Transaction Volume 120 Million!Why Is Treemap In The First Echelon Of International Blockchain Competition?

The Chengdu Universiade mascot "Rongbao" has become popular recently. In addition to purchasing physical dolls, "Rongbao" digital collectibles of various clothing items are also selling well on the () blockchain. As a new digital thing, digital collections use blockchain technology to generate unique digital certificates corresponding to certain cultural and creative products or artworks. On the basis of protecting its digital copyright, digital collections can achieve authentic and credible digital distribution, purchase, collection and use. Once you purchase a digital collection, you become its owner in the Metaverse, which is equivalent to purchasing a physical collection in the real world.

The blockchain system is the infrastructure for digital collection distribution. According to the evaluation of authoritative departments, the tree diagram for issuing "Rongbao" digital collections is the only public chain system in China that is in the first echelon in international competition. Since its launch, the system has processed 120 million transactions, more than 10,000 smart contracts, issued a total of 7.1 million digital collections, and has more than 24 million registered accounts.

"There are two main reasons why it ranks among the first echelons in the world: one is its technological leadership, and the other is the existence of the Blockchain Research Institute." said Dr. Fan Long, director of the Shanghai Blockchain Research Institute. With the support of the Municipal Science and Technology Commission and other departments, this new R&D institution gathered nearly 80 R&D personnel and jointly developed a mobile phone BSIM card (blockchain SIM card) with the China Telecommunications Research Institute. It is expected to launch in Shanghai, Hong Kong and mainland China in the second half of this year. Macao launches pilot project.

Flexible management system attracts PhDs from prestigious universities

Shanghai Shutu Blockchain Research Institute was established in January 2020 and is a private, non-enterprise unit. The reason why it is registered as a non-profit organization is that it can apply for tax-free status as a non-profit organization and its management system is more flexible than that of a public institution.

In terms of wages and benefits, private enterprise employees have higher quotas than public institutions, which can attract outstanding talents with higher salaries. "The monthly salary of PhDs in information technology and other majors at Tsinghua University is generally 60,000 to 80,000 yuan. If we were a public institution, it would be difficult to offer such a high salary." Wang Yu, executive vice president of Shanghai Shutu Blockchain Research Institute, said , “Minfei’s operational flexibility is much greater.”

According to reports, a number of doctoral students from Tsinghua University, Shanghai Jiao Tong University, Zhejiang University and other universities are interning at Shutu Blockchain Research Institute. Some interns enter the research institute after receiving their doctorates and become the backbone of the R&D team. .

Civil Aviation also has unique advantages in scientific research funding. Long Fan told reporters that about 20% of the scientific research funding of Shutu Blockchain Research Institute comes from government projects, and about 80% comes from donations from funds and other institutions. Diversified funding sources are conducive to the sustainable development of new R&D institutions.

Although a non-profit organization, the Blockchain Institute has also spawned a business. Taopai Company has built Web3.0 (the third generation World Wide Web) and "Metaverse" solution platforms based on the blockchain system to provide customers with services such as digital collection issuance, digital IP (intellectual property) incubation, and Web3.0 integration. Marketing and other services.

Original innovation empowers blockchain with high throughput

In addition to the institutional advantages of new R&D institutions, another reason for ranking among the first tier in the world is its technological advantages. Long Fan led the team to achieve breakthroughs in underlying technology and develop a blockchain system with independent intellectual property rights.

Since the advent of Bitcoin, the performance of the blockchain system has been a bottleneck restricting its development. Due to performance limitations, many public chain users have to bid against each other, and the highest bidder can have their transactions recorded on the blockchain. In response to this bottleneck, Long Fan led the team to break the stereotype that "blocks must be strung into chains" and proposed a high-performance consensus algorithm based on a tree graph structure. They found that in the blockchain system, the truly meaningful consensus is the consensus on the order of transactions. Therefore, the tree diagram consensus algorithm abandons the simple chain structure, first uses the graph structure to organize the blocks, and then uses the algorithm to organize these areas. Blocks are arranged in the order recognized by all consensus nodes, forming a blockchain consensus that is "dispersed in form and unfocused in spirit". In this way, different nodes in the system can generate blocks at the same time, making full use of network bandwidth and computing resources.

With this original innovation, it breaks through the bottlenecks of blockchain technology in transaction throughput (TPS) and confirmation time, and achieves unprecedented high throughput while ensuring publicity, openness and security. That is, it can process more than 3,000 transactions per second, and the transaction efficiency is 428 times that of the Bitcoin system and 75 times that of the Ethereum system.

Standing at the starting point of innovation, the Blockchain Research Institute has steadily promoted scientific research and industrialization work in recent years: "Blockchain System 2.0" will be released in February 2022; in September 2022, the OS operating system for Web3.0 will be released and launched globally Public beta; In May this year, the BSIM card was jointly released with the China Telecommunications Research Institute, deeply integrating blockchain with mobile phone SIM cards.

Develop autonomous and controllable digital infrastructure

"Although blockchain has been popular for several years, it has not fully empowered the real economy, making people feel that it is still far away from their lives." Long Fan said with deep feeling. Based on this idea, he led the team to jointly develop the BSIM card with the China Telecommunications Research Institute. This achievement is expected to be piloted in Shanghai, Hong Kong, Macau and other places in the second half of this year, allowing people to easily enter the "Metaverse" through their mobile phones to purchase and manage digital collections. People in Hong Kong and Macau can also use the hardware wallet integrated in the BSIM card to manage digital currencies.

From the appearance, there is almost no difference between BSIM card and SIM card. However, the storage space of BSIM card is 10-20 times larger than that of SIM card, and the computing power is dozens of times higher. The main function of this blockchain SIM card is to generate and store the user's public key and private key in the card, and perform digital signatures in a way that "the private key does not leave the card" to ensure the security of user information. It can also implement operations such as encrypted storage and key retrieval, and integrate the U-shield function into the card.

The emergence of the BSIM card solves the supervision problem of transactions on the blockchain because it is a real-name authentication system like the SIM card. "We will work with our partners to promote the implementation of BSIM cards and develop application layouts for scenarios such as digital assets, digital identity authentication, and Internet of Things device collection." said Li Anmin, deputy director of China Telecom Research Institute.

In Hong Kong, Shutu Blockchain Research Institute is also in contact with a number of institutions applying for Hong Kong dollar stable currency licenses and is expected to provide an independent and controllable blockchain system for the issuance of Hong Kong dollar stable currency in the future.

Long Fan believes that the blockchain system is a public infrastructure in the era of digital economy, and the Chinese scientific research team’s mastery of its underlying technology is the prerequisite for realizing the independent control of such facilities. Half a year ago, Ethereum completely shifted from the PoW (Proof of Work) model to the PoS (Proof of Stake) model, which means that it is no longer a decentralized public chain. The U.S. Treasury Department imposed sanctions on the Cash software on Ethereum, heightening concerns about its changing nature. "These events show that if we put digital assets on some foreign blockchain systems, there will be potential risks. In order to avoid risks, we need to vigorously develop the underlying public chain system with independent intellectual property rights to face the broad development In the future, the Shutu Blockchain Research Institute team is promoting multiple domestic and foreign cooperation projects.

As an emerging private research and development institution, the institute also encountered "the trouble of new things" and was prevented from applying for tax-exempt status as a non-profit organization. “According to relevant regulations, the average salary of non-citizen employees does not exceed twice the average salary in the same industry, and they can apply to the tax bureau for tax exemption. But there are currently no statistics on the average salary in the blockchain industry, so we can only use employees in Shanghai The average salary. Data. In this way, the average salary of our employees will exceed the standard." Wang Yu told reporters. Recently, the Shutu Blockchain Research Institute reflected this problem during a survey of the Municipal Science and Technology Party Committee, hoping to find a solution to the problem.

Column Editor: Huang Haihua

标签： #Blocks #Collections #Consensus #Shanghai #Numbers