China is eyeing on the void of technological and scientific expansion, and trying to seize the initiative in the competition of future industries, especially in blockchain area. At the 7th China Information Technology Expo (CITE) held from April 9 to 11 in Shenzhen, one of the core cities in Guangdong-Hong Kong-Macao Greater Bay Area (GBA), technology innovations appeared intensively.
At the China Blockchain Application Conference, one of the seminars of the Expo, a representative of ThunderChain, one of China's prominent blockchain technologies, shared the challenges and solutions in the practice of landing applications.
When you go to supermarket to buy a fish, there is a blockchain-based QR code for you to trace the source; when you donate money to non-profit community, you are able to know where the money goes based on blockchain technology; even when you redeem power-bank rental services, there is a blockchain DApp behind it, etc. All the scenarios are supported by ThunderChain, a high-performance blockchain infrastructure launched by Xunlei and Shenzhen Onething Technologies a year ago.
One of the signs that a new technology can be truly applied in the real world is that it can break through the bottleneck from enterprise-level to commercial-level, which means it will be able to support hundreds of millions of users. ThunderChain addresses the performance and efficiency issues effectively and scales up the TPS capacity tremendously, making it possible to create blockchain applications in a spectrum of scenarios in real-life situations.
It achieved its original goals and mission by developing proprietary homogeneous multichain framework, which made an order of magnitude improvement on TPS and successfully realized confirmation in seconds. All these have created a foundation for the DApps to land. Within a year, DApps covering more than 10 fields have landed on ThunderChain, including copyright, public welfare, insurance, etc.
Talking about the biggest concern in blockchain industry, Lai Xin, ThunderChain's Chief Engineer, addressed two main points. "For enterprises to launch their services, the underlying technology has to be aligned with the actual needs of the business. And to provide a platform for blockchain developers to launch their products, it is necessary to continuously improve the development environment and lower development barriers and costs," she said.
To accelerate the implementation of blockchain applications, ThunderChain released several innovative technical upgrades at the conference, focusing on the optimization of performance, efficiency, scalability and storage.
For developers who use Ethereum, it is very troublesome to upgrade the contract on EVM (Ethereum Virtual Machine), which requires service suspension. This time ThunderChain can support both EVM and WASM (WebAssembly), to realize intelligent contract upgrade in situ. In addition, ThunderChain also upgraded the cryptographic algorithm module and released cluster storage and compressed storage, based on the previously released ThunderChain File System (TCFS). Aiming at the data privacy protection problem that users are most concerned about, ThunderChain combines intelligent contract and commitment schemes to make data privacy security better protected.
Since the launch of ThunderChain, it has been continuously carrying out technological innovations to support the real economy. In other words, Xunlei and Onething Technologies are playing a significant role in promoting the development of the industry by completing and optimizing the technology infrastructure. In the future, ThunderChain will focus on the research of new-type consensus algorithm based on aggregate signature and the innovation of privacy protection scheme.
Themed on “Driving Development by Innovation, Empowering the Future with Wisdom,” the 7th China Information Technology Expo attracted more than 1500 exhibitors and over 100 thousands visitors. With all the latest development results and trends of cutting-edge technology industry fully demonstrates at the Expo, a strong signal shows that this country has transformed from the stage of high-speed growth into high-quality development.