Blockchain as the funding layer of a distributed public ledger technology, has many impacts: kills the middlemen, alters the way data is transmitted, etc. but most importantly, offers a new form of economy — the decentralized economy. Everyone can build applications, issue tokens and even have market of their own.
Sounds awesome, right? But why hasn’t it happened yet?
Since the birth of Bitcoin, blockchain has evolved much. Ethereum added smart contract which allows multiple applications to appear on one chain. But, it’s too slow. A simple game like Crypto Kitty would cause the whole system to crumble. New generation of public blockchains thrive to break that bottleneck, however, many based on single consensus such as dPOS/dPBFT improved in efficiency but compromised decentralization and security. Without possessing all the features of efficiency, security and decentralization, it’s hard for blockchain to scale.
TrueChain uses hybrid consensus combining PBFT and fPoW to solve the biggest problem confronting public blockchain: the contradiction between decentralization and efficiency. It uses PBFT as fast-chain to process transactions, and leave the oversight and election of PBFT to the hands of PoW nodes to validate the transaction results to ensure security. Besides, TrueChain integrates fruitchain technology into the traditional PoW protocol to become fPoW as the snailchain. This makes the chain even more decentralized and fair.
Besides being fast, secure and decentralized at the same time which is a necessity for large-scale commercial applications, TrueChain also creates a hybrid consensus model to make the chain a well-governed one. Meantime, it is designing a stable and low gas fee mechanism as well as an easy-to-use framework for contract deployment. With these two, even people with zero coding experience can develop their applications on the chain, and moreover, with very low cost.
TrueChain also has a strong, international and continuously growing tech community of currently 400 developers from the globe. Among them are Eric Zhang, a computer science graduate from Oxford University and former researcher at CERN; Archit Sharma, a distributed computation expert who used to work at Red Hat; Xiaoyong Cheng, the part-time researcher in blockchain area of Tsinghua University.