YTA (YottaChain) Project Biweekly Report (Nov.4th -Nov.16th)
Foreword: YottaChain draws much attention since its inception as the only storage public chain ensures data reliability and data security. To provide followers with YottaChain progress and latest developments, YottaChain publishes the biweekly report every two weeks, so stay tuned!
Part 1 Technology Development Progress
YottaChain is set to officially launch its main network-accounting network at 14:00 on Nov. 18th , which is 2 days earlier than its scheduled date (Nov. 20th). The Genesis Node will run on accounting network firstly, followed by gradual docking with other super nodes until all 126 of them are connected and qualified, then accounting network will be activated. Due to round-clock efforts made by technical team, we made all-round breakthroughs in the project. The recent technology development progress:
1. The new test network has started to operate normally, providing testing services to YottaChain users;
2. The exchange docking has started, and some exchanges entered testing phase. Along with the launch of main network, exchange can be directly mapped to allow the user properly save the main network token.
3, Wallet docking is already under test process. YottaChain has docked various wallets, with the testing and verification is ongoing. After the main network is launched, YottaChain main network token can be saved in numerous wallets;
4. Developed blockchain browser version 1.0, which allows user to view the block on the test network. After the running of main network, user can view information such as the main network’s block, transaction and voting through the browser.
5. Cooperated with SlowMist on safety audit. YottaChain’s main chain safety audit is coming to an end, and preliminary reports will be produced next week;
6. Started voting and mapping work, which is expected to be completed next week. The mapping service will help the YottaChain user to map ERC-20 to main network;
7. LRC encoding is ongoing. In order to improve data reconstruction efficiency, RS encoding will be replaced by LRC. According to current LRC scheme, it is generally only necessary to read 8 data fragments to complete data reconstruction. In the worst case, data loss can be prevented even if 12 data nodes encounter unrecoverable faults at the same time at one data block. In the best case, data loss can be prevented even if 36 data nodes encounter unrecoverable faults at the same time at one data block at the cost of a slight increase in data redundancy rate from 125% to 128.125%;
8. “De-LibP2P” is in progress. LibP2P is the only IPFS code used in YottaChain, which accounted for more than half of the faults during the YottaChain beta process. So YottaChain technical team intends to replace it with other schemes at the last phase before launch. Once “De-LibP2P” completes successfully, YottaChain will no longer contain any code for IPFS/LibP2P;
9. Open source code for accounting network is done;
10. Server preparation for each super node started, which ensures all nodes are successfully accessed after the main network is started.
Part 2 Commercial Application and Ecological Construction
1. Recently, in order to actively respond to the strategic layout of the national blockchain, apprehend the spirit conveyed in the conference, and advance blockchain technology and industrial innovation, Blockchain Industry Talent Research Institute, under the Ministry of Industry and Information Technology Talent Exchange Center, has made joint efforts with YottaChain ChinaScience StarChain Big Data Research Institute and the YottaChain Education Committee to organize a series of learning seminars attended by organizations at all levels. The seminars was targeted at local governments, institutions, and enterprises, focusing on the interpretation of conference spirit and relevant national policies, Industry policy making on blockchain technology development at local government, blockchain application in digital economy, digital governance innovation applications.
2. Hikvision, the world’s leading video-driven IoT solution provider, recently teamed up with YottaChain ChinaScience StarChain and other core partners to reach cooperation, aiming to adopt blockchain storage strategy in network video surveillance used by household and small and medium-sized enterprises and industry video solutions. To that end, they intend to offer a series of video storage solutions, which apply YottaChain blockchain storage in network video surveillance used by household and small and medium-sized enterprises.
3. This week saw a strategic cooperation reached by YottaChain ChinaScience StarChain Research Institute and Synology, the world’s largest NAS equipment provider. Now, the preliminary test docking has completed, and scheme optimization and adjustment are still ongoing. Both sides plan to sign strategic cooperation agreement, which demonstrates they will offer data insurance service to individual and small and medium-sized enterprises through leveraging Synology products and YottaChain’s reliable, secure and low-cost blockchain storage.
4. On Nov. 7th , YottaChain founder Alex presented in Sinopec Group’s 2019 informatization training class as the only invited expert, where he discussed how blockchain storage, big data, artificial intelligence and other cutting-edge technologies will empower intelligent manufacturing and promoted their application in this super-large central enterprise.
5. From Nov. 9th to 10th, Mr. Bian Ruoshen, vice president of Research Institute of ChinaScience StarChain, accompanied by Tianjin partners and Mr. Li Xiaoping, deputy director of provincial development zone in Gucheng County of Hebei Province, engaged in heated discussion on commercial application of YottaChain. To introduce the project, director Li Xiaoping reached a preliminary consensus with the ChinaScience StarChain Big Data Technology Research Institute, in which they will invite YottaChain to hold the first blockchain technology application experience exchange meeting in Gucheng County of Hebei Province in the near future.
Part 3 Remarkable Achievements in Market Campaigns
1. During Nov.4th-6th , the 3rd Shenzhen Blockchain and Distributed Storage Conference and Exhibition 2019, co-hosted by Shenzhen Municipal People’s Government and Shenzhen Financial Office, raised the curtain in Shenzhen. As a blockchain storage leader, YottaChain was invited to this grand event as a co-organizer and exhibited together with nearly 1,000 financial institutions, during which YottaChain founder Alex Wang delivered a keynote speech. On Nov. 4th, Alex Wang was the only entrepreneur interviewed by CCTV at the exhibition, where he rendered constructive views on blockchain storage, commercial application, and transformation of the real economy.
2. During the 3rd Shenzhen Blockchain and Distributed Storage Conference and Exhibition, Shenzhen Satellite TV interviewed Mr. Alex Wang, founder of YottaChain, and Mr. Zhao Weimin, executive director of YottaChain ChinaScience StarChain Big Data Research Institute, with the topics covering blockchain storage technology, application landing of blockchain, commercial application of YottaChain, and how they can empower entity economy. YottaChain is committed to building a global shared storage pool while bolstering high-quality blockchain projects, at the same time, they will also contribute more reference for landing of blockchain in real economy.
3. From Nov. 4th to Nov. 6th, the 3rd Shenzhen Blockchain and Distributed Storage Conference and Exhibition 2019 was grandly opened in Shenzhen. This three-day conference was attended by Mr. Li Zhijiao, chairman of YottaChain Ecological Community Committee; Mr. Sun Wenming, chairman of YottaChain Business Application Committee; Mr. Jiang Qilin, chairman of YottaChain Education Committee; and Mr. Zhang Fei, partner of Yotta Eco Fund. In their speech, they respectively shared promising future of YottaChain.
4. On November 8th, the 2nd World Blockchain Conference was grandly opened in Wuzhen. Poised as a front-runner in data storage landing and a pioneering storage public chain, YottaChain was invited to attend the conference. At the forum of “Unbounded Technology: Blockchain Underlying Infrastructure”, YottaChain founder Alex Wang gave a keynote speech “China Stays Ahead of Curve in Storage Chain” and he is convinced that YottaChain will become a pace-setter in storage public chain and a trend leader in blockchain era.
5. On Nov. 11th , SV TechClub, Blockchain Lab of Tongji University, Mathematical Assets Empowerment Laboratory of Nanjing University, Blockchain Innovation Lab of Deakin University of Australia co-hosted an online live broadcast related to blockchain storage technology application, which invited YottaChain founder Alex Wang to share the theme of “Uncovering the Core Technology Application of Blockchain Storage”.
6, In order to celebrate the earlier launch of main network of YottaChain — accounting network, YottaChain hold “Prize Winning by Collecting Likes of Short Video” among the communities on November 13th. The participant is required to record a short video expressing “cheers for launching main network” ,post it in WeChat Moments and collect “likes”, he will have a chance to get a reward. The event attracted a large number of users to participate very soon, receiving 100+ videos in just three days.
7. On Nov.12th , YottaChain founder Alex Wang was invited to attend “ Blockchain 100 Points”,sponsored by the Zhongguancun Big Data Industry Alliance, where he shared ideas in his speech “What Aces China Holds in Blockchain Commercial Application” ? Alex Wang expressed his hope, with the joint efforts of various market entities, China’s blockchain industry will not only have the ability to confront the United States like the Internet did, but also overtake the United States.
8. On Nov. 9th , Mr. Li Zhibiao, researcher from Blockchain Professional Committee of China Communications Industry Association and deputy secretary general of YottaChain Ecological Committee, was invited to attend YottaChain briefing session held by Rongguotang Community in Jining City of Shandong Province, and delivered a speech “YottaChain Double Token Model-A Paragon for Blockchain Technology Commercial Application”.
5. On Nov.12th, Mr. Li Zhijiao, chairman of YTA (YottaChain) Ecological Community Committee, was invited to attend the briefing session held by Chengdu Rongguotang Community in Xi’an and gave a keynote speech themed super storage in 5G era. At the briefing, Mr. Li Zhijiao thoroughly interpreted the future of Internet revolution product-YottaChain from the perspectives of global politics, economy and culture.
10, YottaChain’s official website took on a new look on Nov. 15th , please log in YottaChain.io. The new version of the official website offers a holistic view of the company before its main network launched, making users fully informed of YottaChain project in a visualized way.
Part 4 Recent Market Events
Following South Korea and Vietnam, YottaChain will dabble into the third overseas market of the Middle East. On November 23rd, YottaChain will organize a private summit in Dubai, attended by local influential media, investment institutions, communities, and exchanges. The event will mainly discuss Yottachain’s market presence and promotion in Dubai, and Yottachain’s future development and ecosystem construction around the world.