Bochen Launch L0 to Challenge Blockchain Performance Bottleneck
29 June, Beijing-In 2014, Zhang Jian launched qukuai.com, which was the first blockchain explorer in China. Later the website was acquired by Huobi and Zhang Jian was hired as the technical VP of Huobi. In 2016 Zhang Jian left Huobi and founded Bochen , aiming to be the Internet infrastructure builders of the Internet of value.
With good industry experience and reserves of talent and technology, Bochen was funded by Longling VC and Zhuiyuan VC at the beginning. In April 2017, Bochen received 10 million yuan from Yongyou Network in Pre-A round funding.
“Although blockchain is the underlying technology of Bitcoin, Bitcoin is only a branch of the blockchain application. The user case of blockchain will go far beyond the trading. “
Zhang Jian said.
In Zhang Jian’s view, the development of blockchain technology can be classified into three stages. First the concept of blockchain gradually detached from Bitcoin before 2014. The second stage was from 2014 to 2016 with promotion of blockchain technology and some conceptual attempt. From 2017 to 2019, practical realization of blockchain is expected to accelerate and thrive. On a speech given on the Big Data Expo 2017, Zhang Jian said,
“The cycle of blockchain rise will be longer than most people expected, and final impact will be deeper than we thought. It’s estimated that the prosperity of blockchain will take 5 to 10 years.”
Zhang Jian believes that despite numerous explorations on blockchain technology, there have never been any breakthrough on the technical bottleneck.
“We do not care how many people are doing it but whether it has been tackled or not.”
Zhang Jian set up Bochen, trying to break the current performance bottleneck of blockchain.
In June 2017, Bochen launched L0, the next generation of distributed ledger technology. “L” refers to the Ledger, Link and Layer. “0” represents the beginning of all. Together L0 aims to take the single-account ledger technology to the tree-type ledger.
The protocol uses multi-chain architecture, cross-chain consensus, hierarchical trading mechanism and the new classification of accounts and transactions, breaking the the performance and storage bottleneck of traditional single blockchain structure. It also support unlimited concurrent transactions, high-frequency hot accounts, real-time settlement, audit, supervision and so on.
Through this hierarchical structure design, multiple transactions can be executed in parallel on multiple blockchains. Millions of TPS could be conducted through the horizontal and vertical expansion of distributed ledger network. Performance is greatly enhanced while preserving features like data reliability, consistency, immutability and traceability.
Another key design of L0 is that the account is divided into ordinary accounts and hot accounts. Ordinary accounts can only appear at the bottom of a child ledger while hot accounts can appear in any level of any child ledgers. Then the transaction between general accounts and hot accounts will be converted into a large number of parallel intra-chain transactions in the underlying blockchain. Holders of hot account (usually enterprises and businesses owner) need to deal with transactions statistics, summary and so on under their own account. This architecture breaks through the bottlenecks of traditional hot accounts and clears another important barrier to the use of distributed book technology in real business environments.
“L0 is a DLT system coded from scratch with innovative ideas and a number of core patented technologies. We also advocate such an open source attitude and consensus that all of us can develop applications based on an open source bottom-layer technology. “
Zhang also revealed that L0 has been the actual application of the L0, which is a project under the guidance of PBOC and participated by a large number of commercial banks. The project may be the blockchain application with the most participants in China. There will also be more L0 floor project disclosure in the future.