Bitkub Chain explained in-depth technology from the beginning to today, emphasizing the importance of blockchain technology
New technology developed on Bitkub Chain
1. KUB Coin – A built-in utility token on Bitkub Chain, which can be used for several utility functions such as on-chain gas fee payment, convertibility to fee credits, locking coins within a certain time period, and earning various digital assets and redemptions for partners’ services and products.
2. Block size – The block size of Bitkub Chain is set to 60,000,000 Gas. Still, the block size can be increased in the future or more than other chains like Ethereum to support on-chain transactions. (In 2021, Ethereum was set at 15,000,000 gas).
3. Block time – Bitkub Chain started with Proof-of-Authority (POA) consensus, which the system is fixed at around 5 seconds. This can be argued that the confirmation time is faster than Ethereum. In addition, time variation is extremely low due to the network’s low latency, and speed can be calculated based on block size and transaction per block. The number adjustment is also becoming a challenge from a technical point of view. However, the process depends on the other factors to improve the alignment to be more convenient and stable on the blockchain.
4. Transaction fee – Bitkub Chain used another mechanism called “Fixed Minimum” to stabilize the transaction fee at 50 GBit, which can suit multiple business use cases and gas fee estimation for both users and developers. Furthermore, the high transaction fee is one of the main pain points for blockchain adopters, which depends on the crypto-economic model. In comparison, Ethereum uses the dynamic gas price mechanism based on the congestion on the network, which is different from Bitkub Chain. To clarify, the more the network is congested, the higher the gas price and transaction fees.
5. Hyperblock – A mechanism to aggregate the transactions from multiple wallet addresses on the Bitkub Chain. Hyperblock can speed up the transaction by over 1000 transactions per second (TPS), making the Bitkub Chain process faster and more secure. Hyperblock consists of four main parts:
one. Backend Service – the technology to help manage the “Backed Transaction Pool” by calling all the data transactions simultaneously via contract address. In addition, the transaction defragmentation mechanism can increase the efficiency of the remaining block size.
b. Gas tank module – The wallet addresses to pay the transaction fees for the users on Bitkub Chain.
c. KAP Standard (Smart Contract) – Standard token on Bitkub Chain fork from ERC Standard. Bitkub Chain also invents 3 main functions that can secure the ecosystem:
- getOwner() : The function is to help investigate the owner of smart contracts on Bitkub Chain to be more transparent.
- batchTransfer (from , to[] value[]) : The function is to help call a thousand transactions at once to record the data in the blockchain. This can save the transaction fee and quickly distribute a large number of coins.
- adminTransfer(from , to , value): The function of the KUB coin working group is appointed to monitor offense actions such as Rug Pull. They can use this function as a majority agreement or appointed by the court to take action to recover all the stolen assets.
d. Fail-Safe Mechanism – The Fail-Safe Mechanism works by using an off-chain engine to detect the failed transaction in the transaction pool and try to diagnose the cause of the failure.
6. Security – Bitkub Chain’s security system is designed based on basic security, which comes with a registration feature to protect users’ assets. However, the full functionality of KYC will be available in the future.
The Bitkub chain as Thailand’s future digital infrastructure
1. Gas optimization from 50 Gbit to 5 Gbit – Bitkub Chain’s vision is to prepare mass adoption in the future. To accommodate the new configuration, the KUB coin supply was reduced to 110,000,000 KUB and the distribution was also revised to ensure balanced incentives for a sustainably growing ecosystem.
2. Bytecode – The fundamental encoding bytecode to compare the smart contract similarity with KAP fundamental bytecode. This can help reduce human error by inserting incorrect code into DApps.
3. Bitkub Chain Layer-2 – Bitkub Chain launched Bitkub Chain Layer-2 or “BKC Ping” on June 29, 2022. It is the secondary framework or protocol built on top of Bitkub Chain (Layer-1) to maximize efficiency of blockchain exploitation. For example, it can reduce the transaction traffic and fee and inherits the security from Layer-1 with fraud proof. In the future, there will be a launch of 3 more frameworks which are Wang, Yom and Nan.
4. Software Development Kit (SDK) – The Bitkub Chain software development kit was developed to make it easier for almost any developer to connect to the Bitkub Chain. To clarify, this software development kit has several advantages, including 1. To handle transaction sending to blockchain 2. Support for transaction gas fee 3. Environmental testing (helps developers to debug and deploy on the mainnet) 4. Less time is required for project development on Bitkub Chain.
5. BKC Oracle – The core infrastructure on the Bitkub Chain that connects real-world data to blockchain and supports blockchain developers to use the tools and platform more efficiently.
6. Static Web Hosting – The technology that can bring the website to use on the blockchain using Bitkub Chain as a database to connect to the Smart Contract from the Software Development Kit (SDK).
Technical paper (yellow paper)
Technical paper (yellow paper) is officially announced on www.bitkubchain.com and published through Bitkub Chain Official Facebook page. In addition, The Technical Paper (Yellow Paper) has already been verified by independent specialists.
Mr. Samret Wajanasathian, Chief Technology Officer (CTO) of Bitkub Blockchain Technology, said: “I would like to ensure that Bitkub Chain has always been and uses a high standard of blockchain technology. For example, we have KUB Coin, the original tool on Bitkub Chain. Our system has an estimated 2 million wallet addresses that are composed of an estimated 990 thousand Bitkub NEXT accounts and 83.5 million transactions. We still strive to continuously develop our technology for Thai people and prepare for mass adoption in the future.”
Stay tuned for more news and updates of the Bitkub chain
Website: https://www.bitkubchain.com/
Facebook: https://www.facebook.com/bitkubchainofficial
Twitter: https://twitter.com/bitkubchain
Discord: https://discord.gg/WkJ6j279
Telegram: https://t.me/+jiM6dAP5cxUzZTM1
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