Since the invention of the Internet, there has scarcely been another technology with the same disruptive potential like blockchain technology. It provides a secure immutable ledger that can be applied in almost every industry.
From Bitcoin to Blockchain3.0
However, Satoshi Nakamoto’s vision has not been achieved. Like the internet, adoption happens in stages. In the blockchain industry, blockchain 1.0 was based on Bitcoin. The main functionality provided was remittance and a store of wealth. We are currently at blockchain 2.0 where we start to see a few blockchain applications under development with the emergence with Ethereum and other similar systems.
The next logical step is the integration of DAPPs more efficiently in blockchains to create Blockchain 3.0. But the DAPPs in Ethereum have limited functionality. This was evident with the recent release of the CrypyoKitties game that caused serious bottlenecking of the Ethereum blockchain. The limited functionality is due to the low processing capability. Blockchain 3.0 provides greater processing capability that can allow developers to create DAPPs in large scale from multiple different industries.
When it comes to blockchain technology, one of the pioneers is Xunlei. This Chinese tech firm introduced ThunderChain as the first true blockchain 3.0 platform on April 20th. ThunderChain is faster than any other blockchain. It is capable of running over a million transactions per second. In the blockchain industry, this is unheard of because no existing blockchain even comes close to that speed. Ethereum can only support a maximum of 15 transactions per second, making ThunderChain the fastest blockchain. The speed even dwarfs Ripple that can handle 1,500 transactions per second or Visa that can handle 24,000 transactions per second.
Based on Xunlei’s proprietary homogeneous multichain framework, ThunderChain is designed to realize confirmation and interaction among homogeneous chains and enable multiple transactions to be executed on different chains in parallel. An optimized practical byzantine fault tolerance (PBFT) is adopted by ThunderChain as its consensus model which results in low latency and makes it possible to generate one block per second. PBFT, as a consistency algorithm, is also able to avoid soft fork. ThunderChain supports smart contracts written in solidity language and is compatible with Ethereum Virtual Machine (EVM), making it easy to migrate applications from other blockchain platforms.
ThunderChain is built upon Xunlei’s sharing economy intelligent hardware Onething Cloud, which contribute to a wide distributed network with stable performance. It has been served as the blockchain infrastructure in Xunlei’s crowdsourced cloud computing solutions. With Xunlei’s blockchain-based personal cloud Onething Cloud, personal users can share their idle computing resources to transform into enterprise-level services, and users can get reward, this is the value cycle. Now there are more than 1.5 million users take part in crowd sourced computing of Xunlei and that’s the important resource for development of ThunderChain.
Future of ThunderChain
The key value offered by ThunderChain is that it can create efficient applications that can empower the real economy. The speed can facilitate payment processing DAPPs. It also provides industries that benefit from traceability and transparency with a feasible alternative. As Blockchain 3.0, ThunderChain breaks through the restriction of smart contact, has more real application scenarios ，just like Cloud computing and content distribution.
As the national level institution and guiding unit of Xunlei Global Block Chain Application 2018, Professional Commission of Blockchain of CCIA (China Communication Industry Association) issued Guidance Certificate to Xunlei
The parallels with the internet adoption are evident. Now that there is a scalable blockchain solution, the business community will slowly lean towards blockchains to solve some of the existing business problems.
And we need more talents to solve more problems. To discover and bring up valuable block chain applications and talents, help them get business reward, promote business application base on block chain, Xunlei is organizing the Xunlei Global Blockchain Application Challenge 2018 alongside InfoQ China. The winning teams will receive a total of RMB1 million prizes. The Challenge is open for registration on April 20, 2018 and the deadline for project submissions is June 15, 2018.
If you are a blockchain developer and want to solve real-world problems, join the Xunlei Global Blockchain Application Challenge 2018. It is the perfect opportunity for you to learn how to create DAPPs that take advantage of the cutting-edge technology created by Xunlei.