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What Kind of Public Chain Does Islamic Finance need?

What Kind of Public Chain Does Islamic Finance need?

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Introduction
The first discussion of the HLC technology community in early May ignited a response to DAG (directed acyclic) technology among public chain enthusiasts around the world. One of the ideas is very appealing: BLOCK DAG is the ideal expansion solution for Bitcoin founder Nakamoto. In that community discussion, the classical blockchain consensus POW (PROOF OF WORK) was re-emphasized with the confidence and legitimacy of technology. In the past few years, POS (PROOF OF STAKE) has been set as the future direction in the global technical media, as if the classical consensus has died, just like in a country’s constitutional structure, the referendum must be given to the members. The same as the agent. When the HLC technical team decided to develop the public chain, it adhered to the values ​​of a classic blockchain consensus and wrote it into the foundation’s extended charter. On May 18th, at the second salon of the HLC Public Chain Technology Community of the Star Blockchain Project in 2019, the DAG’s mixed agreement was the most invented. It answers another business question: What kind of public chain does the global Islamic financial asset need? Quite simply, HLC is to contribute such a public chain to Islamic finance. This simple ideal is very difficult to implement. This is why the HLC public chain has to propose a classic blockchain setting, that is, we want to make a new definition of the transaction-level public chain in our mind, so it finally determines the direction of the Block DAG. In addition, according to the characteristics of Islamic finance, HLC provides a set of public chain solutions that are more suitable for Islamic financial scenarios. This is why HLC finally chose a UTXO-based trading model instead of a more popular one. The account model of the smart contract.
What is the HLC public chain? In fact, before answering the HLC public chain, the most important thing is to answer the HLC public chain first. Because HLC’s technology selection is based entirely on values ​​and its own philosophy, the final selection will be different from the hot technology of packaging at the moment. The community has discussed this matter in particular. HLC public chain is not a network under the PoS consensus In the past two years, under the impetus of commercial interests, the classic PoW has been criticized for its huge energy consumption. Some projects have even formed the emergence of PoS for insider related transactions, which seems to naturally represent “political correctness”. The HLC community and technical team are optimistic about the development of PoS and its application in specific scenarios. However, as a public chain, HLC pays great attention to the openness of the network and the fair value foundation. At present, the solution under the PoS consensus still does not solve this problem very well.
HLC is not a layer of smart contracts Now, BlockDAG’s protocol has solved the problem of full sequence of transactions, which can provide a basis for supporting a layer of smart contracts. The “one-level smart contract” here refers to the Ethereum-based smart contract that can be supported at the public chain level based on the ledger model. In fact, the HLC public chain integrates the PHANTOM protocol that supports linear ordering of transactions, and is a smart contract that can implement one layer. HLC also had a heated discussion within the technical team on whether it needed to support a layer of smart contracts. At that time, the reason for integrating a layer of smart contracts seems to be sufficient, and it has more application scalability. Especially after the success of Ethereum, smart contracts become an entry option for the new public chain, and have strong confidence for users. Boost the effect. However, whenever there is a major technical direction decision, HLC will return to thinking from a philosophical point of view, and complex problems become very simple. In the trade-off between smart contracts, the HLC technical team believes that HLC’s public chain is designed for Islamic finance as a unique financial system. It needs to integrate the value of huge Islamic finance, so positioning should be a value circulation. The internet. Therefore, ensuring the public chain is simple, efficient and stable is the primary goal. Although Block DAG has provided higher throughput than the blockchain, it can carry value-for-traffic services for a long time, but if you want to carry complex and varied application scenarios, BlockDAG will have a lot of pressure. I believe many people It is still fresh in the memory of the Ethereum’s congestion in the Ethereum.
The HLC underlying public chain is not for application services. Therefore, in the architecture design of HLC, the underlying public chain is never for application services, but for value circulation and value assignment services, so we need a free, fair, safe and efficient public chain, which is the classic area we advocate. Block chain settings. However, for the need to apply this piece, we think it is more suitable to achieve through the smart contract under the chain. In applying this layer of consensus agreements, considering that there are more connections with business scenarios, HLC will adopt a more relaxed strategy. Therefore, in each application, it is possible to select a consensus protocol that is more suitable for itself according to its own business needs, and it is not necessary to strictly follow the classical blockchain setting, so PoS, and even PoA-like DPoS can have a good space for display.
Block DAG hybrid protocol The positioning of the HLC’s underlying public chain is a value circulation network, so the classic mature UTXO transaction book model is the best choice. UTXO’s ledger is a DAG diagram with a simple and elegant structure. Each transaction consists of multiple inputs and multiple outputs. The input points to the output of the transaction that was not spent when the transaction was generated, and the output can be spent on future transactions, and so on. And continue to expand.
Confirmed the UTXO model From UTXO’s book structure, we can see that UTXO does not have an account. The balance of an address (which can be understood as an account) is the sum of the amounts of UTXO that point all output to that address. Without an account, there is naturally no state based on the account, such as balances, so state-based smart contracts like Ethereum cannot be implemented. However, due to the stateless nature, UTXO’s confirmation speed can be made very fast, because as long as there is no double flower, UTXO does not care who is ahead of the transaction, as long as the output is not spent, it can be confirmed. And giving the state of the ledger model takes a while to ensure that these concurrency reach a consensus across the network.
Therefore, there is a contradiction between the transaction confirmation time and the transaction linear full order, and the transaction linear ordering is the basis of the smart contract, and can be simply understood as whether it is the priority confirmation time or the priority smart contract. The smart contract means more powerful expansion capability. However, confirming the time is critical to the experience of the trading system. The HLC technical team has considered the following factors, or has chosen a UTXO model that can support faster verification speeds. The fastest confirmed BlockDAG is the SPECTRE protocol.
The positioning of the underlying public chain of HLC is a value circulation network, hoping to carry all the scenarios of Islamic finance. Therefore, a stable and safe and efficient trading model is the first choice. The UTXO model is very mature at present. Bitcoin has been running stably and safely for ten years, and it is simple and very well maintained.
According to the technical architecture design of HLC, no matter whether the underlying public chain supports the linear ordering of transactions, the HLC public chain bottom branch will not support one layer of smart contracts. In terms of complexity, this means that maintenance costs increase and the risk of failure increases. From the perspective of performance, some systems may be dragged and dropped by some popular applications, similar to applications such as Ethernet, if this phenomenon is many, even The fastest DAG network can’t bear it; from the perspective of fairness, even though HLC’s DAG can carry popular applications, the application itself has to occupy the resources of the whole network, but the investment of these applications is relatively negligible. It is very unfair; from the perspective of flexibility, applications can use their own consensus protocols, or they can be partial-centered.
Confirmed the SPECTRE protocol: The SPECTRE protocol is the fastest confirmed in the current Block DAG protocol. According to the official laboratory test data of DAGlabs: Assume that for about 10% of the evil nodes, the risk factor is 1%, assuming that the propagation time is five seconds spread across most nodes of the whole network (this is also the test plan in Bitcoin’s white paper, Convenient for horizontal comparison). At this time, Bitcoin takes an hour to achieve security confirmation, and SPECTRE can achieve security confirmation in about 10 seconds with a block rate of 10, the efficiency is 600 times that of Bitcoin, so fast confirmation speed, even daily Small payments are acceptable.
The technical team of HLC adopts a mixed consensus agreement. That is to say, in addition to SPECTRE, there is a DAG protocol. This protocol is GHOSTDAG, and it can also be considered as the PHANTOM protocol. The details are somewhat different and will not be described. GHOSTDAG is a full sort of support transactions, so the HLC public chain can support a layer of smart contracts if necessary, but after our previous analysis, GHOSTDAG’s confirmation speed is quite different from SPECTRE, so GHOSTDAG is not directly Participate in the transaction consensus, but on the very important reward mechanism.
Two difficulties in the DAG protocol: One difficulty for DAG is to achieve a fair and secure reward mechanism. Unlike a blockchain, a block has only one owner, so there is no disagreement about who the reward is sent to, but Block DAG’s block is confirmed by multiple miners, and this confirmation is theoretically impossible. That is to say, even if it is a very old block, it can be confirmed by the new block again. So it is difficult to determine the deadline for a particular time, and then assign rewards. The SPECTRE paper gives a suggested solution that requires miners to actively cooperate to generate new redemption rewards. This mechanism is based on an overly idealized setting and the mechanism is complex, and the HLC public chain technical team has not adopted it.
The HLC public chain advocates a kind of competitive cooperation, that is to say, the node still has some pressure or actively makes more contributions, instead of feeling positive and negative from the unit investment in the environment of distribution according to work. The return is exactly the same, so passively participate in the network. Therefore, the HLC adopts that the transaction fee for each transaction will only be owned by the miners who are the first to confirm, but the confirmation has involved the problem of sorting the transaction, so the support of GHOSTDAG is needed.
Another difficulty of the DAG agreement reward mechanism is that the miners are profitable. If there is no special punishment mechanism, the miners prefer to trade with higher transaction fees; if all miners do this, the transaction repetition rate will be high, repeat The transaction does not contribute to throughput. DAGlabs’ Inclusive gives a suggested solution, which is to simply average the transaction fees, so that if the miners choose a transaction with a higher transaction fee, the final score will be less, so they will choose to randomly select the transaction. Such a random mechanism can reduce the transaction repetition rate to around 30%, which is already very desirable.
Although the Inclusive protocol solves the problem of duplication of transactions, it also brings a more serious problem, which is to obliterate the role of transaction fees. The importance of each transaction is actually different, and it should be treated differently to a certain extent. Therefore, if the transaction with high transaction fee and low transaction fee is completely treated equally, not only will the important transaction not be prioritized, but also the spam will be spammed; the attraction will also be reduced for the miners, because all transactions will ultimately be the basis. Transaction fee, no extra motivation at all. HLC uses a weighted random rule similar to the Conflux protocol, which means that although transactions are randomly selected, transactions with higher transaction fees are more likely to be packed into blocks.
Explain that Conflux does not mention weighted implementations in white papers or papers. It is currently only mentioned in blogs or in the community, so the final implementation may not be the same as Conflux. The HLC technical team has been exploring this aspect, and maybe the final solution will be similar to Conflux. In view of Conflux’s early publication, HLC expressed respect and gratitude to Conflux for providing ideas. Thanks to the active participation and thought contribution of HLC technical community volunteers. (DAG Institute)
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