True Trade presents B2B BIX Blockchain based Global Network that empowers and brings together tens of private entities, agencies, associations and authorities globally.
TRUE TRUST BIX Blockchain is based on FIX FinTech messaging BIX standards, including efficiency, redundancy, security and transparency in a simple, secured and cost-effective manner. GDPR COMPLIANT AML/KYC READY API BIX (FIX) GREEN MINING (POW)
TRUE TRUST blockchain is to provide an alternative distributed ledger solution. A next generation Blockchain that eliminates the predominant weaknesses of existing Blockchain networks to empower organizations, financial institutions and businesses. The TRUE TRUST Blockchain has accomplished this by establishing a deep multilayer architectural infrastructure combining functionality, security, speed and stability .
The Core components including “Consensus”, “Mining” and Back office (reporting, KYC and AML) layers, same as pre - built BIX API Engine and Web Server, similar to UNIX, Linux, Windows, Apple operating system cores are written in a machine low - level"c" program language. Its Uniquely Deep and Fast infrastructure including FIX (Financial Information eXchange) like, in - house developed BIX (Blockchain Information eXchange) API engine sets the Bar for finance, cryptography and every other industry at the Standartized Level.
DESIGN: TRUE TRUST Blockchain network was developed in “C,” a low-level system programming language, to optimize execution speed, memory consumption, code portability, and more. Architected in “C,” Nodius represents the fastest possible Blockchain network and a highly portable technology that can potentially be utilized on any operating system with the lowest resources requirements. Trust and transparency are representative hallmarks of the reliability and auditability of the network.
CONSENSUS: TRUE TRUST Blockchain network consists of two separate layers: Layer 0: The main “Consensus Layer” incorporates a Delegated Proof-of-Stake algorithm with a witness selection algorithm where the block verification process is based on digital signatures. TRUE TRUST'S proprietary asynchronous consensus algorithm creates more flexibility based on a unique list of permitted nodes. Layer 0 also serves the main purpose of distributed ledger technologies as a decentralized database where data up to 10MB in size can be uploaded to the network. Layer 1: The “Application Layer” sits on top of Layer 0 and is used for custom-created tokens where complex logic can be programmed in smart contracts. The current implementation allows tokens to be custom-created absent programming experience. Both Layer 0 and Layer 1 operate simultaneously while processing every type of transaction.
SECURITY: TRUE TRUST incorporates the most secure SHA-512 hash algorithm for block hash code verification of every block inserted into the network and Elliptic Curve “secp512r1” for the digital signature of users’ messages and transactions. Both algorithms are industry standards and are robust as underlying building blocks of the network. Blocks are validated by collecting digital signatures from Layer 0 servers. Each block is considered valid if it contains valid signatures from more than half of participating core servers.
DATA STORAGE: Secure and distributed data storage is the foundational precept of TRUE TRUST Blockchain network. This function is effected at Layer 0 of the network. Uploading data and records to the network allows users to prove its existence at any given time, averting the risks of possible disputes and falsifications. Every block on the network can securely store up to 10MB in data, rendering the network a highly efficient and attractive solution relative to other blockchain networks that are incapable of storing the same amount of data in every block or operating on inefficient consensus mechanisms. Optional data encryption is achieved using SHA-512 hash algorithm for block hash code verification of every block inserted into the network and Elliptic Curve “secp512r1” for the digital signature of users’ messages and transactions. Data retrieval is achieved via confirmation of block number and unique message ID. If data uploaded to the network was encrypted, the unique encryption key must also be confirmed..
TOKENIZATION: The native TRUE TRUST token serves as the principal payment mechanism for storing data and records on the network at Layer 0. The Application Layer (Layer 1) sits on top of the Consensus Layer (Layer 0) and allows network participants to create customized tokens. The creation of tokens is implemented through smart contracts where any complex logic can be incorporated. For ease of use and operation, the token generation process has been simplified so that no programming experience is required to codify smart contracts. Network participants can generate tokens by defining parameters including a name, token supply, transfer fees, and other details. Token generation can be completed in a matter of minutes. By pre-determining a token supply with a fixed capitilization, the core transaction mechanism is based on the same logic as Layer 0. Token generation allows network participants to securely, efficiently, and quickly render digital representations of value. As customized expressions of digitized value, tokens can be based on nearly any concept of value, ranging from fully collateralized to partially collateralized to uncollateralized assets. Tokens can be cost effectively and seamlessly transferred between network participants, with full transactional transparency and auditability.
EXCHANGE: Facilitating the shared economy by enabling peer - to - peer payments and pre-built coin ex-changeability that removes intermediaries, such as clearing houses, auditors and custodians from the process FEATURES CUTTING-EDGE SECURITY SAH512 encryption & secp521r1 elliptic curve dAPP LAYER Customized decentralized applications
TOKENS Pre-built DST (digitally signed token) Flat capitalization token Proof of work (POW token) FILE STORAGE On-chain decentralized file storage AML/KYC Pre-built AML and KYC EXCHANGE Pre-built Token Exchange Facillity
THE NEXT GENERATION BLOCKCHAIN
TRUE bix-blockchain BIX Core incorporates a decentralized, customisable database, with capabilities of performing fast transactions, uploading files, pre-built digitally signed electronic payment token, on a fly PoW token creation capabilities, GDPR compliance, KYC and AML and more. BIX Blockchain Core software is written in “c”. This published source code represents the first limited implementation of the BIX consensus and BIX (Blockchain Information eXchange) protocol. This published open-source implementation of BIX Blockchain database includes consensus Core and browser-based visualization of Core nodes connectivity, latency and messages reflecting block creation and other transactions Essentially distributed and privately owned by governments, authorities, agencies, associations, banking/non-banking financial institutions, business entities, IoT, universities, colleges, schools and other organizations, BIX Blockchain is enabling its members, employees, students using BIX network for business, financial, payment, security, educational, gaming and other purposes. The canonical Blockchain is stored on “consensus Layer0” servers, where each server has a copy of the whole Blockchain. Initially BIX Blockchain’s main purpose was using it as the decentralized database for record storage, while customers can connect to any of our Core Servers to login. In case of using BIX (Blockchain Information eXchange) API, they can continuously send requests for insertion of the data into the Blockchain, immediately followed by acknowledgement for each request.
For more information see: BLOCKCHAIN INFORMATION.pdf BIX Blockchain software consists of two layers: Layer0 (core) servers are servers responsible for the blockchain. They receive messages to be inserted into the blockchain, they store canonical version of the blockchain and are responsible for finding a concensus about new blocks. When requested they send informations (like the content of a given block) to layer1 servers. Layer1 servers usually provide a GUI for the blockchain. Layer1 servers get requests from users and submit corresponding messages to layer0 servers to be inserted into the blockchain. That are messages like new account creation, money trasfer, new token creation, etc. They can also request Layer0 server for the content of any accepted block and/or the current state of internal databases. For example, they can request current balance of an account, content of currently mined block for proof of work mining, etc. Layer0: blockchain database BIX blockchain layer0 software runs on multiple servers (let's say N). It receives messages (transactions) and store them into a blockchain database. All servers will store exactly the same copy of the blockchain database.
This redundancy makes it difficult to falsify the historical data stored in the blockchain (an attacker would need to control more than N/2 servers during some period of time). Each block contains a hash of the previous block and is digitally signed by at least N/2+1 layer0 servers. Once the information is inserted into the blockchain it is practically impossible to remove or alter it. Contrary to bitcoin, this software is not supposed to create a unique "world wide" network where any number of computers are producing one unique world wide chain of data. We suppose that the software will be used on a predefined set of core computers. One blockchain database will be created by a predefined network of servers. Servers will have fixed IP addresses, unique pairs of private/public keys and connections will be secured by usual certificates. It is supposed that servers maintaining a single blockchain will belong and will be maintained by several independent trusted companies, governmental agencies, banks, etc.. The credibility of the blockchain will be derived from the credibility of owners of layer0 servers. However, different consortiums of institutions can create different networks for their own purposes. They can use the same software to create different blockchain databases.
We suppose that the technology can be used in many circumstances giving raised a number of specialized networks (depending on layer1 application). Layer0 servers connects to a predefined subset of other layer0 servers and the whole topology of connections is known in advance. BIX protocol allows relaying of messages meaning that a server can send any information to another server even if they are not directly connected. It allows to connect servers which are behind firewalls and are inaccessible from the Internet.
An ideal topology for layer0 servers consists of a ring of central servers visible on the Internet (and probably connected each to each) and of a set of private servers behind firewalls where private servers initiate connections to a few of servers of the central ring. All servers are continuously broadcasting dynamic informations about their live connections including latencies, hence every server knows the current fastest path to any other server. It is envisaged that the number of servers and the topology can be dynamically changed based on network consensus, however it is supposed that such changes will be rare. Any of the servers can receive a message which will be later stored into the blockchain. When receiving a message, the layer0 server assigns a timestamp and an ID to this message and broadcasts the content of the message together with the ID and timestamp to all other layer0 servers. Broadcasting of messages is independent on consensus algorithm described later. The consensus algorithm for layer0 servers is designed in a way to allow maximal data flow. I.e. the protocol of finding the consensus is trying to minimize the amount of data exchanged between servers.
The main idea of the concensus is simple. Let's say we have N core servers. At a random time one of core servers decides to issue a new block, it announces the intention to the network and other servers confirms that they are ready to accept this node. Once the proposal collects N/2+1 confirmations, the vote is passing to the next round. In rare cases it may happen that more than 1 server decides to issue a new block at the same time and none of proposals gets N/2+1 confirmations. In such case the proposal expires after some time (1 second right now) and servers are trying to (re)confirm the best of received proposals. This happens until one of proposals gets N/2+1 confirmations. If the server receives a positive feedback from N/2+1 servers, it passes to second round by broadcasting IDs of messages stored in the proposed block and the total hash of bodies. Similarly to previous round it waits for confirmations from other servers. If N/2+1 servers confirms that they have the correct content of all listed messages, the third voting round is performed. Third round checks that the content of included messages is internally consistent (for example if money transfer orders are correctly signed by account holders and accounts have enough of balance to make transaction). If all the messages of the block are consistent on at least N/2+1 servers the fourth (last) round starts. In this round each Layer0 server signs the whole block with its private key and other servers checks the validity of signatures using known public keys. When at least N/2+1 valid signatures are collected, the block is inserted into the blockchain. Each voting round has its own timeout during which it must be finished, otherwise the whole block is rejected and consensus starts from the beginning. In normal case the network finds a consensus in a fraction of second.
In case of a conflict it can take a few seconds. The speed we are targeting is to issue one block per let's say 10 seconds. The value is customizable (longer period decreases server load and allows smoother consensus). We estimate that 10 seconds is the time while a human user can wait in front of a computer for processing of his message/transaction. All layer0 servers have equal position in the network (no one is designed as the main server, no one is a slave server). Layer1 servers can connect to any layer0 server completely transparently. The network will continue to work if any of servers is turned off unless there is more than N/2 servers down at the same moment. In such a case the network will block until at least N/2 servers are turned on. This ensures that the software will continue to work without interruption in case of a normal maintenance or hardware failure of one of servers. Layer1: Using the database There are many possibilities how to use blockchain database. It is supposed that there will be a network of layer1 computers which will use the underlying blockchain technology to store their data. The data will be signed and/or encrypted by public/private keys depending on the application by which they are produced and used. The format of messages stored in blockchain will be under responsibility of the layer1 computer. However, there is a builtin support in layer0 servers for some types of messages like financial transactions. Support for another builtin messages can be achieved only by modifying the code of the layer0 servers. Messages stored in the blockchain are available to anybody for verification. Of course in case of encrypted messages, the person willing to verify the content will need the corresponding decryption key. Some of possible scenarios for layer1 software are:
A banking systems: The blockchain can be used to store information of kind "User X has $Y on his account". It can also be used to store information like "User X has transferred $Y to user Z" which is basically the information required to manage a money account system. Virtual currency: Similarly to previous point, if accounts are identified by a public key and money orders are signed by private keys the blockchain can maintain a banking system of a virtual currency. Register of land owners: If a person X buys a land (or house, etc.) a governmental server will insert a message saying "X owns house at Street Y, number 123, city, state" into the blockchain. Because the blockchain can not be falsified such information shall have the same weight as a paper certificate. Business model BIX (Blockchain Information eXchange) is a decentralised Blockchain ledger technology with capabilities of: being used as secure, decentralised, customisable (B-tree type indexing) for any specific business database; having a pre-built digitally signed by “voting nodes” token used as a “payment” token for securely uploading data (currently10MB size at a time) and stored in a blockchain database; creating electronic units (tokens) that serve different industries, entities, associations, government authorities, financial institutions, gaming industry, universities, colleges, and schools;
performing fast (currently a minimum of 1,000 and up to a maximum of 5,000 transactions per second) based on server nodes using standard hardware located within the same network; creating multiple Proof of Work (PoW) tokens using pre-built tokenisation engine with “level of mining difficulty" settings and optional browser-based, pre-built “green mining,” an environmentally-friendly block validation protocol using spare processing power at the hardware level; “green mining” achieves parity by equalising PoW token mining capabilities among block-producing network participants; pre-built KYC and AML readiness modules that can be connected to third-party compliance specialists.
BIX has been derived from FIX (Financial Information eXchange) financial technology (FinTech) standards with the intention of establishing a trustful network consisting of credible business and governmental entities operating in different regions, industries, and areas of society. The board of BIX Club's global network has initially authorised 39 voting server nodes that participate in BIX Blockchain consensus protocol and represent 39 VIP (Voting Initial Participant) members with the allocation of one node for each VIP member. Each VIP member will delegate a representative to the BIX Club Board of Directors.
There are also: NVP (Non-Voting Participants) members, who do not have nodes and are not participating neither in the consensus algorithm and/or Board of Directors. BIX Club will assist NVP members by developing and improving their operations and allocating independent and customised BIX Blockchain instances to each of them. and CP (Consulting Participant), who are Institutional or Individual participants in a product QA testing, legal and/or other activities as experts - enthusiast, supporting industry standards and are subjects for the reward.