HANGZHOU, CHINA, – “Interoperability is the future,” says Ethereum’s founder, Vitalik Buterin. When it comes to interoperability, Cosmos and Polkadot look to dominate the market. However, no further than Singapore, a project called Bityuan is upping the competition in terms of interoperability.
All three achieve the same end goal of interoperability, but each has a different approach. Cosmos focuses on speed and decentralization while Polkadot focuses on security. Although articles have been written on Cosmos and Polkadot, Bityuan wants to focus on the rest, and the long-term potential of blockchain. Bityuan has found a balance; it is quick, developer-friendly and secure.
Accordingly, the purpose of this article is to evaluate Bityuan and its progress in 2019.
What is Bityuan?
Bityuan adopts an underlying Chain33 technology, the world’s first public chain architecture with MultiChain (Parachain), deployed by Hangzhou FUZAMEI Technology. Each Parachain has an independent ecological construction and DApp development environment, as well as the cross-chain interchange feature between chains. Bityuan can realize cross connection and interchangeability among multiple chains as well. In the application field, it can involve stable currency, red packets, e-commerce, asset chains, bond chains, certificates and games. Practical applications released this year included blockchain e-commerce ‘Shopping to Go’ and data storage platform ‘Source Chain’.
Bityuan vs Cosmos vs Polkadot
From the perspective of design philosophy, Cosmos advocates decentralization. At the center of the architecture, the Cosmos hub only serves in the role of interaction and coordination to record and transfer data, leaving Parachains that access the network to improve their own ecosystem governance. Polkadot advocates centralization. Block verification of a Parachain ecosystem is provided by the Polkadot central relay chain, which must also be responsible for computing and security.
Bityuan adopts the blockchain architecture of main chain, Parachain and connectable cosmos hub. The transactions of Parachain are only used as certificates in the main chain, while the original smart contract and virtual machine exist in the main chain and Parachain at the same time. It emphasizes that the autonomy of Parachains can reduce the difficulty of development.
Comparatively, Polkadot’s concept is more grand and long-term, emphasizing the data exchange of each chain. However, Polkadot’s development is too difficult to implement in a clear timeframe. In contrast, the technology of Bityuan’s architecture integrates the advantages of Cosmos and Polkadot, which not only ensures the decentralization of the chain, but also takes into account expansion of the architecture.
Bityuan Progress 2019
Bityuan experienced three upgrades in 2019. Through the optimization of functions, the inspection of performance, space and throughput were improved. Many new contents were added such as multi-signature, super node deployment and decentralized governance of development funds. These technical optimizations and updates foretell that the Parachain will be further implemented, and also provide many experiences for latecomers.
Upgrade version 6.1.0, Bityuan hard fork, February 22, 2019
– Added the cutting function of mavl tree.
– Added Parachain consensus function.
– Realized cross-chain transaction of main chain assets in Parachain.
– Multi-signature support
– Supported regularly unfreezing of locked assets
Upgrade version 6.2.0, Bityuan hard fork, June 20, 2019
– BTY production reduced by 20%
– 15s changed to 5S
– MemPool increased the function of multistep fee
– Optimized underlying storage, 10 times better performance, and space than before
– Modified consensus parameters to increase system throughput by three times
– Supported super node deployment on Parachain
Upgrade version 6.3.1, Bityuan hard fork, October 19, 2019
– Decentralized governance of development funds. Two layers of governance structure: Governance Committee + voting of all members.
– Wallet retrieval supported any currency pair
– Decentralized transactions, supported any currency as the base currency
– Adjustment download framework, higher performance.
– P2P broadcast performance optimization, more bandwidth saving.
Bityuan Honors 2019
2019 Awards, Bityuan led the Hotlist for ‘Most popular blockchain project in the community’ at 2019 Odaily FAT Blockchain Awards and was shortlisted by Chinese we-media Interchain Pulse for ‘Public chain technology’, while the Bityuan application ‘Shopping to Go’ won Chinese honors as ‘2019 Excellent Blockchain Solution’ and ‘2019 Trusted Service in a Provider Application.’
The maturity of technology not only brings honors, but gradually brings expanded community scale. During the year, Bityuan defined its project promotion route and community governance structure. At present, there are 200+ community partners, 3000+ community volunteers, and a 70000+ community scale, covering mainstream social software at home and abroad.
Bityuan’s Small Goal 2020
Li Bin, the founder of Bityuan, said the value of cross chain comes from the construction of ecosystem. This year, Bityuan’s underlying technology will be updated iteratively, the community will be expanded, the project promoted comprehensively; the construction of a public chain alliance has begun to take shape under the convergence of many factors. Bityuan’s ‘small goal’ is to build 1000 Parachains and the strongest parallel public chain alliance in 2020.
Edwin, Bityuan Foundation Ltd
Email: [email protected]