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Block Collider
Block Collider project is a multi-chain system. Distributed database with high speed of information processing is built on blocks of different blockchain. The project integrates several systems and allows operations between them. Block Collider significantly reduces the waiting time for the balance update due to the special FIX Protocol (Financial Information exchange). The system is created by miners working exclusively in a decentralized environment. There is no single authority management of the Oracle or of the validator.
Contents
Principle of operation
Currently, cryptocurrencies are "specific principalities" that do not have the ability to interact with each other. If one of the users wants to work on a smart contract with another, it is possible to send the cryptocurrency only from the blockchain on which the smart contract is used. This approach significantly complicates the work and reduces the likelihood of practical use of cryptocurrencies. The block creation time and the cost of transactions increase significantly as the volume of transactions or trading increases. As for the so-called sidechains, they bring centralization to the network and can be managed by a group of miners or pools. The emergence of a multi-chain system allows users to pave the way between different technologies. Modern technologies differ from each other in the speed of the emergence of new blocks, types of smart contracts, the model of creation and operation of coins, the cost of transactions. As a result, the community wants to enjoy different benefits. It is impossible to do this without multichain. With the introduction of Block Collider, the following points will be possible:
- transactions and smart contracts can be created and run on different blockchain;
- conduct safe transactions between different block chains is possible without trust or confirmation of the central government;
- the speed of transactions between different chains will increase in relation to the same indicator within the network;
- smart contracts will be executed automatically;
- application developers will be able to add and combine various properties of the blockchain within the system.
All these features can be used without making changes to the codes of blockchain.
Scope
Application is possible in decentralized exchanges. Today, trading platforms of this kind are one of the main aspects in the crypto industry. The fact is that exchanges are the main catalyst for price movements and technical problems can have an impact on the whole industry. With Block Collider, exchanges will be able to carry out operations without the risk of any error that could occur in a centralized system. Another application of the technology is the hedging of smart contracts. Protection against hacker attacks is one of the most important tasks for many participants of the cryptocurrency market. Gaps in the protection already resulted in a significant loss of funds by many investors. Multi-chain technology can trigger an action in one chain at the same time as it is triggered in another. Accordingly, this innovation will be used in hedging smart contracts. As a result, when funds are debited from one account within one of the blockchain, they appear on another account of another blockchain.
Mining
At the heart of production within the Block Collider project lies the mechanism of Proof of Work with significant changes. The new technology is called Proof of Distance. A block within the system includes not only transactions, but also links to previous blocks. But unlike other networks, Block Collider does not assume a fixed number of transactions within a single block. Instead, the so-called "distance balance" is used, based on the number of coins Emblem, which is at the disposal of the miner. As a result, miners receive a bonus depending on how much cryptocurrency is stored on the wallet. Because of this, the block is released additional space for the inclusion of new transactions. In turn, this approach allows the miner to get even more commission for the transaction. Project developers draw an analogy with the cart. The more you can upload, the greater the profit received by the miner. For comparison, blocks in bitcoin or Ethereum include a certain number of transactions due to the size or amount of gas (for Ethereum). The variable block size allows miners to get more for their work. Moreover, the transactions will be carried out in order of turn based on the size of the commissions that network users are willing to pay. The Block Collider mechanism allows users to change the approach to determining transaction priorities. Along with the Emblem, the system also uses the NRG token, which performs a role similar to the gas in the Ethereum system, and is also used to reward miners. As with Emblem, the number of NRG tokens is limited. The maximum amount is 9.8 billion, but unlike Emblem, internal NRG tokens can be mined. At the same time, the remuneration is reduced over time.
Tokens
The system Block Collider will use two types of cryptocurrency. Emblem is distributed through ICO and presale. The total number of coins in circulation is 300 000 000 units. As part of the pre-sale it was collected $4 million, and in the initial offer is planned to collect $7 million. The cost of the EMB token within the ICO will be $0.07. An interesting feature of the Emblem token is that it is used to distribute other cryptocurrencies among users. For each EMB user will receive within the airdrop a certain number of coins of five systems. After the ICO, the coins on the miner's balance give the opportunity to add more transactions to the block, which will increase the commission received. Due to this, each block can increase in size.
Wallet
The Block Collider system offers its own wallet with numerous functions. For example, a wallet can act as a chat bot. It can send different crypto-currencies and invest in ICO through the usual voice commands. Another interesting feature planned is the execution of transactions on behalf of the owner using tested strategies.
Project team
- Patrick Makelog - co-founder and core developer, interested in issues of computer security and cryptography. He is the author of cryptographic tools such as Hushbaby and SIL21. In recent years, he worked for Citadel, during his training and professional career he launched several projects and received two patents.
- Arjun Raj Jain - co-founder of the project. He worked in various fields from education to health care. He studied computer science at the University of Pennsylvania. Actively applies his knowledge in practice to help increase the efficiency of enterprises.
- Craig Weissman - one of the leaders of the Block Collider project. Has extensive experience in sales management. Worked in the Adroll network. An economist by education. He is fond of modern technologies.
- Thomas Korsak. Works as a developer for 12 years. Has experience in languages such as C/C++ and Assembly. Fluent in three languages. He has participated in various projects ranging from complex graphics engines used in some Disney and Silent Hill games to the development of complex analytical tools.
Roadmap
The Block Collider team plans to work on the development until 2019, when the final working version of the product will be presented. In the second quarter of 2018, it is planned to create a multichain browser, launch several versions of the miner, as well as a version of the web wallet and a portal for investors. In the third quarter of this year, the team expects to open offices in the USA and the Czech Republic, to add EMB tokens to CoinMarketCap. Also, the company plans to launch a decentralized exchange with numerous assets and much more. A demo version of the API is planned for the fourth quarter of 2018, adding traditional data from the Forex market to the decentralized exchange, opening an office in Singapore and obtaining capital management licenses in the UK, the European Union and the USA. Finally, for the first quarter of 2019, the final measures are provided, the audit of the decentralized exchange, the addition of new blockchain and other.
Advantages and disadvantages
- interesting and promising technology that may be in high demand in the future;
- well-written whitepaper document with technical details of all projects within the system;
- unique system of mining new coins with conducting airdrops, allowing users to coin different blockchain;
- own multifunctional wallet;
- low hardcap threshold, which practically guarantees further work of Block Collider project.
