On September 25, LinkChain announced that “Zheng He” version had been upgraded and tested, and the new main network was officially launched. The version is attached with the function of private LinkToken (LTK) and supporting private UTXO transactions. It is the first to support anonymous transactions based on contracts in the industry, and also the first main chain to support dual account models of UTXO and Account. The upgraded LinkChain provides solutions to the privacy protection problem in blockchain, contributing to wide and in-depth adoption of the blockchain technology, thus constructing a sounder ecosystem based on LTK.
In addition, the first phase of LinkChain’s global nodes recruitment has recently closed. The 5 major nodes of faithful supporters of LTK Community, “LTK 100″, Singapore ADAF Foundation, Shenzhen Huameng Capital Management Co., Ltd. and Shenzhen Xingronghe Science and Technology Co., Ltd. were elected. After the new main network of LinkChain was launched, the first 5 validator nodes will start the trial run of “Zheng He” version and jointly build a healthy and complete public blockchain ecosystem.
The main network of Zheng He was launched; its high-performance and private transactions attracts attention
Based on the orientation of “offering a high-performance and safe blockchain infrastructure for free transactions scenarios that require shared computing and high privacy”, LinkChain has set goals of leading privacy protection technologies, supporting the circulations of multiple assets, featuring high performance and low cost, realizing trust transfer from off-chain to on-chain and to form a long-term credit system construction ever since its release. In order to achieve the standards above, the project side promised to conduct at least five major technological upgrades of LinkChain in the white paper. The first upgrade of “Zheng He” has just completed, and the remaining four will be accomplished in 2019-2020 successively.
“Zheng He” version of LinkChain has achieved several major technical upgrades.
Firstly, flexible privacy protection strategies. Combining the technology of “Ring Signature + Zero-knowledge Proof”, LinkChain realizes the effective protection of privacy information such as address and amount of both sides of the transaction, thus fully guaranteeing commercial security. This function is set to be optional, so that users can choose whether to protect privacy according to their own needs when they initiate transactions, which makes it suitable for the application of almost all business scenarios. Meanwhile, LinkChain improves transaction verification performance from aspects of consensus algorithm, multi-chain architecture, parallelism, hardware acceleration, etc., taking into account the security and strong performance in commercial applications.
Secondly, both UTXO and Account models are supported. No matter what kind of account the users use, they can directly manage all kinds of digital assets. Therefore, it is not only convenient for users to manage assets, but also provides more complex interactions between digital assets and arbitrary smart contracts, which will help to improve the complexity of smart contracts, as well as the possibility to achieve some difficult applications such as decentralized exchanges.
LinkChain also supports two mainstream Turing-complete virtual machines, WASM and EVM. Users can use common programming languages such as C/C++, solidity to develop smart contracts, which effectively reduces the development threshold of blockchains.
In addition, in order to support both the security and performance of LinkChain, the project side also launched the “LinkChain Bug Bounty Program”. The program will reward those that submit reports of effective security vulnerabilities with LTK worth up to USD 7,000. At present, LinkChain’s official website, DVP, HackerOne and other platforms at home and abroad have announced the incentive program to recruit white hat hackers worldwide.
That “To Build LinkChain of the people, by the people and for the people” is not just a statement.
LinkChain initiated Global nodes recruitment in July of this year, and partners were recruited worldwide to jointly build the ecosystem of LinkChain. It was planned to recruit 25 validator nodes in total and 5 validator nodes in each phase. The first round of recruitment has attracted miners, investors, media, exchanges and other industry nodes to participate in the election. The final pledged LTK exceeded 60 million and the total number of campaign votes reached 160 million. The first 5 selected nodes will be responsible for block generation, and will also be able to make major policy proposals and vote on such proposals for LinkChain, thus taking significant role in LinkChain community. Consensus algorithm of validator node rotation, validator node and node pool will also be officially put into operation.
At present, the elected nodes have begun the attempt in community autonomy. Each validator node in the LinkChain has the right to propose one motion each month. All nodes and all LTK users have the right to vote on the proposals. Voting will first be audited by the project side, and then the node voting starts. If the project side agrees, the proposal with more than one-second of votes in the node ballot can enter the referendum. If the project side objects, the number of node votes needs to exceed 3/4 before the proposal could enter the referendum. At the referendum stage, a proposal must have more than two-thirds of the votes before it can be passed.
In the first node proposal voting, the validator nodes put forward 4 motions. Among the four proposals, “constant LinkToken (LTK) repurchase on the primary market through voucher redemption” by the node “LTK 100″, and “GAS fee reduction for contract execution” by the node “Singapore ADAF” were passed by more than 2/3 of the total votes, while “double incentives for Xiaorong Box mining” by the node “Xingronghe” failed to pass due to insufficient votes. Similarly the proposal “LTK repurchase on the secondary market by voucher revenue”, proposed by both Huameng Capital and LTK Fans, was unable to enter the referendum because of opposition from the project side and inadequate supporting votes among validator nodes.
Adhering to the principle about that “To Build LinkChain of the people, by the people and for the people”, LinkChain also adopts a fully autonomous community management system.
Among them, the project side will participate in the form of foundation or association to assume the function of long-term planning and arbitration of major events. The Technical Committee, the Community Committee and the Ecological Construction Committee will manage the community actually. Among them, the Technical Committee will mainly promote the research and development of various types of DApps. The Community Committee will be responsible for the daily management and operation. And the Ecological Construction Committee will be responsible for the proposals and executions related to ecological construction. The recruitment of Ecological Construction Committee will start in October. At that time, the project side will join hands with DApp developers, validator nodes and vast LTK users to build community to ensure the smooth operation of the autonomous system.