Tuesday 29 November 2016

Blockchain - White Paper on DLT

Whitepaper on Distributed Ledger Technology

"DLT.... is better known as “blockchain.” and is essentially a technology that supports networks of databases that enable participants to create, disseminate and store information in a secure and efficient manner. While database technologies are not new, what makes DLT's special is that these networks of databases can operate smoothly and securely without necessarily being controlled and administered by a central party that is known and trusted by every participant."
"Bitcoin marked the introduction of blockchain-based DLT. Since then, there has been a rapid evolution in the design of DLT platforms. Platforms with varied features and characteristics have emerged on which developers can build different applications. DLT platforms can be divided into two main categories: unpermissioned and permissioned. In unpermissioned platforms, the ledger is maintained by collaborative action among nodes in the public network, and is accessible to anyone. In a permissioned platform, participation is restricted to member nodes only: the ledger is maintained by authorised nodes and is accessible to registered members only. Permissioned platforms enable fast transaction validation to take place, offer enhanced privacy, and at the same time take less energy to operate."

The Research White Paper 
The full DLT Whitepaper is here

In this connection, the Fintech Facilitation Office (FFO) of the Hong Kong Monetary Authority (HKMA) has commissioned the Hong Kong Applied Science and Technology Research Institute (ASTRI) to conduct a research project on the subject of DLT. The key objectives of this project are to carry out an open-minded and an in-depth examination of the technology (including an investigation into its potential, its risks, and its regulatory implications); and to identify possible applications of DLT to banking services by engaging in proof-of-concept work."

Monday 29 February 2016

Rootstock Explained | Smart Contracts on the Bitcoin Blockchain

"As a concept the Rootstock [1] platform is one of those ideas that once it is proposed it is obvious that it is a great idea. Essentially Rootstock aims to be what Ethereum is, a decentralized, Turing-complete smart contract platform. However, Rootstock aims to utilize the Bitcoin ecosystem rather than creating a new one from scratch. The way this will be accomplished is via the still not fully implemented sidechains technology [2]. This approach presents both advantages, and its own set of challenges. We will briefly outline what the Rootstock platform promises to offer and then will discuss the main points of the proposal."

"Rootstock will exist as a Bitcoin sidechain. If you haven’t heard of the sidechains proposal you can review the whitepaper here, or read our explanation of sidechains here. But in summary a sidechain is a blockchain that is separate from the main Bitcoin Blockchain, but assets can be transferred back and forth."

Full post here by Albert Szmigielski