About SmartX (Smart Map, Kit Zhitu, English Smart Map)
SmartX is a high performance third generation open source blockchain project built on DAG architecture using
sharding technologies. After three years of painstaking research and development, the SmartX mainnet is slated to officially launch in April 2021. SmartX has a hybrid PoS + PoW consensus, staking, a red envelope app, a confidential chat, its own DEX exchange and a store for fast smart contract development.
SmartX Features
SmartX (Smart Map) without ICO, Fair Start is a completely new revolutionary public network project. It can solve the problem of slow and costly transactions in Bitcoin and Ethereum while ensuring security and decentralization. Based on proprietary architecture technology, it can quickly realize the performance of all kinds of public chains in the market and significantly reduce the development costs of blockchain functions for enterprises.
- Fast transaction
A transaction can be completed quickly without the precondition that both parties are online at the same time.
- Dynamic capacity expansion
With its ability to create blocks independently and unlimited scalability, SmartX can be used as a dynamic scaling solution for chained blockchains.
- B - DAG algorithm
One of the main elements of the algorithm, independently developed by SmartX, is the use of our original B-DAG structure segmentation, parallel block and merge technology, its biggest advantage is that it can make the block no longer overflowed.
- Consensus mechanism
SmartX uses a hybrid PoW + PoS consensus mechanism. The SmartX network has both PoS nodes and PoW nodes.
- High performance TPS
SmartX achieves high performance and throughput by developing next generation blockchain technology that will revolutionize power and transaction speed. The blockchain no longer needs to wait for Ethereum 2.0. What he can do SmartX can do or even better.
- Public network SmartX initially supports 25 nodes. Each POS node produces 12 coins every 15 seconds, and 12 coins are distributed according to the amount of the user's collateral in the collateral agreement. PoW produces 72 coins every 15 seconds and 72 coins are distributed according to the computational power of the PoW machine. Half-life - every 2 years.
- Application scenarios
SmartX public network platform can serve blockchain technology for products such as DEFI, liquidity mining, DEX, smart contract storage, red envelope app, decentralized social, private communication, etc.
SmartX Team
Frank
Frank worked at WeChat Pay as a senior engineer and participated in the development
payment systems for various asset management products WeChat Pay and Hongbao. During his work at WeChat Pay, he patented 2 of his inventions. Restructured XDAG source code. Former chief engineer of the EtherZero (ETZ) DAG project.
Simon
Product and Operations Manager, formerly at Lenovo and Bitmain, has extensive experience in teamwork and management.
Li Zhao
Li has worked as a senior engineer at WeChat Pay and has been involved in the development of the WeChat Pay asset management product as well as the mobile payment system. He has 12 years of experience with payment gateways and is well versed in the BlockDAG algorithm. He also restructured the XDAG source code.
Jessy
Jesse graduated from Stanford University with a master's degree in marketing. Jesse also earned her Master's Degree in Web and Media Design from the University of the Academy of Arts (San Francisco, USA). Jesse has extensive experience in visual and user interface design and product marketing. The LinkedIn profile indicates that Jesse is the co-founder of the project.
Mark
Former CTO of Shenzhen NetQian Technology Co., Ltd., NEO and XDAG source code developer,
specialist in the field of encryption and anonymous communications, researcher of the source code of Bitcoin and Ethereum, as well as DAG technology.
In-depth analysis of the technical base of SmartX, where is the best?
Before the launch of the SmartX bch, Frank gave an extended_interview in Chinese, the translation was done through a google translator, so it turned out a little clumsy, sorry, but the general meaning is clear.
I believe that the Chinese concept chain will be welcomed by users all over the world in the future blockchain world. Decentralization, Pow mining support, DAG-based structure, no ICO (private placement), fair start, high TPS, can you imagine a project that combines these characteristics? This is the feature mentioned in the introduction of SmartX. The main network is about to go live.
- The Beep Big Coffee Show invited Franksu, the initiator of SmartX, to talk about the benefits and what they do.
Question 1. Briefly introduce SmartX and what is the original intent for smart card development?
Franksu: SAT (SmartX 智 图) is a public blockchain network developed by the SmartX community team based on its own B-DAG algorithm. It is a decentralized supporting mining Pow, a "DAG-based" structure, no ICO (Private Equity), an honest BlockDAG project that can provide unlimited productivity expansion, and anyone can use and own the public blockchain cheaply.
Zhitu's public network vision is to provide blockchain users around the world with high efficiency, fast enough speed, enough price to get closer to people, everyone can participate, everyone can own a public chain and a single window on this public blockchain service chain ...
I used to pay via WeChat at Tencent. During the Spring Festival, the cft-core3.0 payment system can handle tens of thousands of transactions per second via WeChat, grabbing red envelopes, while Ethereum and Bitcoin can only handle over a dozen transactions, which makes me feel incredible.
In 2017, I left Tencent to join the blockchain industry. Until 2019, Mark and I decided to start developing a new revolutionary project of the public network SmartX Zhitu (the moral of SmartX is to make the current blockchain smarter and smarter), the main goal is to ensure security. In the case of decentralization, the speed of the Bitcoin and Ethereum transaction solution is too slow, too expensive, and a public blockchain that anyone can use. We believe that the current so-called tier 2 solution in the blockchain industry is just an unintended progress of the entire blockchain industry.
If the flow of funds or information on the blockchain is outside the protection of the "blockchain consensus", it is not a pure blockchain. A Level 2 solution was first proposed by the Bitcoin development team as the Lightning Network, but did not receive support for various reasons. Therefore, one of the key points of the SmartX we have developed should be "Baseline Consensus", that is, Level 1.
Question 2. SmartX uses the B-DAG algorithm, which many friends hear about for the first time. Could you introduce us to the B-DAG algorithm and its benefits?
Franksu: The earliest impossible triangle was first suggested by the Ethereum community and some Chinese media.
The "blockchain impossible triangle" originally refers to the limited processing performance of single-chain machines. There is an upper limit to the transaction speed in the blockchain system. But processing less than 1000 transactions per second is clearly not an "impossible triangle". In other words, the "impossible blockchain triangle" is far from maximizing hardware performance.
The reason blockchain technology has not been applied on a large scale is because its performance has run into a bottleneck. This bottleneck is not caused by bandwidth or hardware, but because the algorithm does not make good use of the existing bandwidth and processing power of the hardware. ...
Prior to developing SmartX, Mark and I had a long history of involvement in the open source blockchain community. By combining our previous experience, our general idea is to improve the current Satoshi Nakamoto Consensus by using the “sharding / splitting technology” and DAG technology so that each block node generates blocks in parallel at a specific Epoch time interval and independently communicates, and then merged together.
When it comes to peer-to-peer EOS design, it goes to the extreme. Fixed 21 nodes replace blocks. The 21 nodes are connected through a network device such as a local area network to generate blocks. 21 nodes are fixed and mining pool nodes cannot be free Entry and exit. As long as one of the nodes goes out and there is no backup, the entire network is paralyzed and all tokens on the main network become coins of the exchange database. This issue came up recently in the EOS replication chain. This clearly violates the theory of decentralization.
Zhitu has developed its own B-DAG algorithm. One of the main areas is to use our original "B-DAG" sharding / splitting structure for concurrent block generation and integration. Its biggest advantage is that it can make the entire blockchain fast and the delivery efficiency is less congested. And it will not affect the safety because of the plug. Finally, the entire system can more efficiently process all blocks in parallel, thereby increasing the throughput of the entire public Zhitu chain.
Question 3. SmartX uses PoW + PoS hybrid consensus mechanism. The SmartX network has both PoS and PoW nodes. How do they work? Why SmartX Chooses Hybrid Consensus Mechanism?
Franksu: Here we can use the mechanism of the traditional "Roman parliament" to explain.
The traditional blockchain is like the "Roman parliament" electing the "current speaker" every few seconds or 10 minutes, but each speaker is very lazy and each member can only do dozens or hundreds of official duties, and the rest is when I was sleeping. Other official duties can only stand in line. Or, the one who pays more money (fees to miners) will perform official duties. Obviously, in this "consensus model" the bottleneck of the efficiency of the entire Roman Empire was concentrated in the efficiency of processing this "dynamic".
Zhitu first builds a “Roman temple” (negotiated smart contract) for the “Roman parliament” and then elects “members” from various locations and then selects one of them as “session president”. If you conduct SAT over 300 watts, you may become a candidate for "Members". After the elections, it will be immediately recorded in the "Roman Temple". As long as their personal fortune is estimated at around 25 (the number of SAT holdings in each round of the blacklist is less than 25), they can become real "candidate for the presidency" Candidates vote with each other (block quote based on the algorithm), among which is the "strongest" the candidate becomes the current speaker (smallest hash of a random number), and the term of office is only about 15 seconds, and the power of each speaker is limited. And he can only collect taxes from people on the basis of the "Contract with the Roman Temple" (for the production of PoS blocks is rewarded 2.5%, for the production of PoW blocks - 72 coins per round).
The process of selecting participants is a “PoS process” (depending on the amount of stored currency), and the process of electing a chair is a “PoW process” (according to the computational power of PoW), and PoS / PoW are ideally combined at present.
B-DAG Algorithm Data Model
Question 4. SmartX has high TPS characteristics, what technologies help with high TPS? Ethereum 2.0 also focuses on sharding and improving TPS. Compared to Ethereum 2.0, what are the similarities between SmartX and Ethereum 2.0 in sharding technology and improving TPS, and what are the characteristics and benefits?
Franksu: Each Zhitu member (as opposed to the lazy BTC / ETH members) is very diligent, and each Zhitu member can fulfill tens of thousands of official duties. The processing speed of the entire blockchain system is increasing. And in this process, be it “citizens elect members” or “members elect speakers,” every election is dynamically changing and decentralized. If you want to compete with the participants, you can keep coins, which is PoS, as long as there are enough coins and you can set up the servers to become participants and work for the participants. This process is decentralized, everyone can participate and everyone can compete.
In theory, the multi-node section of our Jitu generates blocks and concatenates the blocks together. Each “section” is like “sharding” Ethereum 2.0. It can also be called "smart card division" or "smart card division". Smart card sharding is now effective and affordable.
Most of the existing blockchain systems are single-channel blockchains, but SmartX is a multi-channel parallel partitioned blockchain, which is a huge innovation. The B-DAG algorithm is wholly owned by the SmartX development team.
The biggest difference between us and the Ethereum 2.0 sharding solution is that Jita does not need a “signal chain” to trigger the sharding chain. The Ethereum 2.0 beacon chain uses the number of tokens owned by the participants to determine the likelihood of becoming a block producer and the weight of the vote when voting on the block, and the block supported by the majority of the participants becomes the main chain.
As far as Jitu is concerned, all the nodes participating in the block mining pool are like independent "beacon chains". Many PoS block generation nodes produce blocks on their own and become a chain. According to mutual verification and voting of block generating nodes, they will automatically merge to improve TPS.
In the process of automatically combining several nodes of the block mining pool, the block with the highest PoW computing power is selected as the main block. The main blockchain is formed between the main blocks. This is the biggest difference between our sharding scheme and Ethereum 2.0.
Currently, the blockchain industry does not need to wait for Ethereum 2.0, and there are several smart cards in Ethereum 2.0, and there is no need to wait 2 years. I urge all third party blockchain developers to migrate their business to the Jitu platform as soon as possible. Eth is currently too expensive and Taidu has become a reserve asset like Bitcoin. It is not suitable for Dapp and capital storage and information flow platform.
Question 5. SmartX mainnet will launch on April 25th. What important events have happened recently? What are your plans after the launch of the mainnet?
Franksu: The SmartX mainnet is due to launch on April 25th and will be split into two phases prior to launch:
During the cold start period, in the first 2 months after the launch of the main SmartX network (high 1-345600), the PoS collateral income is one third of the regular income (4 SAT).
In the normal period (after 34,601) the normal PoS mortgage mining income will be automatically restored 2 months after the launch of the SmartX mainnet.
After Zhitu SmartX is launched on the mainnet, Zhitu ERC tokens will be gradually mapped to the mainnet (two weeks before and after launch), and some of the subsequent Ethereum ERC tokens will be kept as a pool of funds Zhitu cross-chain assets , and the rest will gradually collapse. The total amount of Zhitu remains unchanged from 7.7 billion to 10 billion.
During the cold start, Jitu will receive extensive coverage during this period. After enabling SmartX to get maximum exposure for 2 months, that is, after all users who came first are able to fairly participate (2 months), they will fairly switch to normal currency production. After that, we will work hard to develop the ecology of Zhitu and turn the ecology of Zhitu into a key digital asset and development platform in the blockchain world.
Question 6. After the launch of the main SmartX network, many miners will participate in it. Could you please introduce us to the SmartX block generation options and what are the highlights in terms of block generation?
Franksu: Normal coin production rate on the Zhitu network: each PoS sharding node produces 12 coins every 15 seconds. In accordance with the amount of the pledge of each user, 12 coins are allocated in the pledge agreement. PoW produces 72 coins every 15 seconds. According to the algorithm of each PoW machine, the entire network allocates 72 coins with a half-life of 2 years. ... There is a 2.5% commission for renting cloud servers to create a Zhitu PoS mining pool sharding node, and the PoW mining pool fee is dynamically set based on the situation of the mining pool owner.
Coin mining scheme for each PoS shard
Annual output of 1 node PoS (halved every 2 years)
PoW Coin Mining Curve
Each segment has 12 fixed positions, and the number of segments operating in the entire main network at this time is multiplied by the appropriate factor.
Question 7. Could you provide an economic model for the SAT token, what are its main features?
Franksu: SmartX is carefully designing economic models. Carefully design PoW and PoS mining rewards to balance the market value of SmartX and the selling pressure of the PoW / PoS market. The 25 nodes that the SmartX system natively supports are the largest validation nodes that can be supported by the SmartX consensus, not to mention the core requirement for the system to work.
Whether there are multiple PoS nodes or PoW node systems, they can continue to operate, which is in line with the principle of BTC / ETH mining pool block producers.
When each epoch generates a block, the smart contract will automatically weed out the PoS nodes with the most previously pledged SAT coins as validation nodes. So this is a dynamic competition mechanism. Only the staking nodes that are successfully squeezed into the shortlisted nodes set by the system in each round can be rewarded for verifying the PoS vote. The reward ratio between PoS and PoW is 80:20, and PoS and PoW can be the same node. When a PoW node generates a specific master block and validates it at the same time as a PoS node, the node can receive double rewards in the form of PoS and PoW. SmartX's goal is to better weed out nodes more willing to participate and get a better economic model.
We can test PoS in the alpha version of the official site from 2020 to early October. If 25 PoS shards produce a block every 15 seconds, all PoS nodes produce 12 SAT coins at the same time in 15 seconds. The daily issue could be close to over one million coins. If the current 7,500 watts were used as the base threshold, hundreds of millions of coins would be produced with tens of millions of mortgages.
The initial yield will be over 500%. This will attract a large number of holders or buyers of currency to the mortgage, and the entire turnover in the market will be significantly reduced. However, as the total amount of the mortgage increases, income will decrease and balance will eventually be reached.
Mining pool users only need 100,000 SAT to create a 'hosting contract' to create a 'segmented mining pool node', while a mortgage contract can be crowdfunding for regular users (other users can pledge their SAT for the contract) 300 watts. After the SAT, the sharding node can take effect and participate in the generation and merging of blocks. Regular users, if they hold more than 1000 SAT, can participate in staking and participate in the distribution of PoS profits.
In addition, if a PoS node goes down for some reason, it closes down. The user can then choose to transfer the coins pledged in the node's mortgage agreement to another valid agreement. If the user withdraws currency from the mortgage agreement (whether online or offline). The contract must be named "delete operation", it takes "36" days for a successful release. You can only get your wallet back if you successfully cancel it. This process is automatically completed by smart contracts, decentralized and without manual intervention.
Question 8. What machine configuration is required to mine SmartX, what is the mining difficulty and profitability?
Franksu: The CPU mining algorithm developed by Jitu is called the SATDAG algorithm, which is similar to the ETH mining algorithm. When starting mining, you need to create a 100M DAG verification file. Then, every time a random number is sent, the contents of the SATDAG file must be searched for to participate in the hash.
The higher the CPU frequency, the more threads and the higher the memory speed, the machine will take precedence in the SATDAG algorithm. The SATDAG algorithm may be updated in future versions. We attach great importance to algorithms and inclusiveness. Our development team is very vigilant to ensure that the processing power of the ASIC / FPGA does not harm the general public.
In addition, the PoS to PoW ratio is 80:20. PoW does not dominate coin production. Perhaps the cost of buying a PoW machine will be more profitable than pure PoW mining.
Question 9. Recently, DeFi and NFT have caught fire. Is SmartX merged with DeFi or NFT, and are there any plans to mine liquidity?
Franksu: The DeFi field is a relatively valid post-ICO application in 2017. Its applications include Dex transactions, lending services, algorithmic stablecoins, and more. For example, the Dex Exchange creates tremendous liquidity by providing digital assets for the production of governance tokens. This is a great innovation.
However, it is currently mostly in the Ethereum ecosystem. The eco-friendly SmartX system will overtake speed and safety when cornering. In addition, the Cex exchange will face huge competition from the Dex exchange in the future, and from this point of view, DeFi will never become obsolete. As far as NFT is concerned, we will continue to wait and watch in this market until we have the opportunity to intervene. In addition, the Zhitu team and a third party team are currently developing a SATSWAP exchange on the Zhitu platform. You will see it soon.
Question 10: What are the main use cases for SmartX and what practical problems can it solve?
Franksu: Our goal is basically to build a highway, which is countless parallel highways and a public network that is easy for everyone to use and accessible to everyone. In addition, vehicles moving on public networks or highways may require the participation of a large number of community users. After going online, we will provide the “private chat” function, “red envelope on a chain”, “drifting bottle in a chain” and other information transfer services.
In addition, we will be partnering with a third party development team to develop the "SATSWAP Exchange". You can “send tokens with one click”, “send exchanges with one click” and provide “smart contract shops”. Users can directly use the contract template provided by the official or third-party development team to create their own DApps in the “smart contract app store”.
We will also launch our own Zhitu public network wallet, which integrates all high quality and reliable DApp features to provide versatile blockchain services.
In terms of engaging developers, I think we can learn from the Unity ecology and the Apple ecology. The official will provide developers with a variety of secure and reliable smart contract modules and will even provide a smart contract app store for smart contract developers to share and sell their knowledge. I think the practices of Unity and Apple are very worth learning and they are very good ideas too.
Question 11. What development potential does SmartX have on the way to the future, and what are your expectations?
Franksu: The vision of Zhitu's public network is to provide blockchain users around the world with high efficiency, fast enough speed, enough price to get closer to people, anyone can participate, anyone can own a public chain and stop there public blockchain service chain ... This is the completion of a case that Ethereum has yet to complete.
A journey of a thousand miles begins with one step, and the road must be followed step by step. We made a breakthrough at the “consensus level”. But the greatest value of a public network is its sustainability. Zhitu also needs to make breakthroughs on an “ecological level” to maximize the enthusiasm of the entire Zhitu community. We have reserved part of the tokens for motivating the ecology of Zhitu. In addition, Zhitu should also host a Zhitu developer conference as soon as possible to share what Zhitu can and cannot do to users in the Zhitu community. Let's wrap this up together. Things.
China is the largest market for blockchains, but domestic public networks rarely appear in this market. Currently, most of the public networks in China are still in the stage of imitation and plagiarism. There are very few original public networks with revolutionary innovations so far. Zhitu is definitely a leader in this area. Chinese concept stocks are sought after by investors all over the world. I believe that the Chinese concept chain will be welcomed by users all over the world in the future blockchain world. Especially public networks without ICO and fair launch, such as Zhitu. In fact, this is what Zhitu can expect in the future.
Amazing comparison of 15 key technical indicators of blockchain public chain
More about SmartX (Smart Map, Kit Zhitu, English Smart Map)
Official site:
https://smartx.oneAnnouncements and information:
https://smartx.one/blogBounty mission:
https://smartx.one/archives/category/btySmartX mailbox:
onesmartx@gmail.comOfficial Twitter:
https://twitter.com/SmartXoneCEO SmartX Twitter account ：
https://twitter.com/FrankSmartXSmart wallet app (beta): https://smartx2021.lanzous.com/satapp
Application for mining faucets (built-in wallet): https://smartx2021.lanzous.com/faucet
9.SAT Pool Mining Software (beta): https://smartx2021.lanzous.com/mining
1.0. Required components for mining: https://smartx2021.lanzous.com/module
Introduction to Zhitu Wallet (Web Version):
1.Coral Wallet: https://alpha.smartx.one Mainnet wallet address, real currency, valid forever!
2.Test wallet: https://testnet.smartx.one The test wallet address is a test coin and will be cleared!