Bytom at Global Blockchain Summit Forum: Cross-chain Technology Is The Key To Realize Blockchain Value
Hangzhou, March 26 – Hangzhou International Expo Center (G20 Venue) was packed with attendees for the ongoing 2018 Global Blockchain (Hangzhou) Summit Forum hosted by Hangzhou Government. The summit attracted over 2,000 bitcoin enthusiasts and blockchain supporters, a number far more than the seating capacity. Guests with Ant Financial, China Banknote Blockchain Technology Research Institute and Puhua Capital were invited, as well as well-known entrepreneurs and venture capitalists like Chen Weixing, founder of Chinese version Uber; Gao Hongqing, MD of Fortune Capital; Zhu Bo, founder of Dream Chaser Capital; Chen Bin, CEO of Cybernaut Investment Group, etc.
Duan Xinxing, founder of Bytom blockchain, presided over two round tables on Blockchain Ecosystem Development and Cross-Chain Block Connect The World, where blockchain commercial application, blockchain ecology development and cross-chain issues are heatedly discussed.
- Blockchain infrastructure building would be a bottleneck for its development
Guests presented their insights into the current status, existing problems, and solutions to these problems related to blockchain ecosystem. They agreed that the dilemma is indeed there in the current development reality of blockchain. The features of blockchain make it relatively difficult for the realization of commercial applications. Blockchain itself represents a trust machine that builds trust between organizations or individuals. Based on such a system, especially between organizations, they must break the original mechanism to build a new trust system. It requires them to either reform the existing system or balance the interests of all parties, which is hard to coordinate and may bring about great problems.
Duan Xinxing happened to coincide with a guest on the point of infrastructure building. Duan defines Bytom as an infrastructure of the asset Internet, and Bytom’s mandate is to provide underlying blockchain technology support for atomic assets migrating on-chain. The same as building online social network apps such as WhatsApp and WeChat on the TCP / IP protocol. On the protocol layer of Bytom, we could build wallet, decentralized trading system, oracle system, peer-to-peer liquidation/ settlement and payment systems, financial systems, as well as various distributed asset applications.
- Cross-chain technology is the key to realize Blockchain value
Guests with public chain and consortium blockchain developing background made sharing on cross-chain technology from the perspective of their technical advantages based on their own projects. Say the consensus mechanism is the spirit of blockchain, then cross-chain technology is exactly the key to realize the significant network value for blockchain, consortium blockchain and private chain.
Duan said, in terms of business application, cross-chain solution means a lot to Bytom. First of all, to realize the migration of atomic asset or offline asset onto Bytom blockchain is the first cross-chain operation. It is a solution between the atomic world and digital world; Next comes the interconnection and interoperation between different chains, another cross-chain operation between digital networks. From a technical view, liquidity and interoperation are highly valued, cross-chain technology thus a must to realize the free flow and interoperation of digital assets.
Cross-chain solutions could be realized both technically and commercially. Technically, Bytom supports cross-chain mechanisms like ring signature and intermediate blockchain; while commercially, the future cross-chain technology in effect might be in a totally different mode.
Looking the development orientation of cross-chain technology, we may find out solutions and enlightenment of building cross-chain consortium by adopting the bottom-up approach. For instance, bitcoin is a UTXO-based public chain, and it is easy to realize cross-chain between such underlying layers. So it is easy to make it among homogeneous chains. Cross-chain consortium is not only limited to technology realization, but could contributes to more fundamental work, such as defining certain basic data structure, storage structure, as well as information and asset structure, which paves a solid way for convenient and efficient cross-chaining in the future.
The design thinking of Bytom is apt to enable multiple assets compatible, freely flow and interoperated on the Bytom blockchain. In the meanwhile, the development team of Bytom is open and active to promote cross-chain communications with other blockchains. The reason for this is Bytom’s devoted to asset, and security is also a top priority when cooperating with others. Bytom is confident of the development and potential of this new technology, and committed to promoting the healthy development of blockchain sector along with all the like-minded devotees.