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CryptoWorld Foundation Creates Main Chain Integrating a Multi-chain Alliance Mechanism, Bidding Farewell to the Era of Ethereum Single Chain
HONG KONG, March 12, 2018 /PRNewswire/ -- With the rapid development that is taking place across the entire blockchain industry, the requirements in terms of computing capacity of the public chain continue to grow as a result of the explosive growth in the number of blockchain users, continuous expansion in terms of content development and the application of blockchain technology across a wider range of industries. The fact that the blockchain-based simple game CryptoKitties almost paralyzed the Ethereum network reflects the limitations due to the insufficient computing capacity of the network which failed to keep pace with the development of the blockchain. As blockchain applications are not easily accessible by the majority of users, in that they don't have the necessary understanding of the technology, the effect is that the user lacks a point of entry. In addition, users find it time-consuming and laborious to switch between applications due to the lack of compatibility between different blockchains.
In the middle of 2016, the CryptoWorld Foundation, a conglomerate of several organizations that develop and manage anonymity services and products, decided to expand and deepen the blockchain network, starting with the basic blockchain technology, as a vehicle for enhancing the computing capacity of the blockchain. After a year of work, the team finally developed CWV, the platform that serves as the point of entry capable of enhancing the blockchain's bearing capacity and enabling more applications to respond in a timely manner and run effortlessly on the blockchain. Relative to Ethereum-based solutions, CWV, scheduled for launch by the end of March 2018, represents a big leap forward for basic blockchain technology.
The Main Chain Integrating a Multi-chain Alliance Mechanism has The Necessary Computing Capacity to Support Millions of Transactions
CWV is the world's first main chain integrating a multi-chain mechanism. It is a main chain project combining the Raft+DPoS consensus mechanism-based alliance chain with the individual commonable chains. With the sidechain matchmaking technology supporting the connection between other public chains (such as Bitcoin and Ethereum) and the CryptoWorld public chain, CWV enables true interconnection between the virtual and real worlds across borders and platforms for the first time.
CWV's alliance mechanism, with the core bottom layer of the SpeedForce network, a "second layer" transaction protocol that operates on top of a blockchain similar to the Raiden Network, allows for the handling of millions of transactions and smart applications with higher performance requirements, while maintaining a secure and efficient consensus mechanism and distributed ledger. The CryptoWorld application platform allocates ledgering and verification functions to different tiers of nodes by utilizing the multi-chain technology combining the complex alliance chain with the individual commonable chains. Within the layered infrastructure, the core accounting layer is responsible for transaction approval and takes part in the mining of transaction fees as a means to ensure security, while the transaction execution layer is responsible for implementing contracts and viewing transaction history, leading to higher efficiency.
Creating a Seamless Connection that Enables an Unlimited Expansion in the Range of Applications
The CryptoWorld Foundation plans to create CryptoWorld.Vip, a CWV-based blockchain application platform that fully mirrors the real world. The buildings in the real world will be created correspondingly in CryptoWorld.Vip. By accessing different chains and blockchain services based on the function of each building, the user can not only use and/or operate a wide range of gaming, social and educational applications within the building, as well as purchase and reconstruct the building in much the same way as one would in the real world, but also generate revenue via the building.
The CryptoWorld.Vip is an open, virtually operated platform based on APIs associated with smart game contracts, game rules, the Token system and rules regarding the building of virtual properties, providing developers and users with the ability to expand the range of applications without any limitations.
Much like the advanced version of the game Second Life, CryptoWorld.Vip serves as a contextualized point of entry application platform that locates blockchain applications within virtual properties. In the visualized virtual world, the user can have access to a range of services provided by the buildings surrounding a certain building or locality he or she visits, in addition to accessing services provided by the blockchain applications within that same building or locality.
In addition, the user who has CWV, the CryptoWorld token, can freely access any application within any virtual building. With smart contracts automatically completing the token conversion, CryptoWorld.Vip enables a truly seamless connection by eliminating the hassle of having to interact between multiple tokens, a tedious process that is required on the existing platforms when switching between applications.
Users Can Share Income
Properties in the CryptoWorld.Vip platform are comprised of landmark and functional buildings, with each building having a different value, which, by its very nature, will stimulate transactions among users. Owners of landmark buildings are entitled to receive ad income, while owners of functional buildings, such as exchanges, casinos and stadiums, are qualified to operate the corresponding game applications that are an integral part of the building.
For example, amusement arcades will house gaming functionalities, providing users with the capabilities to use the game chain to play any and every kind of game, while exchange properties provide access to the decentralized exchanges, where users can experience the same scenario as in an actual stock exchange such as the NASDAQ or the NYSE. Consumers using the applications in the buildings are required to pay a fee to the buildings' owners. Owners can decide whether to operate the applications by themselves or entrust a third party to handle the operation, from which the third party earns a commission.
Of note is that CryptoWorld.Vip leverages the income dividend mechanism, whereby the platform randomly extracts and allocates the daily total income based on the different value of properties, allowing each user, through a game-like experience, to enjoy incremental increases in the value of the entertainment and the virtual assets, and, by doing so, achieve the virtuous win-win cycle where both the platform and its users benefit.
Interconnection between the Real and the Virtual
The beginnings of an encrypted world in which future blockchain technologies play a role in every field is already here and developers are excited about the possibilities. In the future, the world of encryption can expect to see an explosive growth in the number of applications through sidechain and crosschain, while becoming an ever-important venue for users of cryptocurrencies. At the same time, the encrypted world will gradually access real-world products and services where settlement and clearance of the transaction will be handled with a cryptocurrency through interfaces for third party ecosystems, achieving the interconnection between the real and the virtual zones of the blockchain world. The products and services will include, but not be limited to, commodities, education and offline services, among others.
The conglomerate's first integration main chain CWV makes it possible for more and more smart blockchain applications and products to be launched. The revolution that will take place as a result of blockchain technology's role in the world of encryption will be more fierce and rapid than any other Internet disruption, and will augur in the era of the blockchain-based connected world.
About the CryptoWorld Foundation
The company is currently dedicated to the research and development of blockchain technology and the construction of an application development platform for the blockchain game field. CryptoWorld has assembled a 50-member team of experts in blockchain, the Internet and gaming from around the world, including post-doctorate students from Tsinghua University, technical wizards who have many years of working experience at Microsoft, as well as a number of Internet technology and game pros from the United States and Taiwan. The company aims to construct an ecosystem for the blockchain industry which includes building an even higher performing underlying system based on the blockchain through a combination of blockchain technology research and the construction of a development platform for the game industry.
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SOURCE CryptoWorld Foundation
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