LikeLib2.0 Technical Features, Redefining Public Chain

SHANGHAI, CHINA – Media
OutReach – 24 December 2020 – Based on the country’s strategy to promote the development of blockchain, LikeLib2.0
focuses on the core issues of blockchain applications in various fields, take
typical blockchain applications as an important breakthrough, promote
breakthroughs in key application technologies of blockchain, and study
blockchain service architecture, data Key technologies such as access
technology, hybrid storage, data source, cross-chain and sharding, blockchain
and IoT intelligent system integration, and develop a basic platform for
blockchain services, in blockchain education and training, e-government, supply
chain, and carry out application demonstrations in key areas such as finance to
open up the innovation chain, application chain and value chain, thus providing
common and secure blockchain basic support capabilities.

 

Recently the technical features of LikeLib2.0 public chain system are
announced through the media.

 

LikeLib2.0 provides a secure and stable blockchain service basic
platform, covering more than 3 core modules with independent intellectual
property rights, such as data connection, hybrid storage, and cross-chain
technology, which are able to quickly build solutions for typical application
scenarios.

 

Compared with LikeLib1.0, LikeLib2.0 has a higher level of improvement
in core technology architecture, and the transaction speed is about 10000TPS.

 

The newly released 2.0 system will not only merge transaction program
fees, but also copy forks of the blockchain and increase the volume of transfer
transactions. The average transaction value can be distributed among the
running nodes.

 

In addition, there have been steady improvements in supporting smart
contracts, exchangeable consensus mechanisms, and various storage networks. It
can replace the blockchain consensus mechanism and the basic IPFS distributed
storage network according to different factors (such as transaction volume),
which can store a large amount of data outside the chain.

 

LikeLib2.0 uses database fragmentation technology. Within the database
of LikeLib2.0 public chain system, only a small part of the input transactions
need to be processed, and a large amount of verification work can be completed
through other conventional parallel processing on the network.

 

Here, BTC and LikeLib seem to be merchants from two countries. The two
parties cannot trust each other and use different currencies, so they cannot
directly trade.

 

Therefore, the two parties negotiated a set of rules (equivalent to a
relay chain protocol) and established a special trading venue to handle
transactions, jointly managed by large merchants (equivalent to gateways) in
their own country as representatives. These large merchants also need to have a
sufficient amount of assets as security.

 

The whole process is called a cross-chain bridge, which has technical
advantages such as multi-signature technology/ring signature technology/hash
locking.

 

LikeLib2.0 uses Lightning Network transactions and zero configuration
transaction channels.

 

Both parties transfer funds to a common payment channel and conduct
transactions by transferring funds from one end to the other. The existing
hosting solutions on the Lightning Network only manage their users’ funds on
one or a few, and they will not use one channel with each user. Instead, an
internal private ledger is kept to record when the funds belong to the user.

 

Therefore, users do not have to wait for the payment channel to be
broadcast to the chain. The result is a decentralized network of custodians,
with each custodian running a centralized subnet with users.

 

Earlier we mentioned the ring signature technology in the LikeLib2.0
cross-chain bridge. The ring signature is named because a certain parameter
implicit in the signature is composed according to certain rules. However, many
schemes proposed later do not require the structure of the signature to be a
ring, as long as the formation of the signature satisfies the spontaneity,
anonymity and group characteristics, and it is also called a ring signature.

 

In fact, the security of the ring signature technology scheme is quite
high, such as: unconditional anonymity, unforgeability, unconditional anonymity
of the signer, and the signer can freely specify his own anonymity range, forming
a beautiful ring logic structure, which can realize group signatures The main
function of but does not require trusted third parties or group administrators.

 

Ring signature is a special group signature. There is no trusted center
and no group establishment process. For the verifier, the signer is completely
anonymous.

 

In terms of zero-knowledge proofs, in theory, it is possible to prove
something to everyone else without exposing anything significant, and the
volume of the generated proof is small, the proof cost is very low, and it has
nothing to do with the amount of calculation that needs to be proved.

 

LikeLib2.0 uses the generation algorithm (G) to generate public
parameters for the proposition, the proof algorithm (P) to generate the proof
of the satisfiability of R1CS, and the verification algorithm (V) to verify the
proof and other technical methods and means to finally generate the proof. It
can be proved that there is a secret value reset equation satisfied without
revealing the secret.

 

Data traceability, from the perspective of application, focuses on the
process and method of tracking.

 

The “decentralized and distributed” technology of LikeLib2.0
records all information publicly on the “public ledger”, and can only
be entered and cannot be modified. Due to the feature of multiple parties
jointly maintaining the simultaneous ledger, the traditional information island
problem is broken and decentralized management is realized.

 

In this open distributed accounting system, the blockchain provides
users with openness and consensus; decentralized and transparent transactions
and anonymity for both parties.

 

The data traceability annotation is a technique for tracing the source,
reproduce the historical state and evolution process of the data according to
the trace path, and realize the redirection of the historical data archives.

 

The World Wide Web has continued to iterate for thirty years before it
has today’s prosperity and “Internet +”. If we still have confidence
in the blockchain in 2020, perhaps we should give it more time. Obviously, the
LikeLib2.0 public chain system has given the blockchain industry a gratifying
answer in 2020.