Here are the key highlights from Li’s speech.
“The wide gap between software and hardware development is the largest pain point when developing an Internet of Things (IoT) application. With scores of different drives, protocols, peripheral devices and so forth, the core of IoT is to abstract the bottom layer. Ruff Chain recognized this and started working on it four years ago. After years of successful work in IoT operating systems, we can now develop certain edge computing applications in a more abstract manner, and integrate such applications with the blockchain. All the applications uploaded are standardized and contain abstract data. I am quite proud of this. At least, many people in the community of coders are optimistic about these applications.
From my years of experience working in public blockchains, I find that building a public blockchain and developing an operating system share one thing in common, that is, only when I lower the bar of development can more people join in and develop more applications. People who are more creative than I am may create applications that I never would have thought of. So our motto is ‘code easier, change faster’. A pubic blockchain is only successful when everybody enjoys developing apps. This is my attitude toward public blockchains and my take on how to build a successful one.”
What Consensus Mechanisms Should be Employed in a Public Blockchain?
“When a company intends to build a blockchain, the first question they encounter is ‘what consensus mechanisms should be employed?’.
In DPoS, the voting process is rather weak, which should be taken into account. PoW is surely the best option, but as I have mentioned before, PoW may not work well when your hash rate is relatively low or when the value of your own coins is not high.
Optimization takes place mainly on the node side. There is a gas limit on your own ledger node.js, and you can only obtain limited gas within a specific period of time during block generation. Basically, it is about how to lift the scale. Ethereum is not built on TSO and uses over 400 GB of memory. It becomes a problem to read/write over 400 GB. There are multiple people improving the ability to read/write data. It is very intriguing to see this action on the market. When these technologies mature over time, the scalability of blockchain technology will improve substantially; your HDD can perform instantaneous read/write and theoretically, gas will also elevate considerably. All this should be considered in optimization.”
“In the future, we want any developer to be able to develop blockchain DApps. Take Ethereum for instance. From the perspective of enterprise-scale applications, Ethereum is technically unready. However, Ethereum is developer-friendly, as people can at least write their very first smart contract on the Ethereum blockchain. The bar to write a smart contract is low, which is the most significant purpose of Ethereum. In the future, building a public blockchain shall not be exclusive to top engineering talent like Dan Larimer and Vitalik Buterin. Instead, anyone who has an idea can develop his own DApps based on existing public blockchains. At present, all blockchain technology and facilities should work towards this goal. This is the core part of the public blockchain.”
Many South Korean investors came to the Ruff booth and interacted to gain an understanding of how Ruff Chain deeply integrates with IoT.
When Roy Li wrapped up his speech, the audience actively discussed with Roy about a selection of scenarios including technology, and consensus algorithms when launching IoT and Ruff Chain.
Roy was interviewed twice, including a television interview with Asia Economic TV. He maintained a highly positive attitude toward the South Korean market.
Ruff Chain’s visit in Seoul was a great success. We look forward to seeing you next time!