Archive: 2023-03-06

Analysis of the dark horse public chain BFChain how to seize the beach Web3 ecological development

With the development of block chain technology and the popularity of W eb3 application, high performance, can support more extension function of public chain competition become an inevitable trend, but in the process of development, there are still a lot of technology and ground challenge, especially in the face of high fees, across the chain, aggregation transactions, many projects and platform does not solve the real demands of developers and users.

So far, with the continuous explosion of emerging tracks such as Web3, DeFi, NFT and GameFi, aiming to become the BFChain of Web3 converged application ecology, it has attracted much attention for its high performance, innovative consensus algorithm RBFT and cross-chain sharding technology. Under the new trend, BFChain, as the entrance of Web2 to Web3 ecosystem, what innovative changes will it bring to the blockchain ecosystem?

BFChain Introduction

According to the official website, BFChain is an innovative Web3 public chain based on RBFT consensus. It aims to “build Web3.0 and open a new era of the whole region of blockchain scenarios for the aggregation ecosystem”. It is committed to core technologies such as cross-chain and sharding, forming diversified application ecology covering DeFi, NFT, GameFi, SocialFi, DAO, Stablecoin, so as to build the world’s most perfect Web3.0 ecology and promote the historical process of Web2.0 to Web3.0.

Simply put, BFChain intends to build an aggregated application ecosystem that allows individuals to use BFChain’s features as quickly and easily as the Internet today. In order to build a public chain that meets the large scale of commercial use, BFchain is committed to breaking through the “impossible triangle” technical barriers of the public chain and building an underlying infrastructure suitable for commercial use. Its solution is to adopt RBFT, cross-chain and fragmentation technology. Based on these technical advantages, the current laboratory performance of BFChain can reach 5000 + TPS.

BFChain Technical scheme

1. The RBFT consensus mechanism

BFChain The public chain technology adopts a random BFT consensus algorithm with its own intellectual property rights. In PBFT, there is a concept called view. In a view, a node (replica) is the main node (primary), and the other nodes are called backup nodes (backups). The master node is responsible for ordering the requests from the client and sending them to the backup nodes. This master node of PBFT has more rights than other nodes, and if it fails, it will cause a large delay in the system. In RBFT, this point is improved, referring to the election mechanism in RAFT, using the voting method, without having to seize the right of accounting, to ensure the fairness of the rights and interests of each node.

Compared with PBFT, RBFT has been optimized and improved in consensus message processing, node state recovery, cluster dynamic maintenance and other aspects, which also enables the BFChain built based on RBFT consensus algorithm to cope with more complex and diverse practical scenarios.

1. Fragment technology

BFChain How to improve the performance through the sharding technology? On this point, in order to let you better understand the sharding technology, xiaobian will give you a simple example. Assuming there are 10,000 nodes, if the consensus is very slow to reach among the 10,000 nodes, you can now divide the 10,000 nodes into 100 groups, first reach a consensus in 100 nodes in a group, generate blocks, and then synchronize the consensus to other groups through asynchronous means. As a result, the consensus that needed to be reached between 10,000 nodes is now only a consensus between 100 nodes, with the generation of blocks greatly faster, and TPS thus significantly increasing.

1. Cross-chain technology

For blockchain projects, BFChain’s cross-chain solution solves the problem that different standards between different public chains cannot be exchanged, and realizes interoperability between public chains. For example, DApp applications on EOS Network can be deployed on Ethereum through BFChain’s cross-chain technology, and DApp applications on other public chains can also be implemented.

For users, BFChain connects different blockchains across chains, facilitating users to interact with cross-chain applications. For example, in terms of cross-chain transfer, users can directly realize the exchange of two token through BFChain without exchange; in terms of cross-chain payment, users can use one chain token to exchange services or products on another chain; in terms of supporting Dapp with multiple payment types, Dapp on different chains can be more flexible in the payment process and stimulate users to use. BFChain The implementation of cross-chain based interoperability also promotes the realization of more application scenarios of blockchain, which is more conducive to the actual landing of blockchain.

The token economy of the BFC

1) Application scenarios

BFC is the only circulation token of the whole ecology of BFChain, carrying the core value of BFChain ecosystem.

BFC has a total of 1.3 billion yuan, which will never be issued and regularly publicly destroyed. The token contract code has passed the review of the well-known audit company Certik. BFC is not only used to pay the transaction fees and calculation service fees on the BFChain, but also can be used for the digital asset transaction fees, voting coin, ecological side chain payment and other functions of the public chain Swap trading platform. Official information shows that with the vigorous development of BFChain application ecology, BFC will be upgraded to an equity token in the future, which can be used in more ecological scenarios, such as voting governance in DAO community, and obtaining corresponding equity incentives.

As can be seen from the official news, BFC token application scenarios (including subsequent launch) include: full game scene circulation of the platform, transaction fees, on-chain governance, verifier incentive, cross-chain mining, liquidity mining, ecological circulation of supply chain finance, asset digitalization, etc.

2) Destruction of tokens

At present, BFC regularly implements the monthly destruction mechanism. As of March 2,2023, BFC has conducted 11 rounds of monthly destruction, and the latest round of destruction (round 11) has destroyed a total of 3,256,767 BFC. The token destruction mechanism will reduce the market circulation of BFC, thus promoting the value appreciation of tokens. It is worth mentioning that the increase or decrease of the number of token destruction reflects the ecological development status to a certain extent.

In small make up point of view, given the importance of public chain as infrastructure, and the existing defects, small make up think BFChain is committed to solve these problems, such project is certain value, but considering the future landing, industry competition, team, technical difficulty, etc., I think BFChain still has a long way to go. In general, the project can be focused, focusing on its technological implementation, development planning and ecological implementation.

Web3 payment track unexpected winner emerge frequently, ALLPAY moves forward!

ALLPAY is a multi-chain compatible web3 payment scenario solution, aiming to help users enter the Web3 world for the first time by establishing a traditional user-friendly wallet generation method and payment channel. In terms of the current acceptance of cryptocurrencies, easy access to cryptocurrencies and consumer payments have become an irreversible trend. When you open the coinmap cryptocurrency map, the orange part represents merchants that accept cryptocurrency payments worldwide, and ALLPAY’s mission is to expand more cryptocurrency-friendly merchants to serve users with crypto assets worldwide.

The chart shows that Europe, North America and Japan and South Korea are more inclusive of cryptocurrency transactions, with Germany, Japan and South Korea in particular being the most prominent. For example, Germany recognized Bitcoin as legal private property back in 2013, and residents in Germany can use Bitcoin to pay for electricity, gas, and other living expenses, which makes it easy to live a normal life with Bitcoin. Singapore, with its extremely digital currency friendly policy, has also made digital currency friendly for basic aspects such as restaurants and taxi rides.

At this time when the bear market is about to end and the bull market is about to start, ALLPAY wallet is officially launched with user-friendly login function, flash exchange of fiat and digital currencies, convenient payment of digital currencies and other services to quickly lead more users into the Web3 world. ALLPAY also provides API/SDK access services for company users and project parties, and enterprise-level payment solutions to help platforms quickly complete the transformation. ALLPAY wallet currently supports public chains including Bitcoin, Ether, Polkadot, APTOS, BSC, Solana, etc. Users can conveniently manage digital assets on different chains on one platform to achieve a fast, secure and convenient wallet usage experience.

ALLPAY application scenarios and functions include.

1. Support users to generate decentralized wallets and manage private keys with one click through phone numbers and email addresses. This not only lowers the threshold of use but also invariably increases the overall user volume, which will certainly bring a larger financial market.

2. Credit card purchase of digital currencies: Traditional users can conveniently use credit cards to purchase digital currencies through our multi-chain wallets, without the need to understand the complex exchange operation process, simple and fast.

3. Digital asset management: Users can manage their digital assets on different chains in our wallets in a one-stop shop, including functions such as checking balances, sending and receiving digital currencies.

4. Decentralized Financial (DeFi) Applications: The wallet supports DeFi applications on multiple blockchains, allowing users to seamlessly experience different DeFi products on one platform. The technical decentralization process will make the property of the financial manager safer and allow better avoidance of technical risks.

5. Dapp: One click to access decentralized Dapp and seamlessly experience the on-chain ecology. Including but not limited to on-chain games, on-chain dating, decentralized finance, etc.

6. API/SDK service: support on/off ramp payment SDK/API embedding service. It is believed that in the near future there will be Power by ALLPAY payment figures in all corners of the network.

7. Use digital currency to buy wine, tickets, luxury goods and other services: We support USDT top-up to VISA card and MasterCard, and can directly bind PayPal, Grad and other payment tools to meet daily expenses using USDT.

Compared with the traditional crypto payment programs in the market, ALLPAY has achieved more simplicity, security and speed.

Firstly :Easier, the traditional crypto wallet has a long and complicated registration process, and the repeated verification of a large number of helper words makes the door card for new users to join greatly increased, which undoubtedly greatly limits the volume of users and makes this advanced technology exclusive to a very small number of people. This innovation not only facilitates the experience of all users, but also opens the door to web3 for the web2 world. It is foreseeable that in the near future, a large number of users will be able to join the wallet with great convenience, which will also bring a huge amount of fresh blood to the whole web3 world.

Secondly: Security, technically decentralized is the most secure storage and payment model, the entire network consists of users, no central system control, which means that no one can exceed the user’s own authority to move the user’s assets. And because it is decentralized technical support, so in terms of user security can prevent hacking, which is also the courage to launch a one-click generation of wallet this function of the bottom, so that users can do safe and convenient.

Thirdly: Faster, The problem with traditional cryptocurrency payments is that they cannot support large volume transactions on a global scale, such as Bitcoin, bustling European town fairs, you want to try exotic street food, which street vendor can wait 30 minutes to confirm the transaction? ALLPAY has partnered with Visa, MasterCard and others to bring the transaction speed down to less than 1 minute, pay with ALLPAY without consider national borders. Whether users pay with cryptocurrencies at local stores or transfer them to other countries, payments will be completed in the same time and at the same price.

We take the same track product Alchemy as an example, its platform governance Token ACH has been online on coinbase, binance, kucoin, huobi and other centralized exchanges, the highest increase of more than 8000%, and the project fever continues to soar, becoming the leading concept project in the payment segment. allPAY has a more convenient compared to alchemy ALLPAY has a more convenient way to create and login, integrated with more countries’ fiat channels, and a more complete DAPP ecosystem. At present, ALLPAY’s platform governance Token APC is about to land on a centralized exchange, and the continued price performance of APC is worth watching.

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