HANGZHOU, China, Dec. 1, 2018 /PRNewswire/ -- On November 28, 2018, Dr. Chong Li, Chief Architect and Head of Research at CanonChain, announced plans to launch CanonChain MainNet by the end of the year. Under the protocol of CanonChain, a decentralized supercomputer can be initiated through the underlying Blockchain technology. As a result, user-end IoT devices can be connected to provide services to each other through the CanonChain Network.
Simultaneously, Dr. Li announced that, as an application of CanonChain Network, the first blockchain-based distributed shared computing platform will begin its demo testing soon.
Research on CanonChain Networks Complete
According to Dr. Chong Li, the CanonChain R&D team has nearly completed its research on the improvement of the consensus mechanism, the enhancement of smart contracts, and system performance optimization. The details of the updates are as follows:
- The improvement of the witness replacement mechanism in DAG-based structure in order to avoid the risk of witness impropriety.
- A technical white paper describing the consensus algorithms and details—from theory to practice—on how CanonChain Network is constructed will be published soon.
- The development of smart contract to be launched along with CanonChain MainNet.
- CanonChain MainNet's performance has been significantly upgraded by optimizing the database structure and transaction data format. These improvements resulted in an increase in the transaction rate up to 1000TPS and reduction of the space required for ledger storage by at least 30%.
According to a report from the CanonChain engineering team, CanonChain's Blockchain browser also adds a DAG platform which visualizes users' transaction details within the network, notably enhancing user experience and making it much easier for blockchain enthusiasts to find bugs.
Currently, there are 20 CanonChain test nodes distributed around the globe, and more than 3,000 active users who have participated in MainNet testing—figures almost tripled since August this year. Further, the CanonChain team is now recruiting in North America, with plans to launch a North American market to coincide with the release of CanonChain MainNet.
Canonchain-based shared computing platform: an alternative to Central Cloud Service
Dr. Li also announced an alternative to central cloud services—the CanonChain-based shared computing platform, which will run its first demo by the end of 2018, and officially launch in the first half of 2019.
When clients submit computing tasks (e.g., scripts in C++, Java, Python) through DApp on CanonChain MainNet, one or more idle, geo-distributed computing devices, will be assigned to help complete the tasks. On the client-user end, the cost is significantly lowered for using these idle devices compared to using a cloud service. More importantly, this blockchain-based platform can resolve the primary concern of using a centralized cloud service—security. "The security of clients' data and codes is guaranteed as they are recorded on the blockchain." said Dr. Li.
The intrinsic value of CanonChain
Besides serving in the management team at CanonChain, Dr. Chong Li and Dr. Lei Zhang (Chief Scientist at Canonchain) are adjunct professors at Columbia University. In the spring of 2019, they will offer the first graduate-level course on blockchain at Columbia University. The course will cover cryptography, distributed network theory, cryptocurrency, bitcoin, ethernet, smart contracts, DAG structure, and more. Dr. Li shared with Zn Finance that his reasons for opening an office in Manhattan are in part to teach and collaborate with the creative young minds at universities in this area including Princeton University, Columbia University, New York University, etc. CanonChain is now establishing close university relationships through research partnerships.
From the longtime experiences in both academia and advanced industry, Dr. Li realizes the importance of balancing theoretical research and engineering development to achieve a truly mind-blowing product, geared toward user experience. "The intrinsic value of a high-tech project is supported by its fundamental research. Otherwise, all quickly collapse."
Following the launch of CanonChain MainNet, Dr. Li let Zn Finance know he had no plans on slowing down the development. The team has concrete roadmap to further improve the performance of CanonChain MainNet, accelerate the growth of CanonChain ecosystem, protect the key inventions via international patents, participate in blockchain standardization groups, and establish research collaboration with more colleges and universities, a way to fundamentally contribute to the whole blockchain industry.