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BITCOINshy;NEW BTN Tech-White Paper Next-generation decentralized application plat for comercial applications V1.0 6th, February ,2018 - 1 - Overview Motivation With the popularity of Bitcoin, entrepreneurs and developers began to recognize that the blockchain technology behind Bitcoin has vastly greater potential than simply as the basis for a new digital curency. Within just a few years, dozens of new decentralized applications Dapps have been built upon the blockchain technology, including encrypted mesaging Bitmesage, decentralized exchanges Bitshares, trustles gambling Peerplays, cloud computing Golem, and social media Stem. One chalenge for Dap developers in this new blockchain economy is the dificulty of actually building a new blockchain application from scratch. In order to solve this problem, the idea of smart contract plats was developed and implemented. Smart contract plats, such as Ethereum, can be thought of as decentralized plats for developing and running decentralized applications. Unfortunately, curent smart contract plats stil have various limitations, such as limited scalability, limited privacy - 2 - and high usage fee/gas rates, which seriously hinder their widespread adoption. Furthermore, as most current smart contract plats lack builtshy;in resource segregation suport, all computing and storage are pered onshy;chain, which is prohibitively expensive for large commercial applications. Governance over blockchain itself is also chaotic, which makes it imposible to quickly reach consensus on urgent issues or updates. Here we present Bitcoinshy;New BTN, a next-generation decentralized application plat for commercial applications that addresses all aforementioned problems. Bitcoinshy;New BTN aims to build a next-generation decentralized plat with several key improvements. BTN is designed with higher scalability, a more flexible fe/gas model, les storage/computing constraints, and beter governance protocols. All core functionalities, such as decentralized storage and computing, are integrated into a unified plat. Therefore, comercial aplications such as decentralized games and IoT systems can be built smothly using the BTN plat without dependency on any other third parties, which makes BTN an ideal plat for Daps. - 3 - Figure1OverviewofBTNSW/HW Structure - 5 - Key Design Objectives As a next-generation decentralized application plat, BTN is designed to met the following key objectives, which are critical for comercial applications Decentralized Application OS We designed BTN as a highly eficient and customizable OS for decentralized aplication. Leveraging blockchain and other decentralized techniques, BTN resolves the most fundamental and timeshy;consuming parts of decentralized application development, allowing developers to focus on application scenarios and customer needs. Based on BTNs core functionality and standard interface, developers can delivery commercial Dapps with only hundreds of lines of code. Decentralized Hardware Suport BTN aims to build a decentralized ecosystem for both software and hardware. By providing standard interface and - 6 - hardware specifications, BTN simplifies the development of decentralized hardware, alowing any partners to produce BTN- compatible hardware. Scalability Scalability is always a botleneck for comercial aplications. Curently Bitcoin can only proces nearly 7 transactions per second TPS. However, comercial aplications such as Uber, AirBnB and Facebok ned to handle tens of milions of daily active users. To suport such realshy;world scenarios, BTN is built to support milions of transactions per second with low latency. Resource Segregation Onshy;chain storage and computation are expensive for curent smart contract plats such as Ethereum, as every ful node needs to store blockchain data and per computations. To pursue a balance betwen security and eficiency, BTN divides both data and computation into two categories, namely onshy;chain and offshy;chain. Storage Critical data should be recorded on the blockchain, which wil be downloaded and identified by all full clients. Nonshy;critical data, such as text and images, do not need the same level of consensus as monetary or - 7 - financial transactions. Thus, nonshy;critical data can be stored ofshy;chain and referenced by hashshy;based content address. BTN provides builtshy;in suport for such decentralized storage, which alows users to control the balance betwen redundancy and reliability. Computation Computationally heavy tasks are prohibitively expensive to run onshy;chain due to cost constraints. Similar to a storage system design, BTN allows users to delegate nonshy;critical expensive computation ofshy;chain with the help of builtshy;in verifiable computation suport. Other Features n Flexible Transaction Fee Model Popular web services, such as Google and Facebook, are free for end users. However, most of current smart contact plats require users to pay for the services. BTN wil provide more fe strategies for developers, who can offer free services for end users to gain more widespread adoption and usage. n Advanced Governance Protocol Blockchain based techniques are evolving rapidly. However, the curently chaotic state of governance for decentralized - 8 - systems wil limit the development of new technologies. The welshy;known segwit2x upgrade for Bitcoin failed due to a lack of governance protocol. In fact, many of Bitcoin Improvement Proposals BIP will never be realized ue to the same reasons. BTN is designed with clearly defined voting and update mechanisms for feature enhancement and bug fixes. n Privacy Enhancement Bitcoin stores pseudonymous transactions in a public decentralized ledger, with clear relationships betwen the addresses of senders and receivers. It apears to be totally secure, as the originator of the transaction is dificult to track because there is no realshy;world identity attached to the address. However, much ination can stil be deduced through public data, such as web trackers and cookies. Once the conection betwen the pseudonym and realshy;world individual is made, the secret is revealed. BTN is designed to provide a higher level of privacy, building up a truly anonymous decentralized plat. n Cross-Chain Communication In addition to having a powerful main blockchain, BTN is also designed to facilitate cross-chain comunication for further extension. - 9 - Parameter BTC BTN Confirmation time with comparable security under Satoshi equivalence 10 minutes 3 second Minimum confirmation time for a reversal probability of 0.1 20 minutes 2 blocks 4.5 seconds Max. Transaction per second 3.3 tps asuming an average size tx 10000 tps at launch, scalable to milions of transactions per second. Curent average cost for users for a standard transaction 6 cent Adduming -1.5 tps No fe for transaction Resource Segregate NO YES Figure 2 BTN Cross-Chain Communication Advantage - 10 - BTN Architecture Twoshy;tier Network Full nodes are servers running on a P2P network that allow peers to use them to receive updates about the events on the network. Full nodes are very important to the health of the network as they provide clients with the ability to synchronize and quickly propagate of messages throughout the network. To provide beter service for the BTN ecosystem, BTN adopts a twoshy;tier network design. In adition to the main network analogous to Ethereum, BTN ads a secondary network, known as the BTN masternode network. With economic incentives, BTN masternodes will have high availability and provide a required level of service to the BTN network. - 11 - Masternode Network The masternode network consists of masternodes, which are ful nodes except that they must satisfy the folowing requirements to serve as a qualified masternode have a bond of deposit satisfy BTN hardware specification provide the decentralized storage service BTNshy;FS provide the decentralized computing service BTNshy;DC provide the privacy improved transaction service Figure 3 BTN Architecture of Two-tier Network - 12 - In summary, the node must store 20,000 BTN and provide required services to clients on the network to run as a masternode. When active, masternodes are paid in the of a dividend in return. n Masternode Reward Program Full nodes require significant amounts of traffic and other resources that carry substantial costs. As a result, a steady decrease in the amount of these nodes has been observed on the Bitcoin network. To encourage more users to participate in the masternode network, BTN provides a masternode reward program which pays approximately 50 of the total block reward to al Figure 4 BTN Masternode Manufacturing Specification - 13 - masternodes. The reward paid to each masternode is proportional to its deposit. Each masternode can deposit at most 0.05 of the total BTN in circulation, which prevents the centralization of masternode network. Thus, the masternode reward program alows the masternodes to pay for the expense and earn a return on investment. n Privacy Improved Transaction Privacy improved transactions employ a similar strategy as the DASH Private Send. Privacy improved transactions utilizes the fact that a transaction can be ed by multiple parties and made out to multiple parties to merge funds together in a way where they cannot be uncoupled thereafter. Main Network The BTN main network is a blockchain based network like Ethereum, which acts as the backbone of the whole system. n Consensus Mechanism Delegated Proof of Stake DPoS BTN utilizes Delegated Proof of Stake DPoS as the decentralized consensus algorithm, which has shown promising perance. In DPoS, token holders elect block producers, who are responsible and rewarded for generating blocks. The elected - 14 - producer wil be given an opportunity to produce blocks proportional to the total votes they have received. The voting proces is continuous, therefore, producers have an incentive to carry out their function to the highest standard or they risk losing their votes. BTN delegates 2N1 mining nodes. Exactly one producer is authorized to produce a block at any given point in time. At the start of each round 2N 1 unique block producers are chosen. The top 2N by total approval are automatically chosen every round and the last producer is chosen proportional to their number of votes relative to other producers. The selected producers are shuffled using a pseudoshy;random number derived from the block time. n Hybrid Mining Based on DPoS Consensus Mechanism and Masternode Reward Program, BTN adopts a hybrid mining mechanism, namely Delegated Proof of Stake DPoS Prove of Masternode PoM. DPoS ensure the eficiency of the main network while PoM encourage more masternodes to participate. n Economic Model - 15 - Unlike Ethereum, BTN utilizes an ownership model like EOS. Holding BTN tokens gives users a proportional share in network resources, such as bandwidth, storage, and procesing power. This means that if someone owns 1 of BTN tokens, they wil always have aces to 1 of the network bandwidth, regardles of the load on the rest of the network. Furthermore, since the network wil have zero transaction fees, there is no network development cost, except for the initial purchase of BTN tokens. However, BTN tokens can of course always be sold in order to reclaim the initial investment if desired. Decentralized Storage Subsystem BTNshy;FS BTN has an IPFS-like subsystem BTNshy;FS for decentralized storage. BTNshy;FS inds the data through file content hash rather than path/url. The main improvement of BTNshy;FS over IPFS is the manipulation of the file reliability. BTNshy;FS alows the user to set the reliability requirements of the file based on the desired balance betwen redundancy and reliability. Based on the economic incentives of masternode reward program, stable and reliable decentralized storage services wil be provided by the masternode network. - 16 - Decentralized Computing Subsystem BTNshy;DC Similar to BTNshy;FS, BTN has a TrueBit like subsystem BTNshy;DC for decentralized computing. BTNshy;DC has both solvers and verifiers, which are randomly selected from the masternode network. Solvers are compensated for pering computation and verifiers are compensated for detecting errors in solutions ed by solvers. In the event of a challenged solution, the computation is pered onshy;chain to decide whether to penalize the solvers or the verifiers and a security deposit wil be charged from the misbehaving masternodes. BTNshy;DC also alows the user to chose the reliability requirements of the computing. Turingshy;complete Virtual Machine BVM BTN utilizes a virtual machine independent architecture for smart contract system. Thus, multiple virtual machines can be suported and new virtual machines or features can be added over time as necesary. Curently, BTN has a two stage plan for BTN Virtual Machine BVM development - 17 - The Ethereum Virtual Machine EVM is the de facto standard for smart contract. Thus, the first version of BVM is planed to be opshy;code level compatible with EVM, allowing existing EVM contracts to run on BVM with litle modification. For further versions, BTN is planed to emulate EVM by dynamicaly retargeting EVM opcodes to a subset of bytecode, which can bring BTN code cution to perance close to native code and suport more programing languages. Cros-Chain Technology In the long term, we believe the cros-chain comunication protocol wil converge on one protocol as there was for IP and HTP. BTN wil switch to that standard thanks to its easy update feature. Currently, BTN is designed to support cross-chain comunication with two approaches n Cross-Chain Transaction Validation Cros-chain transaction validation is achieved by a light client validation approach. Block headers of compatible blockchains can be saved in BTNshy;FS with high reliability, making it easy to generate prof of mesage existence and proof of mesage sequence. - 18 - n Cross-Chain Token Exchange Cros-chain token exchange wil be implemented using the atomic swap mechanism. The compatible blockchains can thus easily exchange tokens with BTN. Governance BTN token holders are the network owners and managers, managing the network through delegating their rights to block producers. The delegated block producers are given checked authority to propose hard forking changes to the underlying protocol or other administrative operations. With the continuous voting of BTN holders, if the block producers refuse to make changes desired by the token holders then they can be voted out, which guarantee the influence of token holders. - 19 - BTN Eco-system BTN aims to build a next generation Dapp plat for comercial applications. Therefore, BTN
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