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Sidechain and Crosschain Application: RSK, Bytom,Polkadot and PPk

Aug, Hangzhou-8btc hosts a blockchain developer meetup in Hangzhou last night, topic of which is around the development of sidechain and crosschain. Guest speakers share their experience in blockchain project development. Guests include Diego Gutierrez Zaldivar, CEO of RSK; Yue Lipeng, founder of Cosmos and Polkadot; Yi Changjun, developer of Bytom; Chen Hui, founder of PPk.
Duan Xinxing delivered a opening speech with the intrdocution of 8btc. Since its establishment in 2011, 8btc is the earlierest bitcoin and blockchain community in China. It offers a platform for developers to learn and share. The first batch of blockchain startup entrepreneurs are connected to 8btc forum to a certain extent.

01duan

Duan Xinxing introducing the sidechain architechture of Bytom

The evolution of blockchain has been so dramatic that it’s difficult to keep up with. Public blockchain project like Ethereum and Litecoin are cultivated from Bitcoin. Ripple, Chain, Hyperledger are more popular on enterprise level. However, the data island of blockchain still requires a new mechanism to achieve inter-operation and inter-communication. This is how crosschain and sidechain are originated.

Diego Gutierrez Zaldiva, CEO of RSK, share the crosschain technology via Bitcoin blockchain. RSK sets to build the smart contract platform based on Bitcoin blockchain. Sidechain is adopted to achieve security while extending performance of Bitcoin.

 

02diego
Diego Gutierrez Zaldiva, CEO of RSK

Diego says that the internet today allows us to transmit information effortlessly at almost zero cost but it fails to deliver assets with value. Bitcoin, as one of the greastest invention in the world, has fulfilled the function of value transfer perfectly. However, the transmission rate of Bitcoin network is low due to security concern. RSK may achieve hundreds of tx/s. Diego hopes to promote blockchain development alongside with Chinese peers.
Yue Lipeng, founder of Lianhulian community, shares his insights on the research of crosschain, using Cosmos and Polkadot as example. Cosmos aims to verify crosschain data between two blockchains via IBC (InterBlockchain Communication)plugin. Cosmos is set to become a decentralized exchange.

03CosmosPolkadot
Yue Lipeng shares his insights on the research of Cosmos and Polkadot 

Currently most exchanges are centralized, like OKCoin and Huobi. The setback of centralized platform is that users lose control of digital currency. Polkadot can be used for heterogeneous cross-chain communication and is more complicated compared to Cosmos. Polkadot is a heterogeneous multi-chain framework, constituted by collector, relay blockchain, parallel blockchain and other components. Headers of all blockchains are integrated together. Users and collectors are required to register on the relay blockchain if they wants to conduct crosschain transaction. The relay blockchain is in charge of cross-chain transaction fees and cross-chain data penalties.

Yi Changjun, developer of Bytom, shares the sidechain design of Bytom. XRelay is adopted to realize sidechain function. Developers can create XRelay, a mini version of X blockchain, on Bytom. Dapp developer can verify Xchain activity through invoking API from smart contract.

04yi

Yi Changjun, developer of Bytom


Take dividend distribution for example, if asset issuer wants to distribute dividends in BTC, he may invoke XRelay to conduct cross-chain operation.

Chen Hui, founder of PPk project, reviewed the inspiration of the success of the World Wide Web on the development of blockchain. He proposes the integration of communication between blockchain and internet. Traditional internet framework consists of LAN, IP WAN, DNS, Uniform Resource Identifier (URI), Hypertext Transfer Protocol (HTTP), and Web application.

05ppk

Chen Hui, founder of PPk project

Chen Hui says that the most important factors for the success of WWW (World Wide Web) are the release of URI, HTTP protocol, Hypertext Markup Language (HTML) since its inception in 1945. At its current stage, blockchain is like the early of stage of local area network. Developers are required to grasp in-depth understanding the bottom-layer protocol of blockchain when they are developing applications, which increases the learning costs and lowers development efficiency. Chen Hui proposes that a bridge, a trusted identity and transmission protocol, could be built between the application layer and bottom-layer of blockchain, which will greatly reduces the developer’s cost and improves their efficiency.

The meetup attracts a large crowd and audience have to pick a spot on the venue.

COMMENTS(20)

  • BitcoinAllBot
    1 year ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • KevinKelbie
    1 year ago KevinKelbie

    I cannot wait for RSK. Although they are not very good with branding. Rootstock was a much better name. 😛

  • hanakookie
    1 year ago hanakookie

    I can’t wait for RSK either. It’s a different smart contract concept than ETH. Let’s see if they can get it right. Not just a platform to raise cash for ICO’s

  • mbrochh
    1 year ago mbrochh

    Whats the best intro-video or blog post to understand the tech? I have never understood ETH, the only thing that I know is that some hacker managed to siphon away money by exploiting the “programming language” or something? Could this happen to bitcoin, too, soon?

  • KevinKelbie
    1 year ago KevinKelbie

    From my understanding the code was poorly thought out and granted users access to functions they should not have been given. RSK will likely have the same problems but only specific smart contracts can be broken into and not the underlying system (i think). If you dont wish to use it you don’t have to so you could just ignore RSK.

    Watch: https://www.youtube.com/watch?v=5JrdR6SRlWE&t=388s

  • 1 year ago amorinfinito

    Hello BYTOM team , I wanted to tell you that I love Bytom, thanks for keeping on working so hard on developing the technology. I find it very innovative and useful, I really want to see more what you can do with Bytom and also I would love to see Bytom in more Exchanges , like Bittrex, BTCC, Bithum, even Poloniex. Can you please keep on updating the Bytom community with the technology upgrades, investment, alliances, marketing, and public uses that are going on with Bytom, I firmly believe Bytom will be goblally know very very soon , please keep up the good work. Blessings.

  • Masaki Kagaya
    11 months ago Masaki Kagaya

    2017年8月に杭州市で RSK、Bytom、Polkadot と PPk の開発者がミートアップに参加。

    http://news.8btc.com/sidechain-and-crosschain-application-rsk-bytompolkadot-and-ppk …

  • Masaki Kagaya
    11 months ago Masaki Kagaya

    Polkadot は heterogeneous なマルチチェーンフレームワーク。コレクター、リレーブロックチェーン、パラレルブロックチェーンとその他のコンポーネントで構成される。

  • Crypto Hungama
    2 months ago Crypto Hungama

    Kai-Fu Lee’s Sinovation Ventures: Why Invest In Bitmain? | http://NEWS.8BTC.COM https://news.8btc.com/kai-fu-lees-sinovation-ventures-why-invest-in-bitmain …

  • Its_Dlu
    2 months ago Its_Dlu

    Imagine this happened to the Bitmex office. What would happen to the building for all those overload errors?

    https://news.8btc.com/okex-users-broke-into-okcoin-beijing-office …

    #btc #trading #BITMEX #OKEX

  • 8BTCnews
    2 months ago 8BTCnews

    #China Unveils Self-Discipline Rules for #Blockchain Industry | http://NEWS.8BTC.COM https://news.8btc.com/china-unveils-self-discipline-rules-for-blockchain-industry …

  • CryptoMakers Club
    1 month ago CryptoMakers Club

    AMD Partners With Seven Major Tech Firms to Create Better Solutions for Crypto Miners.https://news.8btc.com/amd-partners-with-seven-major-tech-firms-to-create-better-solutions-for-crypto-miners …

  • Fan
    1 month ago Fan

    Bitmain Rushes to Deploy 90,000 Antminer S9 Miners in Xinjiang as Bitcoin Cash Hard Fork Looms | http://NEWS.8BTC.COM https://news.8btc.com/bitmain-rushes-to-deploy-90000-antminer-s9-miners-in-xinjiang-as-bitcoin-cash-hard-fork-looms …

  • Joseph Young
    1 month ago Joseph Young

    Respected economics professor at a prestigious university in Korea said blanket ban on ICO is delusional and that gov’t needs to allow local crypto market to flourish.

    Last month, Korea’s National Policy Committee chairman called for legalization of ICOshttps://news.8btc.com/prominent-professor-in-south-korea-blanket-ban-on-ico-is-delusional …

  • Antonio Rodriguez
    1 month ago Antonio Rodriguez

    So many bullish news during the last few months..like ecosystem growing exponentially…the only non bullish part of crypto is price trend during the last 10 months

  • fortunekr [LTC]
    1 month ago fortunekr [LTC]

    Don’t worry. When the btc price pumps, the korean gov will capitulate. I give it 6 months or less for the u-turn to be announced. Same with china.

  • bitcoinpasada
    1 month ago bitcoinpasada

    Korean shitcoins incoming people. Brace yourselves.

  • I am that
    1 month ago I am that

    Korea needs to take action. They are hinting at regulation but nothing is happening. Same with SEC, they are dropping lawsuits but refuse to clarify and regulate.

  • Conniewj
    1 month ago Conniewj

    #btc #bch# hardfork #xinjiang # Bitmain
    Crypto Mining Farms Suspend Operation in China’s Guizhou and Xinjiang for Tax Inspection. Will Bitmain be Affected? | http://NEWS.8BTC.COM https://news.8btc.com/crypto-mining-farms-suspend-operation-in-chinas-guizhou-and-xinjiang-for-tax-inspection-will-bitmain-be-affected …

  • Coinan The Cryptarian ฿
    1 month ago Coinan The Cryptarian ฿

    Can you explain what has happened to the volume on Bithumb? This is from today at rank 113, yesterday was out of top 30. Literally a drop from 80K BTC/day last week to sub 3K/BTC daypic.twitter.com/DEjqszYvJq

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