Place/Date: - February 21st, 2020 at 7:50 pm UTC · 5 min read
Contact: BitCherry, Source: BitCherry
The nature of the business evolution process is the process of de-monopoly and the return of sovereignty. With the promotion of the global wave of science and technology, blockchain technology has provided traditional business with its advanced technology concepts, high-speed development and a wide range of applications. The feasible plan for digital transformation is gradually becoming an important direction of business evolution.
Distributed commerce is a new business system that emerged after the birth of blockchain technology. Because of its brand-new business concept and the advantage of relying on new information technologies such as blockchain, cloud computing, AI, and big data, it is available in all commercial fields. It has very strong development power, and with the development of distributed commerce, blockchain projects which can better adapt to commercial attributes are attracting much attention.
On February 20Th 2020, the second blockchain and the whole field of digital currency summit “Turkey Economy Summit 2020” was held in Istanbul. BitCherry attended in the meeting as the main sponsor. During the conference, BitCherry development team officially announced a comprehensive upgrade technology innovation which showed BitCherry has become the world’s first commercial scalable blockchain infrastructure based on IPv8 technology.
Distributed technology as the core of BitCherry, always focuses on promoting the development of distributed and iterative blockchain network. The technological innovation brings more innovative physical layer which will sink more underlying IP network layer and data. At the link layer, a P2Plus point-to-point encryption network protocol is built, which focuses more on the comprehensive and deep development of technology and adapts existing commercial needs from the root.
The traditional center of the financial services is provided by financial institutions, which has a complicated review process, differentiated service, low transparency, high fees and low efficiency. The main root of these problems is the absolute centralization of the process, and the rational use of blockchain technology has become the key to solve the problem.
By using the tokenized assets of the blockchain and directly conducting transactions and loans between participants through an automated process, it is possible to realize financial services that are equitable, efficient, highly transparent, and highly reliable.
At present, many authoritative organizations are also trying to go to intermediaries. For example, the Chinese central bank plans to issue DCEP digital currency, Facebook plans to issue Libra, JP Morgan Chase has issued a stable coin JPMCoin, and so on. Everywhere is trying to promote financial innovation and reduce the barriers to entry for a truly lacking innovation industry.
However, distributed finance has its own risks. Any economic system has extremely demanding requirements on performance and security. Issues such as unsecured transaction security, weak liquidity, and regulatory confusion have become the three major factors that are likely to kill distributed finance.
BitCherry brings another way in technological innovation to face these problems, innovative thinking to a new physical layer network protocol built ‘P2Plus’ Encryption Protocol, by improving the relationship between hash map data that will achieve highly scalable architecture. It provides intelligent contracts across the chain consensus and other operating mechanisms, reduces development costs and fundamentally provides high-performance, high-security, and high-availability underlying public chain support for distributed commercial applications on the chain.
P2P protocols conventionally are built over TCP transport layer on IPv4 /IPv6 WAN, and BitCherry’s ‘P2Plus’ Encryption Protocol based on IPv8 underlying encryption protocols are built on more underlying IP layer and within data link layer, which means that BitCherry can easily penetrate any network and firewall, greatly enhance the accessibility of the data transmission.
In addition, the ‘P2Plus’ Encryption Protocol uses a peer to peer private key encryption technology. The transmission content is encrypted and only the receiving node can decrypt it. While the value is interconnected at high speed, the information in point-to-point is encrypted. This ensures transmission efficiency and effectively improves transaction confidentiality and circulation rate.
Secondly, in the data structure on the basis of a hash map, BitCherry pioneered the block chain technology combined with six degrees of social theory, which will create a unique aBFT + PoUc consensus to ensure the rational governance structure, enhanced supervision, and greatly increased user’s trust.
Smart contract developed by BitCherry distributed network will be able to achieve the maintenance of collateral positions, trade execution, set interest rates and asset custody and other functions. Thanks to the application of smart contracts, contracts as mortgages and loans will also be automatically executed, making the entire system highly equal and credible, while significantly reducing intermediate links, and with higher efficiency and lower fees.
The distributed business transforms original single circulation into multiple and a network-like radiation circulation. In technological innovation, BitCherry chooses from business demand, balances the relationship between business needs and technology innovation to build a distributed network infrastructure, and gradually expands business ecosystem, enabling new value of the business entities.
Commercial applications based on blockchain technology are driving the digital transformation of global commerce. Whether distributed commerce can become the future of global commercial economic development will be very anticipated.
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