Satoshi Nakamoto put forward a revolutionary idea 10 years ago: to create a currency that is not under the control of any government or anyone else. This idea may have seemed crazy, however, fantasy soon became reality. In the years following, with the support of countless fans around the world, the Bitcoin network began succeeding as it attracted more and more people and capital. Bitcoin ushered in explosive growth in 2017, soaring from $1,000 at the beginning of the year to $20,000, which shocked the world.
However, as Bitcoin continues to be used in transactions, the shortcomings not taken into account in the design have gradually emerged: the trading time is too long and is not suitable for small transactions. Currently, the Bitcoin transaction cycle is about 1-3 hours while the Ethereum transaction cycle is about 10 minutes, both of which would lead to the failure in realizing the “real-time handshake scenario”, meaning Blockchain is not able to be applied to the community on a large scale.
Under this context, in order to effectively maintain the core functions of Superbook, prevent records from being tampered with and destroyed, and achieve system performance above 10wQPS, a new revolutionary Blockchain – LightChain was established. LightChain will also bring the transaction speed into the millisecond era.
The solution used for LightChain is a two-layer chain technology, with one and only one prime chain, as well as one or more sub-chains independent of each other and arbitrarily expanding. Similar to the traditional public chain, the prime chain ensures that the records cannot be tampered with and destroyed and become transparent to the public, through distribution. Based on the Proof of Machine (PoM) validation method together with the In-Memory database cache, the performance of sub-chains is greatly improved.
The transaction record periodicity of sub-chains keeps pace with that of the prime chain, such as 1 hour, 6 hours or 1 day, etc., to ensure that the prime chain has the complete transaction records of the entire network. The synchronization process is packaged through batch update. The records in the package have been checked in sub-chains, and thus the prime chain can update directly without checking.
LightChain also has a huge advantage in flexibility, and can be applied to all kinds of application scenarios. It improves the usability of the entire Blockchain industry by starting with resolving the performance problems.
Initially, Bitcoin pioneered the centripetal cryptocurrency and also became the most important and successful application of Blockchain 1.0. With a set of Turing complete scripting languages (Ethereum Virtual Machine code, which is referred to as EVM) to build applications, Ethereum brought about the upgrade to Blockchain 2.0. However, the emergence of LightChain,with its millisecond transaction processing speed, may lead the entire Blockchain industry into an era of rapid development.
SOURCE LightChain Corporation