Sidechain and Crosschain Application: RSK, Bytom,Polkadot and PPk
Aug, Hangzhou-8btc hosts a blockchain developer meetup in Hangzhou last night, topic of which is around the development of sidechain and crosschain. Guest speakers share their experience in blockchain project development. Guests include Diego Gutierrez Zaldivar, CEO of RSK; Yue Lipeng, founder of Cosmos and Polkadot; Yi Changjun, developer of Bytom; Chen Hui, founder of PPk.
Duan Xinxing delivered a opening speech with the intrdocution of 8btc. Since its establishment in 2011, 8btc is the earlierest bitcoin and blockchain community in China. It offers a platform for developers to learn and share. The first batch of blockchain startup entrepreneurs are connected to 8btc forum to a certain extent.
Duan Xinxing introducing the sidechain architechture of Bytom
The evolution of blockchain has been so dramatic that it’s difficult to keep up with. Public blockchain project like Ethereum and Litecoin are cultivated from Bitcoin. Ripple, Chain, Hyperledger are more popular on enterprise level. However, the data island of blockchain still requires a new mechanism to achieve inter-operation and inter-communication. This is how crosschain and sidechain are originated.
Diego Gutierrez Zaldiva, CEO of RSK, share the crosschain technology via Bitcoin blockchain. RSK sets to build the smart contract platform based on Bitcoin blockchain. Sidechain is adopted to achieve security while extending performance of Bitcoin.
Diego Gutierrez Zaldiva, CEO of RSK
Diego says that the internet today allows us to transmit information effortlessly at almost zero cost but it fails to deliver assets with value. Bitcoin, as one of the greastest invention in the world, has fulfilled the function of value transfer perfectly. However, the transmission rate of Bitcoin network is low due to security concern. RSK may achieve hundreds of tx/s. Diego hopes to promote blockchain development alongside with Chinese peers.
Yue Lipeng, founder of Lianhulian community, shares his insights on the research of crosschain, using Cosmos and Polkadot as example. Cosmos aims to verify crosschain data between two blockchains via IBC (InterBlockchain Communication)plugin. Cosmos is set to become a decentralized exchange.
Yue Lipeng shares his insights on the research of Cosmos and Polkadot
Currently most exchanges are centralized, like OKCoin and Huobi. The setback of centralized platform is that users lose control of digital currency. Polkadot can be used for heterogeneous cross-chain communication and is more complicated compared to Cosmos. Polkadot is a heterogeneous multi-chain framework, constituted by collector, relay blockchain, parallel blockchain and other components. Headers of all blockchains are integrated together. Users and collectors are required to register on the relay blockchain if they wants to conduct crosschain transaction. The relay blockchain is in charge of cross-chain transaction fees and cross-chain data penalties.
Yi Changjun, developer of Bytom, shares the sidechain design of Bytom. XRelay is adopted to realize sidechain function. Developers can create XRelay, a mini version of X blockchain, on Bytom. Dapp developer can verify Xchain activity through invoking API from smart contract.
Yi Changjun, developer of Bytom
Take dividend distribution for example, if asset issuer wants to distribute dividends in BTC, he may invoke XRelay to conduct cross-chain operation.
Chen Hui, founder of PPk project, reviewed the inspiration of the success of the World Wide Web on the development of blockchain. He proposes the integration of communication between blockchain and internet. Traditional internet framework consists of LAN, IP WAN, DNS, Uniform Resource Identifier (URI), Hypertext Transfer Protocol (HTTP), and Web application.
Chen Hui, founder of PPk project
Chen Hui says that the most important factors for the success of WWW (World Wide Web) are the release of URI, HTTP protocol, Hypertext Markup Language (HTML) since its inception in 1945. At its current stage, blockchain is like the early of stage of local area network. Developers are required to grasp in-depth understanding the bottom-layer protocol of blockchain when they are developing applications, which increases the learning costs and lowers development efficiency. Chen Hui proposes that a bridge, a trusted identity and transmission protocol, could be built between the application layer and bottom-layer of blockchain, which will greatly reduces the developer’s cost and improves their efficiency.
The meetup attracts a large crowd and audience have to pick a spot on the venue.