After 18 months of research and development with the ambition to build a flexible, scalable, stable public blockchain, DataQin, a leading blockchain company based in Hangzhou, China, announced the launching of its first public chain, SimpleChain, on 4th Jan (GMT+8), the date the genesis block of bitcoin was mined ten years ago.
The launching event was held at the Blockchain Insight 2019 conference. A lineup of heavyweight crypto entrepreneurs, KOLs and journalists have presented on the event. The core team members Hansen Gao(Chairman of DataQin), Leo Yu(CEO of DataQin) and Chadwick Lee( Famous Investor), as well as honored guests Chunquan Lu(Chairman of Principle Capital) and Haipeng Yin(Vice director of Yangtze delta region institute of Tsinghua University, Zhejiang) attended the event.
The most notable feature of SimpleChain is the double-layered structure. Its main chain’s underlying consensus has been set as the Proof of Work with innovative algorithm. The primary goal for the main chain is to secure the unification and finality of distributed ledger data. Moreover, the flexibility could be provided by a second layer on top of the Main Chain, which is called Sub Chain. Meanwhile, the Sub Chain is customizable for any specific consensus algorithm for applications. As a Sub Chain, apart from the blockchain head, transaction data structure is also flexible in different cases to maximize the compatibility of the SimpleChain.
In addition to the technical architecture, for a healthy ecosystem, the digital asset on the blockchain will play a key role to bind the community developers, application users and other end clients together. The production of original digital asset SIPC is mined from the Main Chain Proof of Work algorithm with periodical total supply limit for a cryptoeconomy stability. At the same time, an inflation will occur along with the need from any Sub Chain system to escrow or circulate the SIPC within the Sub Chain cases. A circulation system therefore will be healthy for a growing number of Sub Chain system that no value appreciation of SIPC could stagnate the expansion of the ecosystem.
In order to form an open, transparent and consistent distributed community, an inclusive policy is proposed and embedded in the genesis block as a part of the SimpleChain running mechanism. The creator and initial operator of the SimpleChain is the SimpleChain Foundation – a non-profit organisation whose mission is to promote and supervise the growth of the SimpleChain open source community. The foundation has neither pre-distributed nor pre-mined SIPC at the very beginning of the SimpleChain. Every block along with the incentive reward need to be mined through the contribution of computing power, and only a 5 percent of the computing power rewards will be donated to the predetermined foundation address in the first year. Annually, that donation percentage will be halved, so that the community become fully distributed gradually.
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