Proof-of-work (PoW) and proof-of-stake (PoS) are unfair consensus algorithms that elect block producers based on who owns a lot of computing power (resulting in competitive energy consumption) and who owns a lot of native cryptocurrency, respectively.
On InfraBlockchain, validators of Infra Relay Chain who are given the rights to block production & finalization and the decision power for blockchain governance are elected through the Proof-of-Transaction (PoT) consensus algorithm using the Transaction-as-a-Vote (TaaV) mechanism. Transactions generated by users of blockchain-based real services (e.g., local currency payment, token exchange, voting, etc.) are reflected in the validator election vote. By design, it is the most reasonable and fair consensus algorithm that allows blockchain service providers that contribute the most to the network by generating a lot of meaningful transactions to be elected as validators, and participate in governance and earn transaction fee revenue.
The PoT mechanism is extended on multi-blockchain networks to the aggregated Proof-of-Transaction (aPoT), where all transaction-based votes from each Service Chain connected to the Relay Chain are collected and used as an criterion for validator election of Infra Relay Chain.
High-Performance Blockchain Transaction Processing
Proof-of-work (PoW) and proof-of-stake (PoS) blockchains, which invite anyone to competitively participate in block creation for each block, have very slow block production times (few seconds~minutes).
InfraBlockchain achieves high-speed block production time (0.5~6 second) by having the elected validators take the predesignated turns in producing blocks, instead of competing against each other.
InfraBlockchain can achieve fast block finality through a high-performance asynchronous BFT protocol among the elected validators. Furthermore, it provides the WebAssembly virtual machine-based blockchain core runtime and smart contract execution environment to achieve the highest level of blockchain transaction processing performance.
Universal High-Performance Smart Contract Execution Environment
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.