Today, as I promise to write about the framework of Bit Trust system. In my last article, I discussed about the Bit trust system, which you can have a view here.
Firstly, let recap back a little about Bit Trust system. Bit trust system is a mining pool service and a trust computer network that utilizes a decentralized trust system to enable transactions to take place without any third party intermediary. Bit trust’s system will aid in decentralized trust by helping internet users to conduct decentralized transactions and collaboration safely. The key trust issues are solved which means developers, merchants and internet will have the confidence to trade using the Bit trust system.
I’ll like to elaborate the main framework that built up the mining system of Bit trust system. Which are as follows; Multi-chain structure; smart contract and the Bit network blockchain.
Multi-chain structure entails the following chains which are paramount to the Bit trust system; Transaction chain; BIUT chain and BIU chain
Transaction chain is an autonomous domains blockchain that is generated according to the type of transaction that occurred. This transaction is only accessible by the buyer and seller that execute the transaction and not all users are engage in each transaction. The transaction chain is generating a bock in 8 seconds, which is classified by a voting committee known as Cellular node. Cellular nodes are responsible for checking the height of the chain and then vote the highest chain. The chain that has the highest chain is recognized as legal ones.
This is governing by BIUT coin known as credit. The BIUT chain initiates a block which is used for the importance algorithm in calculating the degree of account importance. BIUT is used as a measuring tool for the reputation value algorithm on transaction chain and also serve as a reward for miners.
This chain is the elementary chain of the multi-chain structure because it maintains the block generation, security of transaction chain and BIUT chain. BIU chain generate block every 20 seconds by the voting process of node community. The node community are makeup of 10 rotate to generate a new block and if the rotation is complete, a new cycle of node is form. BIU chain also solve the problem of bifurcation when two block are accidently generated due to network error.
The Smart contract of BIUT trust system is known as BIUT system-level smart contracts. This smart contract is integrated in transaction chain and is apply to any type of execution in the entire network, be it automatic purchase of BIU through BIUT to pay GAS cost or On-chain smart contract etc.
BIUT blockchain network is a designed structured distributed Network of KaZaA. The network consists of the lightnodes and the cellular nodes which i discussed in my last article. This blockchain network stores segments of Distributed Hash Table which was formed by aggregation of node information from the network. The Distribute Hash Table contains vitals details of address nodes and their locations. The BIUT blockchain system is adaptable, profoundly organized and enormously versatile.
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