers to build decentralized applications (DApp) on Bitkub Chain with several advantages such as rapid on-chain processing data, low transaction fees, and compatible consensus.
New Technology Developed on Bitkub Chain
1. KUB Coin - A native utility token on Bitkub Chain, which can be used for several utility functions such as on-chain gas fee payment, convertibility to fee credits, locking coins within a certain period of time, and earning various digital assets and redemptions for partners’ services and products.
2. Block Size - The block size of Bitkub Chain has been set to 60,000,000 Gas. Nevertheless, the block size could be increased in the future or more than other chains such as Ethereum to support on-chain transactions. (In 2021, Ethereum was set at 15,000,000 Gas).
3. Block Time - Bitkub Chain started with Proof-of-Authority (POA) consensus, which the system is fixed to around 5 seconds. This can be claimed that the confirmation time is faster than Ethereum. In addition, the time variation is extremely low due to the network's low latency, and the speed can be calculated from the block size and transaction per block. The number adjustment is also becoming a challenge in technical terms. However, the process depends on the other factors to enhance the adjustment to be more practical and stable on the blockchain.
4. Transaction Fee - Bitkub Chain used a different mechanism called “Fixed Minimum” to stabilize the transaction fee to 50 GBit, which can suit several business use cases and gas fee estimation for both its users and developers. Furthermore, the high transaction fee is one of the main pain points for blockchain adopters, which depends on the crypto-economic model. In comparison, Ethereum uses the dynamic gas price mechanism based on the congestion on the network, which is different from Bitkub Chain. To clarify, the more the network is congested, the higher the gas price and transaction fees.
5. Hyper Block - A mechanism to aggregate the transactions from several wallet addresses on Bitkub Chain. Hyperblock can increase the speed of the transaction by over 1,000 transactions per second (TPS), making Bitkub Chain process faster and more secure. Hyperblock consists of four main parts:
a. Backend Service - the technology to help manage the “Backed Transaction Pool” by calling all of the data transactions at once via contract address. In addition, the Transaction Defragmentation Mechanism can increase the efficiency of the remaining block size.
b. Gas Tank Module - The wallet addresses to pay the transaction fees for the users on Bitkub Chain.
c. KAP Standard (Smart Contract) - Standard token on Bitkub Chain forked from ERC Standard. Bitkub Chain also invents 3 main functions which can secure the ecosystem:
- getOwner() : The function is to help investigate the owner of smart contracts on Bitkub Chain to be more transparent.
- batchTransfer (from , to , value) : The function is to help call a thousand transactions at once to record the data into the blockchain. This can economize the transaction fee and rapidly distribute a large number of coins.
- adminTransfer(from , to , value) :The function of the KUB coin working group is appointed to monitor the law infringement actions such as Rug Pull. They can use this function as a majority agreement or appointed by the court to take action to retrieve back all of the stolen assets.
d. Fail-Safe Mechanism - The Fail-Safe mechanism works by using an off-chain engine to detect the failed transaction in the transaction pool and try to diagnose the root cause of the failure.
6. Security - Bitkub Chain’s security system is designed based on fundamental safety, which comes with a registration feature to protect users’ assets. However, the full functionality of KYC will be available in the future.
Bitkub Chain As Thailand’s Future Digital Infrastructure
1. Gas Optimization from 50 Gbit to 5 Gbit - Bitkub Chain’s vision is to prepare for mass adoption in the future. To align with the new configuration, KUB Coin supply was reduced to 110,000,000 KUB and the distribution was also revised to ensure balanced incentives for a sustainably growing ecosystem.
2. Byte Code - The fundamental encoding Bytecode to compare the smart contract similarity with KAP fundamental Bytecode. This could help reduce human errors from inserting the wrong code into DApps.
3. Bitkub Chain Layer-2 - Bitkub Chain launched Bitkub Chain Layer-2 or “BKC Ping” on June 29, 2022. It is the secondary framework or protocol that is built on top of the Bitkub Chain (Layer-1) to maximize the efficiency of blockchain utilization. For instance, it can reduce the transaction traffic and fee and inherits the security from Layer-1 with fraud-proof. In the future, there will be the launching of another 3 frameworks which are Wang, Yom, and Nan.
4. Software Development Kit (SDK) - Bitkub Chain software development kit was designed to facilitate almost all developers to connect with Bitkub Chain. To clarify, this software development kit has several advantages, including 1. To handle transaction submissions to blockchain 2. Transaction gas fee support 3. Environment testing (helps developer debug and deploy on mainnet) 4. Less time is needed for project development on Bitkub Chain.
5. BKC Oracle - The main infrastructure on Bitkub Chain that connects the data from the real world to blockchain and supports blockchain developers to use the tools and platform more efficiently.
6. Static Web Hosting - The technology that can bring the website to use on blockchain by using Bitkub Chain as Database to connect with Smart Contract from Software Development Kit (SDK).
Technical Paper (Yellow Paper)
Technical Paper (Yellow Paper) is officially announced on www.bitkubchain.com and published through Bitkub Chain Official Facebook Page. In addition, The Technical Paper (Yellow Paper) has already been verified by independent specialists.
Mr. Samret Wajanasathian, Chief Technology Officer (CTO) of Bitkub Blockchain Technology, said, “I would like to ensure that Bitkub Chain has always been and uses a high standard of blockchain technology. For example, we have KUB Coin, the native utility token on Bitkub Chain. Our system has an estimated 2 million wallet addresses which are composed of an estimated 990 thousand Bitkub NEXT accounts and 83.5 million transactions. We still strive to continuously develop our technology for Thai people and prepare for mass adoption in the future”
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