Contatract Weekly Update (Apr. 19, 2020)

This week we started the development of economic mechanism. This process is more technical. It is necessary to add space pricing mechanism and space verification mechanism on the basis of the simultaneous operation of PoW, PoS and PBFT. The economic mechanism will be developed and tested in the next few weeks. This week, the following aspects were completed:

  1. Completed the basic design of the economic mechanism;
  2. Ran PoW and PBFT at the same time, and started debugging the hybrid consensus mechanism;
  3. Started to develop space verification mechanism module;
  4. Started to develop space pricing mechanism module.

It is expected that the complete procedure and the beta testing will be conducted in June. The public beta testing will invite a number of storage mining machine production institutions to participate.

Recently, China's DCEP has been tested, and mainstream currencies such as Bitcoin have also risen. Libra also published the second edition of the white paper, proposing not to pursue public chains, to launch stable currencies in different countries, and to pursue deeper cooperation with regulatory agencies. The impact of Bitcoin and Ethereum are very small. At present, it seems that stablecoin will be a blockchain payment method to expand a wider range of applications, but it only focused on the application of payment and will help educate people about blockchain.

The distributed Internet based on the public chain is the truly far-reaching revolution of the blockchain. But the cornerstone of this revolution is that distributed Internet will realize space-based distributed storage similar to cross-chain. I believe that Contatract, as a pioneer in this field, will be more and more recognized.