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Dotchain is an innovative solution to bring programmability and interoperability to Dot Blockchain. Dotchain relies on a system of PoA consensus that can support short block time and lower fees. The most bonded validator candidates of staking will become validators and produce blocks. The double-sign detection and other slashing logic guarantee security, stability, and chain finality.
Why Cryptocurrency is important?
Cryptocurrencies are better than traditional fiat currencies for a number of reasons. For one, they are more secure, as they are based on cryptography and blockchain technology. This makes them much more difficult to hack or counterfeit.
Cryptocurrencies are also global, meaning they can be used anywhere in the world. And unlike traditional fiat currencies, cryptocurrencies are not controlled by governments or banks. This makes them more democratic and gives users more control over their money. There are lots of cryptocurrencies such as the yuan in which you can invest and gain profit.
Finally, cryptocurrencies are deflationary, meaning that their value tends to increase over time. This makes them a sound investment opportunity. For all these reasons, it is clear that cryptocurrencies are the future of money.
There are a number of reasons why the cryptocurrency is often seen as being better than other fiat currencies. One of the main reasons is that cryptocurrencies are decentralized, meaning that they are not subject to the control of anyone central authority. This makes them much less susceptible to manipulation or interference from governments or financial institutions.
Another reason why the cryptocurrency is often seen as being superior to fiat currency is that it is much more efficient and cost-effective to use. Transaction fees for cryptocurrencies are typically very low, and they can be processed very quickly. In contrast, traditional fiat currencies can often be quite slow and expensive to process transactions with.
Finally, many people believe that cryptocurrencies have the potential to become a global reserve currency. This means that they could eventually replace the US dollar or other major currencies as the world’s primary reserve currency. This would have a massive impact on the global economy, and could potentially lead to a more stable and prosperous world.
PoA Consensus Protocol
Proof of Authority (PoA) is a type of blockchain consensus mechanism especially suited for private or permissioned blockchains. A consensus mechanism is a system that ensures transactions executed on the network are valid and that all participating users agree on the status of the ledger.
In the PoA method, identity and reputation are valued instead of cryptographic assets as in the case of Proof of Stake, or computational power in Proof of Work.
Blockchains can be categorized into two groups- permissionless and permissioned. Both types use the same basic technology, but they differ in terms of access and participation.
Permissionless blockchains are open access and anyone with the right equipment can participate. Permissioned blockchains, on the other hand, are private— all nodes must be pre-authenticated and network use is granted only by permission.
Where public, permissionless blockchains use consensus mechanisms such as proof of work and proof of stake, permissioned blockchains require alternative consensus algorithms.
How Does PoA Work?
A permissioned blockchain running PoA doesn’t require “mining” of transactions. The purpose of mining is to provide an incentive for nodes to validate transactions and participate in maintaining an honest record of a decentralized public and permissionless blockchain.
But on a private blockchain where all the participating nodes are already identified and pre-authorized, there is no need to be incentivized. Therefore, there is no need for mining.
There is no need for nodes to solve complex mathematical problems in order to add a block to the chain. Instead, blocks are added to a permissioned chain when a majority of the pre-authorized nodes sign off on them.
To become authorized, nodes must prove their authority to do so by meeting certain conditions thus proving their long-term commitment to maintaining the blockchain.
This can be anything from being located in a particular country, being associated with the organization, having good moral standing and reputation, and having formal on-chain identification.
Conditions For PoA consensus
• PoA consensus may vary according to different implementation but generally they are applied through the following conditions
• Validators need to confirm their real identities.
• A candidate must be willing to invest money and put his reputation at stake. A tough process reduces risks of selecting questionable validators and incentivize long-term commitment to the blockchain.
• Method for selecting validators must be equal to all candidates.
• Identity of validators must be verified to maintain integrity of blockchain. Some sort of process should be their to select honest validators.
Advantages of PoA
• High risk tolerance as long as 51% of the nodes are not acting maliciously.
• Interval of time at which new blocks are generated is predictable. For PoW and PoS consensuses, this time varies.
• High transaction rate.
• Far more sustainable than algorithms like Proof of Work which require computational power.
Light Client Security
Validators set changes take place at the (epoch+N/2) blocks. (N is the size of validatorset before epoch block). Considering the security of light client, we delay N/2 block to let validatorSet change take place.
Every epoch block, validator will query the validatorset from contract and fill it in the extra_data field of block header. Full node will verify it against the validatorset in contract. A light client will use it as the validatorSet for next epoch blocks, however, it can not verify it against contract, it has to believe the signer of the epoch block. If the signer of the epoch block write a wrong extra_data, the light client may just go to a wrong chain. If we delay N/2 block to let validatorSet change take place, the wrong epoch block won’t get another N/2 subsequent blocks that signed by other validators, so that the light client is free of such attack.
The consensus engine may invoke system contracts, such transactions are called system transactions. System transactions is signed by the validator who is producing the block. For the witness node, will generate the system transactions (without signature) according to its intrinsic logic and compare them with the system transactions in the block before applying them.
In Clique consensus protocol, out-of-turn validators have to wait a randomized amount of time before sealing the block. It is implemented in the client-side node software and works with the assumption that validators would run the canonical version. However, given that validators would be economically incentivized to seal blocks as soon as possible, it would be possible that the validators would run a modified version of the node software to ignore such a delay. To prevent validator rushing to seal a block, every out-turn validator will get a specified time slot to seal the block. Any block with an earlier blocking time produced by an out-turn validator will be discarded by other witness node.
How To Produce A New Block?
Step 1 : Prepare
A validator node prepares the block header of next block.
• Load snapshot from cache or database
• Every epoch block, will store validators set message in extraData field of block header to facilitate the implement of light client.
Step 2 : FinalizeAndAssemble
• If the validator is not the in turn validator, will call liveness slash contract to slash the expected validator and generate a slashing transaction.
• If there is gas-fee in the block, will distribute 1/16 to system reward contract, the rest go to validator contract.
Step 3 : Seal
The final step before a validator broadcast the new block.
• Sign all things in block header and append the signature to extraData
• If it is out of turn for validators to sign blocks, an honest validator it will wait for a random reasonable time.
Dotchain is a newly launching blockchain network which relies on a system of PoA consensus that can support short block time and lower fees. PoA consensus algorithm does not require miners to be involved at all. In a blockchain network based on PoA, all transactions and blocks are processed by approved validators that replace miners but in dotchain app we use mining simulation.
A simulation imitates the operation of real world processes or systems with the use of models. The model represents the key behaviours and characteristics of the selected process or system while the simulation represents how the model evolves under different conditions over time.
Simulations are usually computer-based, using a software-generated model to provide support for the decisions of managers and engineers as well as for training purposes. Simulation techniques aid understanding and experimentation, as the models are both visual and interactive.
What is P2E?
P2E (Play-to-Earn) is the latest development in the games industry. It's a business model that embraces the concept of an open economy and provides financial benefits to all players who add value by contributing to the game world.
In summary, instead of paying for playing as it used to be, now gamers earn for playing.
Play Games And Earn ACE
In dotchain app users can earn ace tokens by playing simple and addictive games. users can earn ace tokens only through this way
What is an NFT?
NFT is an abbreviation for Non-Fungible Token. Before understanding the meaning of NFT, let us analyze what is the meaning of the term ‘non-fungible.
An item becomes non-fungible if that cannot be swapped with one another. In short, the particular item would be unique. For example, an art piece by Micheal Angelo can never be equal to a masterpiece from Picasso.
Items that are fungible, on the other hand, can be swapped for one another. One bitcoin, for example, is always the same as another bitcoin, and one dollar is always the same as another dollar.
A token is a digital asset that may be transferred from one person to another on a blockchain. Therefore a non-fungible token is a unique digital asset that is transferable on a blockchain. It's impossible to reproduce or break an NFT down into smaller components. Most of the NFTs are based on the Ethereum blockchain.
Advantages of NFT
NFTs have a number of advantages, including the fact that they are authentic, and preserve ownership rights.
Non-fungible tokens are purchased and sold on specialized marketplaces, unlike fungible tokens which are exchanged and traded. In this scenario, NFTs' worth is determined by their rarity.
Because NFTs are backed by Blockchain technology, NFT is always real and that counterfeiting is nearly impossible, implying that NFTs are genuine.
Finally, NFTs use decentralized platforms for transactions. It prevents the owner from changing, altering, or compromising the data once it has been committed.
Dotchain NFT Marketplace
NFT marketplaces are where you put your NFTs up for sale. They are a lot like auction houses. NFTs are bidded for, just like real artwork, and the highest bidder gets the prize. The more people bidding, the higher the price will go. This is why collections sell very easily – it creates scarcity which increases the value of the NFT, and then raises the price.