According to the development plan of the Bitbon System Blockchain, as part of the consensus algorithm update, the process of studying and modeling potential threats and attacks is being conducted, aiming to prevent the occurrence of such issues in the future. Therefore, a high level of decentralization and security will be guaranteed, which will lead to an increase in performance and reliability of the Bitbon System Blockchain.
The first of three stages of testing the implementation of the DPoS consensus algorithm into the Bitbon System infrastructure has begun. The testing will determine the potential performance of the Simcord Blockchain. Also, as part of this stage, comprehensive tests will be carried out to optimize business processes and mining algorithms in the Bitbon System. Stage-by-stage testing will allow a more thorough approach to solving the implementation issue of the DPoS consensus algorithm.
In accordance with the technical plan of the Bitbon System development, the first version of the DPoS consensus algorithm has been sent to testing to substitute the PoW algorithm currently used in the Ethereum Blockchain. The DPoS algorithm implemented by Simcord Company is the basis for introducing into the Bitbon System a unique method of consensus building mining, which has no analogues in the world. The new consensus algorithm will make the application of computing resources more effective and open up the possibility of increasing significantly the bandwidth as well as the reliability of the entire network.
The Bitbon System development team has started the final stage of integration with the first trading venue where the Bitbon System Users will be able to purchase and sell Bitbons. During the final stage, a comprehensive testing of trading conditions and basic integration parameters will be carried out.
The Bitbon System functionality has been developed, which allows setting and making an Assetbox alias and icon parameters publicly accessible (previously, such functionality has been successfully implemented for the info parameter). The functionality is being currently tested and will become available soon. These settings will provide the Bitbon System Users with an opportunity to manage the display options of the alias and icon data in the "Blockchain Statistics" section.
A new mechanism (Safebox) has been successfully integrated into the Bitbon System. Safebox is designed to create a secure Bitbon depository in the Blockchain. Bitbons can be stored on a long term basis regardless of whether or not the account is bound to any exchange. Complex tests have been started, during which a concept of a cold wallet will be implemented. Cold wallet is an offline wallet without access to the Internet, which makes it absolutely secure against the third-party access, except for those to whom the Safebox owner revealed the secret code. Additionally, the Safebox functionality will allow you to transfer Bitbons without specifying the recipient or to transfer them on-demand (the cell will be activated after entering the secret code chosen by the Safebox owner when activating it).
The zero-knowledge proof algorithm (zk-SNARKs) has been successfully tested. Its testing started on June 20. New mechanisms such as Bitbon Transfer Security Code (BTSC) and Safebox were implemented during the testing; the basis for further functional development of the Bitbon Transfer Security Code was laid down as well.
The Assetbox depository has been integrated into the Bitbon System node in order to ensure the uniformity of information and guaranteed access to the Assetbox data, regardless of the registration point. As a result, this solution allows improving the quality of such System properties as decentralization, reliability, stability and continuous functioning.
The zero-knowledge proof algorithm (zk-SNARKs) based on the Golang programming language has been successfully implemented, and the stage of its testing has started. This technical solution is performed as part of implementing new mechanisms, Bitbon Transfer Security Code (BTSC) and Safebox, in the Bitbon System node, which allows the Bitbon System Participants to securely store and transfer personal authorization information when executing transactions.
The modified consensus algorithm of the new Blockchain node of the Geth Ethereum hard fork has been studied and, as a result, the Bitbon System performance has been improved. The introduction of new nodes increases stability and reliability of the System as well as the speed of transactions.