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?
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
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.
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.
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.