Implementation and Expansion Possibilities of Bigbang Core Cross-chain Module and E-commerce Mode

China – 01-25-2020 (PRDistribution.com) — The performance, advantages and disadvantages of BigBang Core template; the implementation of cross-chain template and e-commerce template; and the template scalability and how to extend the template

1 Performance: since no need for VM compilation and translation, the running efficiency of the template is quite high compared to the smart contract and script.2 Advantages: fast and safe. No attackable vulnerability exists to prevent tokens on the chain from being stolen or zeroed due to VM vulnerability.3 Disadvantages: not smart contract and version-update process is a little cumbersome. After the program is released, it needs to be updated to each client synchronously. Auto-update module of the template will be added later. 

Cross-Chain Transaction Template Principles

1 Creating a transaction template includes the wallet addresses of both parties, the hash of two branch chains involved in the transaction, and the block height locked on respective branch. A transaction template address would be generated from these data. If any value of these data changes, the template address would also change. The address can be used to receive the token transferred in by any user. But in the locked height, to transfer out the token under that template address would need the signature data of both parties. After the block height is locked, both parties in the transaction can transfer away the token on their own branch chain.2 Sign the cross-chain transaction template address to get the signature data3 Both parties in transaction can verify the signature data through the public key provided by each other and confirm whether the signature data is that of the corresponding cross-chain transaction template. Users with low locked block are required to send their signature results to the other party first.4 With the signature data provided by the other party and own signature data, the token in the cross-chain transaction template can be transferred away. At this time, the user’s wallet needs to be open status.5 If you do not transfer the token within the “trader prioritized packing height” after sending out the transaction, the third party would intervene in the packing process. It can be an ordinary node or a super node, which uses the FROM and TO addresses and signature data in the template to help package and get the third-party packing reward.6 Note: the cross-chain transaction template is a one-time template, which can be modified into a reusable template by further upgrading of code. 

E-commerce Payment Transaction Template

1 Process Description

a. Seller sells goods and buyer purchases goods, which is decentralized point-to-point transaction. The transaction token that the buyer refuses to pay would enter the fund pool.b. Transaction fees include transaction amount and security amount, both of which can be customized. The security amount is used in safe payment scenarios to deal with the situation that the seller does not deliver after receiving the token or the buyer transfers the token into the fund pool maliciously.c. There are three possible situations in the transaction process: normal completion of the transaction, buyer not confirming after reaching the block height, and buyer’s dissatisfaction.Normal completion: the buyer is satisfied with the goods and sends the confirmation information (signature data) to the seller. The seller uses the signature information to withdraw money.Unconfirmed after reaching locked block height: the seller does not need to obtain the buyer’s signature data and can directly withdraw the cash.Buyer has objection: the buyer can transfer the token into fund pool and the seller can’t receive the token.d. If the fund is intentionally transferred to the fund pool due to the node’s misdeeds, then the third party, which is “arbitration” party, can initiate an arbitration template to determine the winner and loser by node voting. When the token is transferred to the winner, a certain proportion of it would be awarded to the voters and the initiator.e. During a gold-digging cycle, the gold digger can recharge the fund pool to obtain dynamic weight. After a gold panning cycle, the token in the fund pool would be shared according to the weight.

2 Principle

a. The buyer and the seller create a transaction template and make transaction rules.b. Use decentralized transaction. The buyer in locked block height can only choose to send the signature data to the seller or transfer the token into the fund pool. After locking block height, the seller can withdraw with no constraints.c. For security, a safe amount would be set, and the buyer and the seller mortgage the same number of tokens to ensure the normal closing of the transaction with large probability. For example, if the price of a commodity S is 100 Big, the seller can set the mortgage security amount as 10 Big. After the template is created, the seller needs to deliver the commodity and pay the mortgage of 10 Big. Currently, the buyer needs to pay 110 Big to buy commodity S. After the transaction, the buyer gets commodity S and 10 Big, and the seller gets 110 Big.

3 Application examples

a. IPFS storage marketSeller: provide IPFs storage spaceBuyer: purchase IPFs storage spaceChallenger: any node can challenge at any time in the challenge cycle (Proof-of-Spacetime?PoSt)Gold Digger: all participants who charge token into the fund poolb. E-commerce marketSeller: provide goodsBuyer: buy goodsArbitrator: any node can initiate arbitration within the allowable retreat height of the fundGold Digger: all participants who charge token into the fund pool 

Fund pool template principle

1 Process Description

In a dividend cycle, the gold diggers transfer token into the fund pool and get dynamic weight according to the amount of charging. With the increase of default transactions in the e-commerce transaction payment templates, the penalty money entering the fund pool is also increasing. At the end of a dividend cycle, the gold diggers divide the token in the fund pool according to their respective weights. There can be multiple fund pools in the system. Token can be recharged at any time, penalty money can enter at any time, and dividends can be distributed at any time. but it may be in different dividend periods.

2 Principle

a. Anyone can create a fund pool template and set the dividend cycle. If the dividend cycle is same, then the template address is same.b. A dividend cycle have three stages: calculating recharge weight, penalty money entering, and dividend.c. The gold digger transfers the token into the fund pool to obtain the dynamic weight, which is calculated dynamically according to the total amount of tokens entering the fund pool in the recharging stage of a dividend cycle.d. At the end of the dividend cycle, divide the token according to the dynamic weight. When dividing tokens, income certificate would need providing (Merkel tree proof), as well as the number of tokens that have been mortgaged.e. At the beginning of next cycle, gold diggers need to recharge in order to get the dynamic weights.

3 The template scalability

The template achieves higher execution efficiency and safer business logic, which sacrifices the scalability to some extent.

4 How to extend the template

Derive a new template category to implement new business scenarios and logic.

Media Contacts:

Company Name: BigBang
Full Name: Vicky Shu
Phone:
Email Address: Send Email
Website: www.bigbangcore.com

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About the Author: Carrie Brunner

Carrie Brunner grew up in a small town in northern New Brunswick. She studied chemistry in college, graduated, and married her husband one month later. They were then blessed with two baby boys within the first four years of marriage. Having babies gave their family a desire to return to the old paths – to nourish their family with traditional, homegrown foods; rid their home of toxic chemicals and petroleum products; and give their boys a chance to know a simple, sustainable way of life. They are currently building a homestead from scratch on two little acres in central Texas. There’s a lot to be done to become somewhat self-sufficient, but they are debt-free and get to spend their days living this simple, good life together with their five young children. Carrie writes mostly on provincial stories.
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