Blockchain, the original and leading tech structure which is behind crypto mainstay Bitcoin, has met its match in a newer and simpler tech platform created in collaboration between Australian and Chinese entrepreneurs.
Australian based TrustNote Foundation and Chinese entrepreneurs from the Achain Foundation have teamed up to promote TrustNote, a Directed Acyclic Graph (DAG) based distributed ledger.
TrustNote promises to be more accessible and faster to use, unlike blockchain which is traditionally slow and relatively difficult to build on.
TrustNote's main chain has been running for three months since its launch in January 18, 2018, and its developers are expecting the technology to become number one in the blockchain industry.
Business News Australia spoke to Jeff Zhou, the founder of TrustNote, about how his new platform is disrupting the relatively fresh industry.
How will TrustNote solve some of the problems blockchain currently has?
The number one problem faced by today's public blockchains is scalability. TrustNote combines proof-of-work and DAG based ledger structure all together, to build a more scalable distributed ledger, without compromising on decentralisation or security.
What was involved in the collaboration with Achain?
Achain is an established and one of the earliest blockchain projects. Achain plans to improve its existing ledger system, TrustNote and Achain will work together to analyse, discuss, and collaborate on how DAG technology can be used on that purpose. This include not only collaboration on research and development (R&D) activities, but also on business development, PR & marketing promotions.
Apart from being streamlined, what other differences are there between blockchain and TrustNote?
In contrast to many public ledgers' approach of improving performance at the cost of decentralization, TrustNote combines proof-of-work and DAG based ledger structure all together, to build a more scalable distributed ledger, without compromising on decentralisation or security.
TrustNote provides an extensible and inclusive infrastructure that can potentially integrate the micro wallet into resource-restrained devices, this would make TrustNote the first blockchain to bring decentralized consensus into the IoT world. Towards this goal, we just implemented the cold wallet in our super wallet app, we are working on a hardware wallet which is essentially the first attempt of putting a micro wallet into a resource-restrained device.
Have you had any interest from people wanting to build on the TrustNote platform yet?
We believe what we do is extremely challenging, innovative, our technology is also evolving fast. We believe the adoption of such technology will start from applications like digital contents, social networks, and online games. In later stages when the technology getting matured, the adoption will expand to more serious applications such as digital identify, Internet of Things etc.
Yes we have seen a lot of developers want to build on the TrustNote platform, actually the first game developed by developers from TrustNote community will be released by this month, we provided some support to the game developers and we are very happy with how our technology empowers such interesting game, please just stay tuned and you will find it out soon!
Will there still be areas that blockchain will be a superior choice over TrustNote or are you aiming to make the blockchain system redundant?
The bitcoin like blockchain technology is still more mature, more stable and in some cases more secure. They are better suited for applications like digital value storage, financial services such as crowdfunding, the success of these applications usually requires an experienced and well-funded development team.
In TrustNote, instead of making the blockchain system redundant, our goal is to democratize the access to the decentralized ledger technology.
For example, we are going to release a token platform to global users, everyone can use it to create, issue and manage their own personnel tokens or digital assets by simply press a few buttons, everyone can transfer/trade his tokens with others through the wallet, or sending the tokens via email, whatsapp at a tiny fraction of the cost comparing to the other blockchains.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support