HONG KONG, CHINA / ACCESSWIRE / August 21, 2019 / On August 21st, LinkChain released a new open source version called Zheng He, which accomplished the development of anonymous transactions and UTXO & Account models, taking the lead in conducting anonymous transactions through smart contracts. This upgraded version provides solutions to the privacy protection problem in blockchain, contributing to wide and in-depth adoption of the blockchain technology, thus constructing a sounder ecosystem based on LinkToken.
In fact, it is a major upgrade since the release of the first open source version in June, and the first one of the five significant breakthroughs according to the LinkChain White Paper, symbolizing that LinkChain is gradually moving towards an ecosystem characterized by openness, pluralism, mutual trust and sharing. And also, LinkChain hired security team to conduct security tests on this version, which will officially launch the Open Beta Test in September It is expected that the first selected validator nodes will jointly initiate the trial operations of LinkChain by then.
Anonymous Transactions to Assure Business Privacy and Security
The privacy protection of transactions is the most significant thing in business, not only related to personal data security, but also a necessary condition for free market competitions. Traditional blockchains are known for their openness and transparency, but the lack of privacy in transactional data has plagued many blockchain applications.
Anonymous digital currencies like Zcash and Monero cannot be widely used due to their low performance and infeasibility of supporting smart contract. However, in the Zheng He upgrade, encryption algorithms of “Ring signature + Zero-knowledge proof” are used to hide the accounts and amount of transactions. Meanwhile, transaction verification process can be optimized by LinkChain’s technological features as consensus algorithm, multi-chain structure, parallelism, hardware acceleration, etc.
The ring signature can enable the validator nodes to effectively verify the legitimacy of the signature, but cannot access to the actual traders, so that data privacy can be better protected. Zero-knowledge proof can be used to ensure data are valid without revealing sensitive information like amount of transaction. Anonymous transaction is optional that users can choose whether or not to adopt according to their needs when starting a transaction.
LinkChain can be used in almost all business scenarios as it supports both public and anonymous transactions. LinkChain is especially fit for business that requires high privacy, in which the transaction confirmation time is no more than 3 seconds.
Supporting UTXO & Account Models, and Conducting Anonymous Transactions through Smart Contract
To support UTXO and Account models is another important issue of Zheng He’s upgrade, which is, users can directly manage various digital assets regardless of which account is used.
This function has also greatly promoted the development of smart contracts that developers can use one smart contract to serve both types of accounts. Target account type of the digital assets traded through these smart contracts can be automatically identified and converted to the corresponding asset type.
According to the white paper, developers can issue public tokens and develop contract-based decentralized exchanges to realize decentralized transactions between public tokens and LinkToken when Zheng He’s upgrade is finished. Although this version only supports LinkToken as a private token currently, it lays a solid foundation for publishing private tokens and decentralized transactions, which qualifies LinkChain for decentralized exchanges, enabling complex interactions between digital currencies and smart contracts.
In particular, LinkChain has become the industry’s first backbone to support UTXO and Account Models and anonymous contract-based transactions, which will greatly enrich the business ecosystem. Industry insiders pointed out that LinkChain solves the privacy protection problem that plagues Libra and has a wide range of global application scenarios. LinkToken, therefore, is expected to become the world’s leading anonymous currency. In July, the partnership that LinkChain acquired a $2.6 billion stock rights of Sevenstar Yacht Club for 260 million LinkToken is regarded as the starting point for LinkChain’s expedition. One can imagine that more international business scenarios will be linked by LinkChain in the near future.
To ensure the smooth operations of the new version, LinkChain employs a professional security team to conduct targeted security tests. The Open Beta Test will be launched in September. By then, LinkChain will recruit white-hat hackers from all over the world with great rewards to discover technical vulnerabilities to maintain the security and stability of the public blockchain.
Meanwhile, the global recruitment of validator nodes is under progress. The first batch of validator nodes will be elected on August 30, who will initiate the trial operations in September, guiding LinkChain into an era of autonomy.
About LinkChain Tech
As a leading technological innovator, LinkChain Tech is committed to technological breakthroughs in the realm of blockchain, cloud computing and digital citizenship and economy. LinkChain is a brand new public chain created by LinkChain Tech, carrying LinkToken, LinkToken Pocket, LinkToken Mall and other businesses, committed to be the world’s top commercial public blockchain, providing fast and secure blockchain infrastructure for various applications, especially those require privacy.
SOURCE: LinkChain Tech
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