Weekly report-October 30,2023

The IBAX core developer team focused on optimizing the virtual machine this week, improving the virtual machine design to enhance the smart contract execution efficiency and security of the IBAX public chain. This is a critical step in advancing IBAX into a general computing platform.

1. Introduced a new lightweight sandbox mechanism at the virtual machine level to prevent contract loops from affecting performance.

2. Optimized the design of contract accounts to reduce gas costs resulting from pre-compiled contracts. 

3. Added more rigorous access controls for contracts, so contracts can only access necessary on-chain data. This improved the security isolation of contracts.

4. Refined the pricing of each virtual machine instruction in the charging model to more closely reflect computational resource consumption.

5. Comprehensive testing and verification showed the new virtual machine reduced gas costs by about 18% compared to the previous version, with significant performance improvements.

6. Updated documentation detailing considerations in the new virtual machine design and steps for migration.