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BitBeta Founder Ronald Aai: The Fourth Generation of the Blockchain

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BitBeta Founder Ronald Aai: The Fourth Generation of the Blockchain

March 03
22:39 2020

“Reality and the future will be built on the mobile network.” – Ronald Aai, Founder & CTO of BitBeta 

The digital economy is a new economic form that emerged after the development of the agricultural and industrial economies,with digital information and knowledge as key production factors. If the emergence of the Internet lead people into a new era of the digital economy, then the idea of the blockchain has also greatly changed the economic model. From atoms to bits, from offline to online to on-chain, people have entered the new digital arena from the real world. As mentioned in a book “Digital Survival” published by Negroponte 20 years ago: “We cannot deny the existence of the digital age, nor can we stop the digital age from progressing, just as we cannot fight the power of nature.” Historical progress is irresistible, and people see development opportunities for the continued advancement of the digital world.

Public Blockchain: The Infrastructure of the Digital Economy

The development of any industry starts with the construction of the underlying infrastructure, and blockchain is no exception. The public blockchain is the infrastructure in the field of blockchain. The public blockchain of the blockchain industry is like the operating system of the “Apple” or “Android” of a mobile phone. Only after this system is upgraded and perfected can applications grow up like bamboo shoots and only then can blockchain technology truly penetrate into people’s personal work, entertainment and daily life.

Public blockchain is open to everyone, so it can also be seen as an infrastructure for building trust between all people. Once the infrastructure is built, on this basis people can build consensus, issue tokens, develop applications, and the entire system will be set in motion. As such the importance of public blockchain as infrastructure  of digital economyis becoming increasingly prominent.

The advent of the blockchain has allowed the development potential of the digital economy to show exponential growth. The innovation of public blockchain will fundamentally change the overall application of the entire industry.

 

What will the fourth generation of public blockchain show us?

The year 2018 was known as the “first year of the public blockchain”, and hundreds of public blockchain have appeared around the world. Cryptocurrency Exchanges have also begun to enter the public blockchain arena. It can be seen that the importance of the “public blockchain” is extraordinary, and it is still “a battleground for supremacy.”

But following the first three generations of blockchain technology such as Bitcoin, Ethereum, and EOS, what kind of a development trend will the fourth generation of public blockchains show us? How will the famous “impossible triangle” (decentralization, security, scalability) problem be solved?

Now, one of the latest public chain projects named BBS (BitBeta System) has entered into the mobile network, and it became a reality to put 1,000 dAPPs (decentralized apps) into peoples pockets, which truly brought the blockchain into everyone’s work, entertainment and daily life.

BitBeta System: Representative of the Fourth Generation Blockchain Technology

“Reality and the future will be built on the mobile network.” Based on this recognition, Ronald Aai, founder and chief technology officer of BitBeta System (BBS), led a team of 20 engineers to develop a blockchain system. It is platform based on the “fourth generation blockchain” distributed technology (DLT or “blockchain”).

Malaysian-born Ronald Aai is the founder and chief technology officer of BitBeta, whose company is headquartered in Singapore. At the 4th World Blockchain Forum held in New York, Ronald Aai made his first public speech. He said: “We hope to truly place the the power and potential of blockchain into the hands of people and organizations in the real world, so as to bring blockchain to life.”

Ronald Aai at the 4th World Blockchain Forum

BBS works by pooling computing, network, and storage resources of participating peers (individuals and organizations) and using decentralized applications (dapps) to conduct transactions on smartphones and sales devices.

Ronald Aai explained: “Each transaction is considered as a file or a block by itself, and we have developed a FSDLT (File System Distributed Classifier Technology) that combines transactions with other technologies and protocols to process transactions in real time. Transactions are recorded in parallel ledgers, and I like to call them parallel atomic chains. Parallel atomic chains are jointly owned and controlled by each party to the transaction, namely the buyer, seller, and witnesses. Having parallel atomic chains mean that BBS has infinite scalability. The more user nodes, the more transactions can be processed in real time.

Dapp users can “witness” transactions between counter-parties and earn a share of small transaction fees automatically paid by the seller in the form of BCB stable coins.

Ronald Aai also said, “In addition to adding a reasonable stablecoin to daily transactions, we also abolish the traditional blockchain mining form.” Now users only need to use a BBS-driven Dapp, you can receive payment and witness from it, while no longer relying on asic miners and graphics cards that consume inordinate amounts of electricity as in the past!”

BBS’s proof of reputation (POR) algorithm determines its witness. The algorithm is based on the actual sequence of mixed transactions using response time, impact (number of connections), and equity (number of transactions). And neither the buyer nor the seller has the right to decide on the gas mechanism. Ronald Aai said that organizations can “benefit greatly” from vigorously developing BBS.

“We have been thinking for a long time why companies have so far refused to launch DLT solutions. Part of the reason is the speed and cost of transactions and the volatility of cryptocurrency. But we are proud that we have solved all these problems now. Also,  regarding another issue on how to deploy a blockchain-based system without experiencing major change management issues and how to integrate it with accounting, reporting, and regulatory protocols – I believe we have solved this too!”

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