LBank $BTY AMA RECAP
On MAY 10 , we held an AMA with the $BTY team, hosted on LBank official telegram channel. If you guys had missed this session, here’s another chance to get a full transcript of the AMA event.
INTRODUCTION : Sijin Wu:
Hello everyone, I am Sijin Wu, the technical consultant of BitYuan Blockchain. I am very happy to share BitYuan in the LBank telegram group today.
BitYuan is a simple, stable, efficient and secure public chain network with multi-chain architecture. It realized the parachain architecture in 2018 and achieved the first version of sharding and smart accounts (similar to ERC4337) in 2022. This year, BitYuan realized compatibility with Ethereum and integrated zero-knowledge proof technology.
Question 1 :How does your #BTY project are representing address the issue of scalability and ensure its sustainability in the long term?
Guest Answer : 1. BTY supports the parachain architecture
Regarding the scalability of the blockchain, currently, the most popular method of Ethereum is to improve it through L2. At present, the parachain on the BitYuan has two modes, one is similar to OP, data will be compressed and recorded on the main chain, and the parachain is responsible for the execution of business logic. There is another mode similar to Polkadot. The parachain independently forms a network, and the business logic is also on the parachain. The data will not be put on the main chain, and only the consensus and cross-chain information will be written to the main chain.
Compared with Ethereum, BitYuan has the native parachain function and the layer 2 blockchains can be easily deployed without any development. Compared with Polkadot, the structure of the main chain and parachains is looser for BitYuan, and parachain can be deployed arbitrarily without elections. BitYuan is one of the blockchains that implement the parachain earliest in May 2018.
2. BTY has built-in cross-chain contracts. At present, whether it is Polygon, OP or ARB, they use their own cross-chain contracts, so that users’ assets on these L2 cannot be directly exchanged. While BTY has built-in cross-chain contracts directly at the bottom architecture, and all the parachains share this cross-chain contract. Developers do not need to develop a cross-chain bridge separately, but directly call this built-in cross-chain contract to complete the interaction of assets between different parachains.
3. Integrating zero-knowledge proof technology
When we trade on a decentralized exchange, how can we ensure the security of assets while reducing gas costs and improving transaction performance? The advantage of zero-knowledge proof technology is that it can prove the correctness of a proposition without revealing any other information. BitYuan integrates the zero-knowledge proof scheme of zkSync, which realizes the safe cross-chain and asset transfer between the BitYuan mainnet and other L1 public chain assets. When a large amount of calculation verification is required, zero-knowledge proof and layer 2 blockchain can be used to achieve asset security in decentralized transactions, while reducing gas costs and improving transaction performance. This lays the foundation for the data interaction of ecosystem applications in the future metaverse.
4. The iteration of sharding and the Impossible Triangle of the public chain system: security, decentralization and efficiency are eternal topics in the industry.
The most popular sharding mechanisms include ①Sharding is completed on ETH2.0 through side chains, but the hidden danger is the future cross-chain problem. ②Polkadot achieves sharding through verifiers, and all the parachain data are stored on the main chain, so the data on the main chain will be very large, but this approach will bring simplicity to the overall architecture. The BitYuan blockchain adopts the main chain sharding mechanism with the main chain and parachains. This is similar to Polkadot, but in terms of sharding technology, BitYuan realizes the sharding function of the main chain, not through side chains or parachains. BitYuan designs complexity to the system, not to the users.
BitYuan released the first sharding version in January 2021 and made the blockchain data a shard. Each shard consists of 100 machines. Calculating based on the 3000 machines, the overall throughput can be increased by 30 times. And the more nodes, the larger the storage space. In 2023, the second sharding version was released and realized the storage sharding of status data. There is a large amount of blockchain status data that will no longer be accessed by contracts, but may be inquired by the client end. Considering this, these data can be stored in shards without affecting the execution efficiency of the contract. The third version is the latest sharding scheme, that is, the entire blockchain is regarded as a distributed database. It is under the environment of decentralization and high latency and we have performed some simulations of the system in a lab environment. With the gradual realization of the sharding function, BitYuan will achieve the goal of more nodes and higher performance, and finally it will achieve decentralized high performance and break through the Impossible Triangle in the public chain field. For example, currently, BitYuan’s performance is 300 transactions/second, with the sharding function, it may reach the performance of 10,000 transactions/second.
Question 2:What makes Bityuan unique compared to other cryptocurrencies and what potential use cases could it have in the future?
Guest Answer:Sijin Wu:
First of all, let’s compare it from the perspective of scalability. In the parachain architecture of BitYuan, compared with Polkadot, the structure of the main chain and parachains is looser, and parachain can be deployed arbitrarily without elections. Compared with Ethereum, BitYuan has native parachain function and the layer 2 chain can be easily deployed without any development.
Compared with the layer 2 chains, like OP and ARB, BitYuan’s support for the layer 2 chain is native. In other words, users don’t need any programming to deploy a layer 2 chain like OP. At the same time, it natively supports cross-chain between the main chain and layer 2 chains. Cross-chain can be done among the layer 2 chains indirectly through the main chain. BitYuan also supports zkRollup. Whether OP or ARB, the final layer 2 chain’s technology will be on the zkRollup.
Secondly, let’s compare from the perspective of compatibility. Currently, compatible chains on the market provide a similar EVM code execution environment, which is convenient for Ethereum developers to migrate smart contracts to compatible chains without the need for new development.
Mainstream compatible chain projects include BSC, Polygon, and AVAX C Chain.
BSC: Binance Smart Chain is a hard fork of the Go Ethereum (Geth) protocol, so it is fully compatible with Ethereum.
Polygon: It is used to create a blockchain solution compatible with Ethereum. It belongs to the solution of Ethereum L2 and adopts POS (Proof of Stake Consensus). Attracted many users in the market with the advantages of fast transaction speed, low transaction costs, and compatibility with EVM.
AVAX C Chain: The mainnet of Avalanche is composed of 3 chains, which are the X chain (transaction chain), C chain (contract chain) and P chain (platform chain). Since the C chain is compatible with EVM, the development, deployment, and interaction of smart contracts in the Avalanche ecosystem are all carried out on the C chain.
Conclusion
Breaking through the Impossible Triangle in the field of public chains is the ultimate goal of most public chains. BitYuan has the layer 2 chain technology and is compatible with EVM, while maintaining its original intention, which is the core of BitYuan — as simple and stable as Bitcoin. It has both flexible and efficient scalability, is compatible with the Ethereum application ecosystem, and can realize trustless and secure transactions. Developers can build a powerful parachain ecosystem and Web3 applications on BitYuan.
In the future, the applications of BTY will include DNS decentralized domain name platform, decentralized social networking, decentralized exchanges, NFT transactions, decentralized e-commerce, warehouse receipt coupons, cross-border trade, etc.
Question3:BitYuan supports the zero-knowledge proof. What kind of zero-knowledge proof technology does it integrate? What are the advantages?
Guest Answer: Sijin Wu:
Currently, the zero-knowledge proof algorithm used by BitYuan is groth16, which is the typical algorithm of zk-SNARK and is used in projects, such as ZCash, Filecoin, Coda, etc. The calculation of Groth16 is divided into three parts, which are Setup generates Pk/Vk (proof/validation key) for the circuit, Prove generates a proof under the given witness/statement, and Verify proves whether the proof is correct through Vk validation.
The groth16 algorithm is a mature zero-knowledge proof algorithm proven by engineering practice, and has the characteristics of small proof and fast validation, which can effectively save the validation gas on the layer 1 chain, such as Ethereum.
When implementing the zero-knowledge proof algorithm on BitYuan, the following optimizations have been made.
1. Parallel calculation of witness proof information for layer 2 transactions can effectively accelerate the generation of input information generated by zero-knowledge proof.
2. In the design of the circuit proof, the proof of the transaction is creatively and effectively segmented, so that the calculation amount of the zero-knowledge proof is minimized, which saves more than 30% compared with the ordinary circuit.
3. Design and implement the architecture of distributed parallel computing zero-knowledge proof. At the same time, in single-point computing, CPU multi-core and docker virtualization are used for parallel accelerated computing, which effectively saves computing resources and ensures computing efficiency.
4. It also supports parallel computing of zero-knowledge proof through GPU to improve computing efficiency.
Question 4:How is your project in terms of ease of use, which is one of the key points for platforms? Is your project user-friendly and does it provide a transparent and secure space to its users?
Guest Answer : Sijin Wu:
From an investor’s point of view, BitYuan realizes the smart account function. Smart account is a blockchain account abstraction technology, the core is to decouple the signature right and ownership of the account, and at the same time support custom transaction validation logic. That is, from a single private key signature to a permission detachable programming, such as multi-signature, certificate authority and other validation methods. It can be utilized in the applications as follows.
1. Wallet Recovery
The smart account for wallet recovery specifies the control account and several recovery accounts. The control account can directly authorize the operation of the smart account assets. When the control account is lost, the recovery account can be used to retrieve assets in combination with the delayed transaction technology.
2. Biological Payment
Due to the customization of transaction validation, the transaction validation logic can be extended to fingerprint or face biometric data validation. When a transaction occurs, the transaction validation data is constructed based on the fingerprint and face recognition technology to complete the payment.
This is similar to the ERC4337 protocol of Ethereum. This function can greatly enhance the investors’ experience.
BitYuan is fully compatible with Ethereum, and supports third-party wallet tools, such as MetaMask and imToken. Investors can choose a wallet to use BTY.
From the perspective of developers, in addition to the simple deployment and EVM compatibility of parachains, BitYuan’s public chain, wallet, and explorer are all open source, and developers can use them conveniently.
Question 5 :What are your top priorities in 2023, Could you share some plans for the upcoming year?
Guest Answer : The marketing target in 2023 is to enhance global media exposure. We welcome all community marketing promoters to contact us for cooperation. At the same time, we will also improve the BitYuan performance as follows.
1. Consensus optimization
The finality of transactions is a difficult problem in blockchain. Generally speaking, we can only approximate the finality by waiting for the number of block confirmations. To solve this problem, BitYuan will add finality judgment in the consensus layer, and in the future, it will achieve a second-level consensus confirmation speed.
2. ZkRollup supports zkEVM
ZkEVM is not yet a very mature technology, but it already supports a lot of instructions and can be compatible with many contracts. Through the optimization of zkEVM, real dynamic expansion can be realized.
3. Decentralization of the zero-knowledge proof submission system
At present, the submission of zero-knowledge proof still relies on the administrators. Although administrators cannot directly damage assets, they can do denial-of-service attacks. Therefore, it is necessary to design a system for decentralized calculation and submission.
Community Questions:
Question 1 : Staking programme is very important for any project, Can i stake your token? Do you have any plan of starting staking programme?
@milkywayhz
Telegram Username : @maragaretdavila76
Guest Answer : Go to https://bityuan.com/node, download the BTY wallet and start mining. Bityuan adopts the Safe POS consensus mechanism (SPOS), and realizes the POS consensus through the ticket voting mechanism.
Question 2 : Do you have any NFT plans and its integration ahead in the roadmap? Also do you have any passive income options and incentivization reward for a long term hodler?
Telegram Username: @Phemmylase
Guest Answer : Sijin Wu:
We will launch DNS domain name platform on the BitYuan soon, which supports ERC721 and ERC1155.
dns.bityuan.com
Registration will be open soon.
Question 3 :Where I can get the latest updates or more information about the project?
@milkywayhz
Telegram Username : @JudithWilder
Guest Answer: Official Channels
Twitter: https://twitter.com/bityuanofficial
Medium: https://bityuanofficial.medium.com
YouTube: https://www.youtube.com/channel/UChEEVHCQnfGDqxZ78QXUcbg
Telegram: https://t.me/bityuanblockchain
Discord: https://discord.gg/wUJwPcJPhu
Question 4 : How did you get the community involved in developing the project? and how do you build a strong community to grow globally? @milkywayhz
Telegram Username: @Carolina_Tennant_67
Guest Answer : BitYuan is fully open-source (https://github.com/bityuan/bityuan), we will give BTY rewards to the developers building on the BTY, and you can reply it on BitYuan Twitter if you are interested in.
Q5 : Have you being audited ? Have not heard you talk about that security of funds is what every investor craves for and plans to escape incase of insecurity if funds,scams and rug pulls ? How strongly built are your security put in place?
Telegram Username: @Erick_quick_2000
Guest Answer : We have audited two years ago, but with the version update, we will do auditing regularly.
Question 6 : Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects??
Telegram Username : @ChristenaBarney2003
Guest Answer : BitYuan has been open source since 2018, and we are consistently working on the technology innovation and applications development, at the same time, we provide BTY rewards to the tech group to join us.
Question 7 : Do you allow suggestions and feedback from the community? Are we allowed in decision making, do you put community into consideration ?
Telegram Username : @lyman_quigley_2001
Guest Answer : Sure, we are glad to hear from the suggestions from the community. And the most important thing is to hold BTY to make decisions in the DAO.
Question 8 : Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Telegram Username : @Chilton1990
Guest Answer : Each block generates 8 BTYs, of which 3 are allocated to the BitYuan Foundation and 5 are allocated to the miners.
Question 9 : Burning of tokens is the Best Thing for Controlling The Price Of The Token And reducing the supply. So, Do you have any plan of burning tokens?
Telegram Username : @TiffaneyBeauchamp
Guest Answer : Burning BTY is through DApps on BitYuan and parachains. More parachains, more BTY burning.
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