Evolution of blockchain

according to the official white paper, abey is suitable for the blockchain solution in e-commerce system, which uses digital currency to carry out mass transactions and can carry out multi-layer programming and expansion
specific implementation method of abey blockchain Technology:
using a multi-level and programmable blockchain method to realize digital currency (for simplicity, we call it "DC"). This method can pave the way for the implementation of various e-commerce purposes, such as loan financing, completion of refundable transactions and non refundable transactions. In the first layer of the blockchain, we can realize the inherent digital currency design, which is commonly referred to as the base layer ("FL"). The various upper layers built on this foundation can be used to describe various additional functions related to various business driven application examples (which we will briefly introce below). All of the above levels are fully programmable, and can be easily adapted for various applications
although most of today's digital goods store transaction balance in the blockchain, abey's method is more similar to Pascal coin digital currency. This method uses what we call a "vault" encryption structure“ The "vault" structure can only save the balance of all accounts in the network, instead of a complete list of all completed transactions, and can be reconstructed in the evolution history of the blockchain. Since vault allows the deletion of useless content at any time, it can significantly rece the storage cost of blockchain. In contrast, at the time of writing this article, the storage space required to download bitcoin database is 70gb (the alarm rate is still growing, and it is expected to reach 300gb in 2019), so it is not feasible to use ultrabooks or notebooks with small storage space (such as 120GB or 256gb) to carry out mining operation. On the other hand, the size of the abey blockchain will remain unchanged, with only 50 blocks (at the time of writing, there are more than 525000 blocks in the bitcoin blockchain)
vault fully supports digital currency transfer between accounts. In addition, vault can assign an owner defined name to each account instead of using hashing algorithms like today's cryptocurrency - which makes the account easier to remember and makes the name public
one of the important functions that vault can help prevent the daily expenses of blockchain from being too high (especially those related to transaction history) is that vault can save such states and rece the size of blockchain itself by creating a secure of blockchain states. Because there is no transaction history and all accounts can save their direct balance, the blockchain information has the feature of partial erasure. All the blockchain states that can be stored can be regarded as landmarks of the blockchain
secure data sharing:
through the block chain structure design, for each transaction sent to the network, the block chain may contain encrypted metadata. The metadata can only be decrypted by the transaction recipient. For the transaction sent to the network, the sender's public key is included in the transaction, and the transaction receiver decrypts the metadata using the public key. Since the transaction receiver holds the private key for decryption, only the transaction receiver can implement the data decryption process. From the perspective of encryption method, although bitcoin is limited to elliptic curve cryptography, blockchain metadata can use any other encryption mechanism to complete the encryption process. This not only provides complete flexibility in security selection, but also does not have any adverse impact on the structure or function of the blockchain
scalability:
since the abey blockchain supports the creation of historical landmarks by design, it is very easy for the network itself to achieve high scalability from the point of view that the blockchain will always need to store (related to the latest existing SLS). This method completely eliminates the need to store transaction history to calculate the balance of all accounts, and can directly store all account balances, so as to ensure that the specific balance information provided by all nodes in the network meets the requirements of Byzantine consistency
proof of security and workload:
it is impossible to have two-way payment operation in abey's method (in the specified appropriate scenario, the vast majority of today's mainstream cryptocurrencies may theoretically have two-way payment operation). Each transaction means that the balance of the corresponding account is updated in a relatively simple way, and there is no special way to restore the transaction from the network pending transaction team. For the abey blockchain, since all technical / functional layers are built on vault, vault is the infrastructure of our blockchain, so vault is very important for mining operations. Our proposed blockchain model is composed of a series of blocks, each of which is generated by the nodes in the network who are willing to mine. All nodes in the network can update the account balance independently according to the transaction (part of the block), and are independent of other nodes. The mining operation will affect the first functional layer. In addition to updating the balance, each node can also update other matters that may belong to the upper functional layer in the composition of the blockchain structure. Once an update occurs, a new mining incentive block will be created. The mining reward block contains a number of new reward accounts that have been assigned to miners. The miner is the winner of the above reward according to the workload Certificate (currently there are 50 reward accounts). The way to reward is to distribute the public key of all such accounts to the reward recipient
blockchain technology layer:
abey's digital currency model contains a multi-layer structure, in which the first layer represents the realization of the digital currency itself (see Figure 7 for graphic explanation). The corresponding levels include:
tier 1 → digital currency (cryptocurrency): currency transfer, mining
tier 2 → refundable transaction and non refundable transaction: allowing the use of digital justice system to complete refundable transaction
Tier 3 → related parties and commission: allowing the automatic distribution of Commission to related parties
Tier 4 → contacting currency: by lending currency, Income based on interest
layer 5 → programmable: reserved for future realization of Turing complete programming model, so as to process blockchain data in a customized way (such as smart contract)
layer 6 → custom protocol: reserved for future use
transaction type:
abey mode allows different levels in blockchain through design, Complete a variety of transaction types. The transaction types in the second layer are as follows:
1 → fund transfer: fund transfer between accounts (1-to-1 transfer)
2 → refundable fund transfer: refundable transaction between accounts. Use escrow balance instead of regular account balance
3 → key change: change the key that can be used to process the account
4 → restore the account: recover funds from the lost and invalid account
5 → set account name: define the name of the account held by the founder
6 → sales preparation: mark the account for sale
7 → move out of the sales queue: remove the account sales mark, And the account is marked as non saleable
refundable transaction and mediator:
for the vast majority of cases, non refundable transaction is equivalent to all "pay to pay" transactions in blockchain based digital currency mode. But abey has introced the concept of refundable transactions into its digital currency model. In abey mode, the transaction marked with small flag belongs to refundable or non refundable transaction. In addition, in abey's blockchain network, each account contains two types of balance: regular and unchangeable balance (used to mark the amount that the account has received and can be paid immediately, but cannot be recovered after the payment) and escrow balance (including the transaction list marked as refundable transaction and the minutes of each transaction)
8 → payment dispute: for the corresponding transaction that has been marked as a refundable transaction, the payment dispute can be initiated only by the payer
9 → refund request: for the corresponding transaction previously marked as a refundable transaction, a refund request can be initiated, but only by the payer
10 → cancel escrow: cancel the escrow funds and return the funds to the payer immediately. It can only be initiated by the payee
11 → release trusteeship: release the trusteeship fund and add the amount to the balance of the payee's account immediately. It can only be initiated by the payer
related parties and commissions:
one of the important deficiencies in today's blockchain driven financial technology is the lack of the ability to provide rewards to related parties who sell specific procts or services. The third layer of abey blockchain can solve this problem< Lending digital currency:
lending digital currency is not only a simple and quick way to allow people to borrow legal tender, but also to ensure the security of encrypted assets. Given that today's valuable digital currencies are also used for transactions, the reason why lending digital currencies is feasible is not only that it allows borrowers to mortgage any type of cryptocurrency they save, but also that it is attractive because it is a way to retain their digital assets in a completely safe or very low-risk way. In addition, abey's model also provides built-in protection through the customer vault lending gateway (VLG), and enables the VLG to act as a buffer between the lender and the borrower
12 → borrowed funds: the borrower initiates transactions in the network, announces the intention of borrowing funds, and specifies the VLG account of the borrowed funds. The transaction is similar to depositing the balance of the regular / escrow account in the selected VLG account
13 → return of collateral: the transaction is initiated by the VLG itself. VLG will return the collateral to the borrower in accordance with the risk management policy
14 → loan repayment: the transaction is initiated by the borrower. If VLG accepts repayment of the loan in digital currency, the borrower may choose to repay the loan in digital currency. Under this condition, the digital monetary fund will be converted into VLG regular account balance<
programmable blockchain:
with its associated metadata payload, the layer of blockchain can be retained to allow the further creation of intelligent contracts between peers in the network by executing the grammar based "complete Turing basic programming language" according to the original blockchain data processing mode. For each payload, encryption or public visibility processing can be implemented, and can be performed in a dedicated virtual environment (similar to a virtual machine). This method can effectively protect data security and avoid the impact of data destruction and security vulnerabilities. The main advantage of this method is that this layer can create and enforce digital contracts without any blockchain specific programming. For Ben