1. Project overview
VT CHAIN is a new generation of liquid mining public chain, which is an infrastructure public chain in the digital economy era jointly developed by VB GLOBAL and industry leaders. It aims to use blockchain technology to optimize the strategic layout of VB GLOBAL in different time periods and in different fields, and to help VB GLOBAL’s industrial development in the digital age.
VT CHAIN aims to “empower the real economy and promote the development of the digital economy”, positioning itself in the public chain of infrastructure in the digital economy era, pursuing higher performance, stability, security, and providing services for transaction clearing, payment, asset management, securities, etc. Complex scenarios provide infrastructure such as computing and storage, aiming to become the benchmark of public chains in the digital economy era.
2. Project evaluation
(一) Project analysis
1. Pain points of Industry
- There is currently no unified high-tech standard in the blockchain industry
(1) Limitations of throughput
The limitation of throughput is one of the main limiting factors that block chain technology is difficult to be used in large-scale commercial applications at this stage. Take Bitcoin as an example. Bitcoin can carry about 7 transactions per second. In order to ensure that transactions are recorded on the chain, it is necessary to wait about one hour for confirmation. Such transaction speed is difficult to meet large-scale transactions. Commercial applications. In order to meet the application needs of the digital economy era, the infrastructure public chain needs to at least reach a transaction processing speed of 10,000 transactions per second.
(2) Weak privacy protection in the industry
Currently, mainstream blockchains have not yet achieved true anonymity. This is because the information on the chain such as transaction address, transaction time, and transaction amount is open to everyone, and people can associate the user’s wallet address with the real identity with various clues. In the digital economy era, users need to upload a lot of important information and data to the chain in order to conduct transactions or run smart contracts. Ensuring that information and data remain anonymous and non-public has become crucial. Therefore, the future public chain can adopt non-interactive zero-knowledge proof technology or the function of encrypting data before being uploaded to the chain to meet users’ privacy protection requirements.
(3) The Safety does not meet the industry standards
The public chain in the digital economy era will face more users, and it must reach higher standards in security audits, security architecture, compiler security optimization, virtual machine security design, contract security templates, etc., to meet users’ security concerns.
- The vulnerabilities of Blockchain occur frequently and technology is abused
At present, loopholes in the blockchain industry occur frequently, causing losses to a large number of users. The infrastructure public chain needs to be designed to be supervisable while protecting privacy. VT CHAIN will establish strict KYC (Know-Your-Customer) and AML (Anti-Money Laundering) standards to review user digital identity information, and set up supervision nodes to supervise information on the chain. In addition, VT CHAIN will also build an automated verification platform for smart contracts to ensure the security of contract applications.
2. Project background
- Multi-chain parallelism has become a trend
Blockchain technology will be used in more fields in the future: from currency to commodities, from real estate contracts to equity certificates, more assets or data information will be tokenized and used in the blockchain system Transaction and management. With the increase in transaction volume and the expansion of demand diversity, multi-chain parallelism is bound to become a trend. Therefore, cross-chain technology is essential to support the information interaction and asset transfer of different blockchains, while taking into account the efficiency and scalability of the system.
- VB GLOBAL’s ecological attempt of community autonomy
Since its establishment in 2013, VB GLOBAL has been adhering to the mission of “making finance more efficient and making wealth more free”, and has always regarded “customer first” as the core concept of company development. After five years of hard work with users, VB GLOBAL has developed into the world’s leading digital asset financial service provider, forming a digital asset trading platform VB GLOBAL as the core, exchanges and VB GLOBAL ecology, VB GLOBAL Blockchain Application Research Institute, VB GLOBAL Capital, VB GLOBAL Labs, VB Mining Pool, VB Information, VB Wallet, etc. are the ecological nodes within the group, and the whole industry ecological layout is based on the VB GLOBAL ecological partner as the ecological node outside the group.
With the continuous development of blockchain technology, the future form of VB GLOBAL is more likely to evolve into a brand new distributed system. The generation, circulation, notarization and confirmation of all assets and warrants are carried out on the public chain. VB GLOBAL is gradually opening its business to the community for an ecological trial of autonomy. However, the current underlying infrastructure of the blockchain is not yet mature, and the entire industry is still in the stage of being constrained by the technical performance and scalability defects of the blockchain. Therefore, after in-depth demonstration, VB GLOBAL decided to devote itself to developing a public chain in the digital economy era that represents the highest level of the global industry-VT Chain, to support the underlying operation of the future world.
(2) Product analysis
1. Technical advantages
- Ease for using
For users: The current mainstream public chain keystore method of generating local private keys will bring some difficulty to users. VT CHAIN will adopt a dual login mechanism similar to that of the blockchain account-keystore is aimed at developers and professionals. Practitioners, the centralized email/phone account corresponding to the keystore generates corresponding users transferred from the Internet;
For developers: In order to enable technicians to use simpler components when developing smart contracts, that is, to write commonly used smart contracts by simply splicing templates, VT CHAIN will classify commonly used smart contracts in design and use modules The method is provided in the template.
- Support activity
Development environment and tools: Based on WASM, users can write smart contracts in C, C++, Rust and other languages, with low storage costs and high performance;
High TPS: Through the BFT-DPoS mechanism, VT CHAIN is expected to achieve ten thousand TPS, realize low-latency real-time block writing and query, and block generation speed can reach the second level;
Assets on-chain: Realize the on-chain of various assets.
KYC&AML: Supervising nodes can view KYC information;
Asset traceability: The supervisory node can know the traceability details of each transaction, and the remaining nodes only trace the source of transaction information.
Adopt security architecture design to ensure normal network communication and operation;
Cooperate with professional blockchain security team to conduct security audits;
Develop an automated verification platform for smart contracts to ensure the security of smart contracts.
2. Ecological application scenarios
VT CHAIN will use the advantages of block chain that cannot be tampered with and transparent to reshape the credit system, improve the efficiency of digital economic activities, and create a digital economic ecological community.
- Digital currency transaction settlement
The most important function of VT CHAIN is transaction settlement. Technically, VT CHAIN greatly increases the transparency of transactions and reduces the trust cost of users through the way of transaction on the chain; introduces supervision nodes, carries out transaction tracking and asset traceability, and to prevent illegal transactions; at the same time, in order to ensure the transaction speed, VT CHAIN also designed a unique double-chain structure, and the transaction chain with high TPS performance handles transactions exclusively.
- New type of compliance certificate
In the future, VT CHAIN will focus on creating a one-stop service platform for a new type of compliance certificate: VT CHAIN will access relevant professional institutions from consulting to guarantee,; law to accounting and issuance to KYC review to enable tokens issued conveniently by project parties under the premise of compliance, allowing individual and institutional investors to complete qualified investor certification, and qualified investors can participate in compliance with government regulations.
- On-chain physical assets
At present, blockchain technology can only guarantee the authenticity of the data on the chain, but cannot guarantee whether the physical assets are forged. To this end, VT CHAIN’s physical on-chain business is mainly for high-value and scarce assets (such as artworks). It uses RFID radio frequency identification technology, infrared sensing technology, and biometric identification technology to collect specific physical assets specific to physical assets. Information, it is easy to distinguish the authenticity and realize on-chain management.
- Asset mortgage loan
VT CHAIN will provide asset mortgage lending business. That is, the borrower uses the digital currency in his hand as collateral to borrow from the lender. After the borrower and the lender determine the loan amount, pledge rate, interest rate and other contract details, the borrower can pledge the digital asset in the smart contract and obtain the loan. When the loan ends, the smart contract According to different conditions, the completion of the contract is triggered.
- Digital asset derivatives trading
At this stage, the derivatives of digital assets are mainly concentrated in the futures of digital certificates, but the trading varieties are relatively single. With more assets on the chain and innovation of token products, digital asset derivatives will become more abundant. VT CHAIN will develop digital asset futures and options in the early stage. After digital asset bonds, bills and other products are issued, more digital asset derivatives will be developed.
- Intelligent risk control system
In the digital economy era, data is the core of financial applications, and most financial products are based on data. Risk is the core element of finance, and risk control relies on massive amounts of data. VT CHAIN will also introduce AI and big data technology to provide the final risk control support and asset post-investment supervision services for the entire community ecology. The immutability, openness and transparency of the data on the chain better ensure the authenticity and consistency of the input data in the financial risk control model.
In addition to strong technical support and a wide range of application scenarios, the biggest highlights and innovations of VT CHAIN have five highlights.
1. VT CHAIN is a diversified digital economy ecosystem, providing computing and storage infrastructure for various complex scenarios such as transaction clearing, payment, asset management, securities, etc., giving VT CHAIN ecological compatibility, scalability and ecology active. VT CHAIN will become the benchmark of the public chain in the digital economy era.
2. VT CHAIN’s powerful community autonomy framework. A good community governance mechanism can gather internal forces, promote self-development and attract external support. VBT community autonomy is divided into on-chain and off-chain governance, and follows the following three points: one is to establish and improve the incentive mechanism of the community; the second is to give community members sufficient “community autonomy; the third is to practice “code as law”, and to govern the community The basic rules are written into the smart contract and the system executes automatically.
3. VT has completed 30-fold splitting of while simultaneously destroying two-thirds of the total amount. There is huge space for VT value to rise.
4. VT has become the platform currency of VB GLOBAL, which can participate in VB-PoS financial management and get the interest by holding that.
5. VT liquidity mining is the core innovation of the entire VT CHAIN ecosystem, and is an engine that provides transaction depth for the entire financial trading platform. It has the following model
- strong value landing
20% of VT liquid mining tickets need to be paid with VT. All users participating in VT liquid mining must go to the secondary market to buy the corresponding VT before participating in mining, which makes VT generate value from the beginning Landing, at the same time, it also improves the liquidity of VT
- Deflation mechanism
The team of VT will periodically destroy the VT which included in the ticket of liquidity mining. According to official news, the first phase of destruction was completed in September, and the second destruction will in follow. Deflation can increase the value of digital currencies, and destruction is a big weapon to strengthen deflation. The destruction of VT liquidity mining tickets has greatly contributed to the increase in the value of VT.
The final score of the project is 9.2 (10 points system), which belongs to the upgrade and expansion of mature projects.it is a project with a good pedigree, soft & hard strength and high-quality background resources, complete ecological planning and innovative model, which suitable for medium and long-term investment.