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Blockchain Revolution – Into the Future with Ronald Aai and BitBeta

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Blockchain Revolution – Into the Future with Ronald Aai and BitBeta

March 05
20:12 2020

There exists a famous “impossible triangle” (decentralization, security, scalability) problem in public blockchain. The “impossible triangle” was summed up well by the developers of the blockchain industry and can also be summarized in the three key attributes of the public blockchain: Decentralization, Security and Scalability. In actual technical implementation, it is impossible to achieve optimization of these three elements, because only two of the three can be selected at once, only two attributes can be optimized at once, and the remaining third attribute has to be sacrificed to allow the system to operate properly.

 

The development of each generation of public blockchain technology revolves around this “impossible triangle” in order to make breakthroughs and innovations in this area. 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? Let’s now sort out the development status of the first, second and third generation public chain technology:

Blockchain 1.0: Bitcoin

Satoshi Nakamoto made strict regulations on bookkeeping rights and transaction orders in “Bitcoin: A Peer-to-Peer Electronic Cash System”, and as a result, Bitcoin has bottlenecks in it’s operation process, an example being a low work efficiency. Bitcoin only generates one block every 10 minutes and only processes 7 transactions per second. It is a very big “bug” in the long run. In general, POW has low working efficiency, high transaction costs, and a high energy consumption in mining mechanisms.

Blockchain 2.0: Ethereum

This is an open source public blockchain with smart contracts as it’s highlight, but the main problem is that all it’s vulnerabilities, including security vulnerabilities, are quite visible and very easy to be exploited and attacked by hackers. At the same time, Ethereum’s speed is still limited and its scalability is poor. As soon as any explosive usage appears, it becomes easily congested, such as happens with Ethercat (Cryptokitties). In addition, GAS transaction fees have large fluctuations and cannot be expanded significantly.

Blockchain 3.0: EOS

In the first half of 2018 EOS was highly sought after, with a funding limit of $ 4.2 billion creating a small miracle. Although EOS is faster than Ethereum in terms of speed, it is still not superior to Ethereum in terms of security. For example, the betting dAPP(decentralized apps)  “DEOSBET” on EOS was hacked and lost 4,000 EOS. This loss created a sense of insecurity, clearly displaying that technical loopholes still existed. In addition, there are other problems such as high transaction costs and absenteeism.

From the development of these three generations of blockchain technology (Bitcoin, Ethereum, and EOS), we can see that each generation has indeed had a breakthrough over the previous generation’s technology, but is still far from reaching the point where the “impossible triangle” problem is perfectly solved.

Thanks to founder Ronald Aai, one of the latest public chain projects named BBS (BitBeta System) has fully headed up the competition in the 4.0 stage of the public blockchain sphere. 

BBS: The Road to Mobility in the Blockchain Economy

 

The five major innovations of BBS have just solved the problems that the previous three generations of public chains could not.The main innovation highlights are:

1. It is the first public chain shared by all users. Technically, BBS’s highly innovative technology and protocol combination can ensure the point-to-point distribution of the daily transaction ledger on a smart phone. The data really belongs to the user, is easier to return to the user, and is much more user friendly. In terms of profits, depending on the amount of BXB Token stored in the BXB dApp, all participants in the BBS system will share in 70% of the transactions on the public blockchain. This has really achieved the goal of “sharing for everyone”.

2. Extremely high transaction speed. “The more users, the faster the speed.” As a revolutionary technology implemented in the blockchain field, it will become the only public blockchain in the world which can boast of a quicker speed upon addition of users. It possesses a speed of more than 1 million TPS, backed up with BBS’s POR (Proof of Reputation) verification technology. In addition, the SHOUT protocol is used to transmit data to all nodes in the network by using broadcast, which greatly reduces network overhead and time.

3. Unlimited expansion. Due to BBS’s innovative technology and protocol combination, the capacity of the BBS network will increase with the addition of users, with speed and security also being proportionately increased at the same time. The BBS public chain is infinitely scalable and can be applied by different merchants.

4. Build your own decentralized application on your phone. Any enterprise and/or merchant building on the BBS01 standard can make a new generation of decentralized dApps for their stakeholders through traditional programming techniques. At the same time, businesses and merchants can also save much in business costs such as handling fees, foreign exchange commissions and spreads, internal servers and cloud servers. The cost of every transaction on BBS is fixed at $0.05, which greatly reduces the cost of handling fees for businesses and merchants.

5. Central server is no longer needed for the first time. BBS’s SWARM storage can effectively manage a process, where both participating nodes and every other node in the network share disk space. Everything between the sender and the recipient is handled by a reputation-supported node. This node is called a “witness”, which is the same as “mining” in the blockchain. Each transaction is separate in the SWARM storage chain.

BBS is technically innovative, leading the development of public blockchain technology on to a whole new stage. Whether it be speed, scalability, security, etc., BBS is introducing disruptive innovations built on the foundation of previous technology, which will bring in a prosperous dApp ecosystem promoting the rapid development and application of the entire industry, allowing blockchain technology to penetrate people’s work, life and entertainment faster and better.

Media Contact
Company Name: BitBeta
Contact Person: Amber Liu
Email: Send Email
Country: Singapore
Website: www.cloudtokenwallet.com