Australian and Chinese entrepreneurs join forces to create blockchain alternative
- Written by Tess Sanders Lazarus
Australian and Chinese entrepreneurs have joined forces to create and roll out a much more user friendly alternative to blockchain. The resultant initiative, which is a strategic partnership between TrustNote and Achain, will explore and spearhead innovations in distributed ledger technology, specifically an alternative to the blockchain digital ledger.
The TrustNote Foundation, known as TrustNote, a Directed Acyclic Graph (DAG) based distributed ledger and its development platform for the tokenised economy has teamed up with the Achain Foundation, known as Achain, one of the earliest public blockchain platform, to work together to jointly promote the DAG based ledger technology (DAG technology). The partnership will include collaboration on activities including research and development (R&D) and marketing and is also expected to accelerate advancements in decentralised application development based on the DAG technology. As part of the arrangement, Achain has also invested in TrustNote by exchanging a number of TrustNote’s tokens (TTT) with its own token (ACT).
While blockchain has grown in popularity, largely because it is the data structure underlying Bitcoin technology, issues with latency and slow performance have continued to hamper the decentralised technology. Blockchain-free cryptocurrencies such as DAG technology are being heralded as the future of distributed ledgers. The resultant partnership between TrustNote and Achain aims to lead the world in the development, growth and take up of this technology.
Cui Meng, founder of Achain today said " We believe TrustNote is the core technology for tomorrow’s tokenised applications.”
"The Achain team has recently conducted in-depth technical review on TrustNote’s DAG technology. During our intense technical discussions and debates with TrustNote’s developers, we came to the conclusion that DAG technology is the way to ultimately solve the performance and scalability issue faced by today’s blockchains,” Cui Meng added.
“We also recognised that if TrustNote succeeded in building a secure smart contract system on the top of its DAG-ledger, TrustNote would become the standard to support tomorrow’s tokenised applications. We believe they will.
“Imagine one day, instead of a privileged few, everyone is able to issue tokens, and those tokens could be instantly transacted thanks to the benefits of DAG technology, how cool is that!"
An expert in the underlying technology involving distributed ledgers, the Internet of Things and mobile internet, TrustNote has put this knowledge to good use and developed a minable, asynchronous, high-performance DAG based distributed ledger technology and its main chain has been running for three months since its launch on January 18, 2018.
Since its launch, TrustNote developers have been working hard to continuously improve its concurrency, and are expecting the technology to become number one in the blockchain industry.
According to Jeff Zhou, founder of TrustNote, “we are extremely honoured to be partnering with Achain and look forward to disrupting and advancing the tokenised economy. Our partnership provides a powerful opportunity for TrustNote to expand our technology reach quickly.
“DAG technology is the future of distributed ledgers. In a DAG-ledger, because there is no block, there is no block size issue. By decoupling branch selection and double-spending detection from transaction verification, and allowing nodes to verify transactions in parallel, in theory, a DAG-ledger can achieve unlimited scalability.”
“Most of today’s DAG-ledgers have no incentives like mining. Without proof-of-work based incentives, it’s much harder to achieve decentralised consensus. Inspired by DASH’s two-tier network architecture, TrustNote combines proof-of-work and a DAG ledger structure to encourage fair and trustable peer election with the capacity to reach a scalable consensus without compromising decentralisation and security.
Cui Meng added that “TrustNote’s innovative use of DAG technology not only solves the ubiquitous problem of today’s blockchain technology including high congestion, high transaction costs, and long transaction delay, it also makes TrustNote an ideal choice for tomorrow’s tokenised applications.
“TrustNote supports fast issuance of digital tokens and enables the tokens to be seamlessly integrated with TrustNote’s Super Wallet. This functionality delivers a level of simplification and user-friendliness for token processing and management that has been previously unavailable.
“Importantly, Achain also chose to collaborate with TrustNote because of the high performance and scalability TrustNote could offer.”
