Blockchain¶
What is blockchain?¶
Blockchain is a distributed system recording and storing transaction records. More specifically, blockchain is a shared, immutable record of peer-to-peer transactions built from linked transaction blocks and stored in a digital ledger.
Blockchain technology originated from Bitcoin. Bitcoin shows an electronic money trading system that does not rely on trustable third parties. This system uses a synchronized ledger distributed across all nodes instead of a single ledger on a traditional central server, replacing the subjective “trust” of intermediaries with an objective “consensus” mechanism, enabling reliable value transfer in a non-trusted environment.
The birth of the blockchain provides a new type of social trust mechanism for human beings, marking the beginning of a truly trustworthy Internet for human beings and forms the foundation of value Internet.
How does blockchain work?¶
Blockchain is a shared ledgers that records transactions in a peer-to-peer network.
Transactions are collected and recorded into a data structure called block. All the confirmed and validated transaction blocks are linked and chained from the beginning of the chain to the most current block, hence the name blockchain.
A distributed network
The ledger is distributed to all member nodes in the network. Each node maintains their own copy of the ledger.
The decentralized peer-to-peer blockchain network prevents any single participant or group of participants from controlling the underlying infrastructure or undermining the entire system. Participants in the network are all equal, adhering to the same protocols. They can be individuals, state actors, organizations, or a combination of all these types of participants.
Consensus
Anyone in the blockchain network can submit transactions to be stored onto a blockchain and therefore it is important that there is review and confirmation, in the form of a consensus about whether to add those transactions.
Consensus ensures that the shared ledger are exact copies, and lowers the risk of fraudulent transactions. It makes nodes on the blockchain network agree on the same state of blockchain.
What is Dipperin?¶
Dipperin is a public blockchain founded by the Keychain Foundation Ltd. Dipperin builds a native multi-chain system which supports multi-industry (digital asset, supply) and multi-form (built-in paradigm on the chain, cloud server, applet, side chain, etc.) decentralized applications through tiered smart contract design, high-frequency transaction paradigm and unlicensed business innovation support, combined with multiple technologies. Dipperin has technical features:
Original deterministic proof of work consensus mechanism
We proposed a deterministic proof of work consensus mechanism. Our protocol separates the block production and verification. It keeps the decentralization level of the bitcoin, shortening the time for reaching consensus, and providing the performance to meet the tens of millions of daily activities (DAU). For more information please refer consensus.
Verifiable Random Function(VRF) based verifier sortition mechanism
Dipperin has applied a cryptographic sortition for verifiers based on VRF(Verifiable Random Function). This sortition mechanism ensures that only a small percentage of users are selected, and the chance of being selected is propotional to its weight. Random results cannot be predicted in advance and cannot be manipulated by any malicious adversory. Dipperin’s sortition mechanism provides objective security, that is, the whole process is objective, and decisions are made entirely through calculations. Human intervention cannot affect this process.
Layered smart contract architecture
The layered intelligent contract design separates the business logic from the state consensus, and standardizes the cross-chain interface to achieve cross-chain communication at the telecommunications network level while standardizing the burden on the main chain. Dipperin follows the stacking principle, and each layer is designed as Plug-and-Play (plug-and-play), in which the core modules are replaceable, making Dipperin a simpler and more extensive service.
Native multi-chain system
Dipperin’s native multi-chain architecture provides a model for the main chain and sidechain division of labor. Its ultra-light wallet payment verification (CSPV) technology provides strong support for mobile users. CSPV technology allows ultra-light nodes to synchronize data with minimal amounts and does not grow with blockchain growth, and any mobile client or even smart contract code area can support it.