IBAX's Public Blockchain
A public blockchain is a blockchain that can be read by anyone, where anyone can send a transaction and the transaction can be validly confirmed, and where anyone can participate in the consensus process. Briefly understood as a public, publicly available decentralized blockchain.
The development of blockchain technology is evolving from the initial exploration stage to the stage of landing applications and industrial integration. One of the most widely used in the public blockchain. If the application on the blockchain is a high-speed train, the public blockchain is its engine, and the development of the public blockchain directly affects the speed of the applications on it. As the underlying support of blockchain application value, the public blockchain is the future development trend of blockchain. Only on the basis of the solid, stable, and efficient operation of the public blockchain can blockchain commercial applications be truly implemented and developed.
The public blockchain can protect the users' rights from the developer of the application. If the developer develops the application on the public blockchain and he has no right to interfere with the users, so the public blockchain can truly protect the rights of the users who use the application. Moreover, the threshold of using the public blockchain is relatively low, anyone who has a computer with internet connection can access the public blockchain.
The underlying technology of blockchain is the key to the development of the industry. At present, each public blockchain platform project has not yet formed a solution with obvious advantages in system state, ledger structure, consensus algorithm, smart contract, asset registration, off-chain on-chain combination, cross-chain transaction, value transmission, transaction processing speed, scalability, and compatibility. Many projects are also innovating and researching in different fields, which will inevitably bring about the continuous upgrading of blockchain technology in the next few years, which will eventually combine with the real economy and contribute to the development of society.
The Bitcoin system has been running steadily for almost a decade since it went live in January 2009. It has a tps of about 10 transactions per second. The trading lanes are often crowded, but extremely secure. During this time Bitcoin has been widely criticized, yet highly respected, and has plummeted numerous times, yet risen again and again.
If public blockchains are to continue to grow, they must improve their performance. The development of the public blockchain has always been affected by the "Impossible Triangle", where security, decentralization and scalability cannot be achieved at the same time. It is like a tightening spell that binds the ambition of public blockchains and hinders the rapid development of public chains. When the system pursues high TPS, it will inevitably sacrifice part of the security or cause the system to be too centralized. Take Consortium Blockchain, for example, although it achieves low energy consumption and high performance, it results in a too centralized system. Therefore, the development of public blockchain must not simply pursue high TPS, but needs to make it achieve overall high performance.
IBAX public blockchain is based on the consensus mechanism of DPOA. DPOA Decentralized Proof of Authority is a self-consistent, high-performance consensus mechanism. The representative is elected by the most authoritative node. Technically IBAX can achieve higher than 3000TPS, but the IBAX team chose 3000TPS data concurrency based on the security of the chain and its decentralized performance tradeoff and after calculations, which is a balanced choice based on comprehensive considerations. The transaction speed of IBAX can meet the basic daily transactions, but also to a large extent to ensure the security of IBAX. It is a secure, high transaction speed, and decentralized public blockchain.