Public Multi-Blockchain Networks With No Native Cryptocurrency
Public blockchains that pay transaction fees with native cryptocurrency, such as Bitcoin and Ethereum, cannot be adopted by government agencies and businesses. InfraBlockchain technology, on the other hand, is an enterprise multi-blockchain network that governments and businesses can actually use, because it invites trusted institutions to participate in blockchain networks through Proof-of-Transaction(PoT) consensus algorithm, processes fiat currency-based blockchain transaction fees, and integrates Blockspace to achieve interoperability between multi-chains that are segmented by services and institutions.
InfraBlockchain provides the most ideal blockchain technology for the public sectors / enterprises to adopt
Multi-Blockchain Network
Various Service Chains built and operated in parallel are connected to Infra Relay Chain to achieve interoperability between each blockchains, enabling the multi-blockchain network, InfraBlockspace, that can greatly scale by countries, services and companies.
3 Tokens, smart contracts, and chain functions can interoperate between Service Chains and Relay Chain through XCM (Cross Chain Message)-based blockchain interoperability protocol. It is also interoperable with public blockchains such as Bitcoin and Ethereum via Bridge Chain.
Infra Relay Chain Providing Shared Security
When individual Service Chains are connected to Infra Relay Chain, they no longer need to organize and maintain their own validators to keep their blockchains secure.
Elected validators on Infra Relay Chain validate and finalize blocks created from all connected Service Chains, and also participate in the governance of the entire multi-blockchain network to maintain overall network security. The blockchain network security provided by Infra Relay Chain validators (which consists of government agencies and trusted enterprises) is shared across all connected Service Chains, enabling a low-cost, high-efficiency and stable multi-blockchain network structure.
Blockchain Without Native Cryptocurrency
For blockchains such as Ethereum, the transaction fees must be paid in its native cryptocurrency such as ETH.
InfraBlockcain can build a public blockchain network without any native, highly-volatile cryptocurrency. The Relay Chain Validators approve and designate specific user tokens (issued by trusted entities) as System Tokens, which can then be used to pay for blockchain transaction fees.
Fiat-pegged Transaction Fee Token
On InfraBlockchain network, fiat-pegged stable tokens (e.g., iKRW, iUSD, iPHP etc.) that are guaranteed by trusted institutions, such as government agencies and reputable corporations, can be issued and circulated.
Validators elected on Infra Relay Chain can nominate stable tokens of their choice as System Tokens, which can be used as blockchain transaction fee (gas fee) tokens in any connected Service Chains. This unique feature enables InfraBlockchain to operate as a legal-currency-based ecosystem, resulting in predictable and stable transaction costs.
Infra Relay Chain Validators
Setup
Seed Trust Nodes & Nodes elected by aggregated Proof-of-Transaction(aPoT) consensus algorithm
InfraBlockchain offers a high-performance smart contract execution environment based on WebAssembly and EVM. Just by using a general-purpose programming language (Rust/C/C++), you can build blockchain-based services that are programmed with smart contracts and deployed on the network.
Fiat-pegged tokens issued by trusted institutions can also be programmed to design various financial services (e.g., local currency, CBDC(Central Bank Digital Currency), etc.). Furthermore, various services such as decentralized exchange, P2E game, metaverse, NFT, DID, voting, and history management can be programmed and implemented with smart contracts.
Issuance of Asset-backed Security Tokens
On InfraBlockchain, trusted institutions can issue and distribute fiat-pegged stable tokens that are guaranteed by reserve funds (100%, or less than 100% reserve ratio if agreed by the blockchain ecosystem). Similarly, trusted institutions can also issue and distribute security tokens that are backed by other valued collaterals, such as stocks of unlisted companies, precious metals such as gold/silver, carbon credits, artworks, real estates, etc.
Security tokens can be traded using fiat-pegged tokens on decentralized exchanges integrated on InfraBlockchain, and can be used as base assets in blockchain-based financial systems.
Privacy-protecting Blockchain Transactions
Because blockchain transactions are open to all participating nodes, it is essential to implement additional technology to protect users' personal information. InfraBlockchain provides anonymous token transfer technologies (One-time Stealth Address, Group Signature, Zero Knowledge Proof (zk-SNARK), etc.) to ensure the protection of personal information while maintaining the integrity of the transactions.
The user's blockchain transaction can be processed anonymously, which would be useful to develop services that should not need to disclose personal information (small amount banking system, voting system, etc.).
Manageable Transaction Fee Model
Elected validators - with 2/3 consensus - can update the transaction fee table to manage legal-currency-based fee costs per blockchain action such as token transfer, nft minting.
In addition, by separately designating a transaction fee payment account for each transaction, the service provider can pay for the blockchain transaction fees on behalf of their users.
Building Flexible Blockchain Governance
In InfraBlockchain, the blockchain runtime (which is responsible for blockchain governance) is separated from the blockchain core. This separation allows various types of blockchain networks to be built using programmable blockchain runtime, and the blockchain governance structure of an operating blockchain network to be safely upgraded without a hard fork.
Whether it is a completely private blockchain operated internally by an institution, a permissioned blockchain operated in a consortium configuration, a PoT-based completely public blockchain, or a hybrid-type blockchain that combines PoT and permissioned setup allowing seed trust nodes to participate in network, you can flexibly build a blockchain to suit your needs.
Blockchain Account Identity Verification and Account Recovery
Identity authorities designated by the validators can provide identity verification services by issuing the W3C DID / VC standard certificates to users' blockchain accounts.
Users who own a verified blockchain account can safely and conveniently use various blockchain-based services. If a user loses the private key of his/her blockchain account, the account can be recovered through the identity authorities' services.
Federated Multi-Blockchain
Individual Multi-Blockchain ecosystems can be interlinked to establish a more extensive system. This network eventually scales into a Federated Multi-Blockchain structure where numerous multi-chains are interconnected.
Individual Multi-Blockchain ecosystems can be interlinked to establish a more extensive system. This network eventually scales into a Federated Multi-Blockchain structure where numerous multi-chains are interconnected.
Connections between a diverse array of multi-blockchains (such as security tokens, local currencies, medical data, real estate, etc.), facilitate an infinite web-scale expansion, culminating in the Federated Multi-Blockchain ecosystem.
Proof-of-Transaction (PoT) consensus mechanism and governance
Transaction-as-a-Vote (TaaV)
InfraBlockchain permits each blockchain transaction generated from Service Chains and Relay Chain to vote for a validator candidate on Infra Relay Chain. Transaction votes aggregated from each Service Chain and Relay Chain are used as Infra Relay Chain Validator election weighted criterion (based on the number of transactions, amount of transaction fee consumed, chain type, region, etc.).
Proof-of-Transaction(PoT)
A service provider that generates large amount of blockchain transactions can use its voting power to elect itself (or other partnered node) to become a validator on Infra Relay Chain using the TaaV mechanism. These validators can participate in the blockchain governance, and earn the legal currency-based transaction fees as rewards. Transaction votes are measured in real time, and the top nodes that receive the most votes get to become the validators.
It is possible to design Infra Relay Chain validator nodes in a public/permissioned hybrid method, which includes validators (service providers) elected by Proof-of-Transaction(PoT) method and pre-designated trust nodes (Seed Trust Nodes, trust organizations such as government agencies and public enterprises). If a blockchain network is designed around the trusted institutions as its core, the stability and credibility of the network can be improved by adding the predesignated trust nodes. By adjusting the composition of the validator group, InfraBlockchain can flexibly form private, consortium, PoT-based public, and any level of hybrid blockchain network.
Granted Patent For The World’s First Blockchain Consensus Algorithm Designed For Public Blockchain With No Cryptocurrency
BLOCKCHAIN SYSTEM TO WHICH PROOF-OF-TRANSACTION CONSENSUS ALGORITHM IS APPLIED, AND METHOD THEREFOR
KOR patent granted : 1020180064925, 1020210000951
PCT International patent : PCT/KR2018/008504
USA patent granted : US 11,636,450 B2
BLOCKCHAIN TECHNOLOGY COMPARISON TABLE
Combining the advantages of public and private blockchains and extending to multi-blockchain network
On/Off-Chain Hybrid Token Exchange System
Blockchain-based token exchange technology that enables large-scale high frequency trading, privacy protection and transparent audit of transaction history
For a decentralized exchange (DEX) that processes token issuance and exchange transactions entirely on public blockchain, not only is it difficult to achieve large-scale, high-speed transactions that compares to existing stock exchanges or centralized cryptocurrency exchanges, but it also faces personal information leakage problems because all exchange transaction details are disclosed transparently on the public blockchain. On/Off-Chain Hybrid Token Exchange technology solves this problem by processing token issuance and exchange deposit and withdrawal on-chain, while trading orders and order matching executions are handled by off-chain servers.
Transaction orders submitted by users and order matching executed on the off-chain exchange server are cryptographically signed by the blockchain ID of the user and the exchange server, and all the transaction history data and its hash values are stored in distributed storage and public blockchain, in an immutable manner. This enables any audit institution to transparently and objectively verify the integrity of all transaction history data in the exchange server based on the blockchain, unlike the existing central server-based exchange system.
Government financial institutions and financial companies can implement blockchain-based STO (Security Token Offering) platform efficiently and safely by using on/off-chain hybrid exchange technology.
YOSEMITE Hybrid Exchange System
On/Off-Chain Hybrid Exchange System Comparison
Asset Exchange YOSEMITE - STO Exchange System
Hybrid Token Exchange Technology Patent
THE TRADING SYSTEM AND THE METHOD BASED ON A BLOCKCHAIN
