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TrueChain Launched BetaNet, The Hybrid Consensus Public Blockchain in Permissionless Environment

To TrueChain’s Community Members and Supporters Globally,

Since 2017, TrueChain has been researching, engineering, and testing the first PBFT-fPoW hybrid consensus public blockchain in the world. Now we proudly announce, TrueChain’s BetaNet is launched at 8:00 SGT. TrueChain BetaNet’s first fruit is generated from PBFT committee (The Fast Chain) and the genesis block is generated from fPoW (The Snail Chain).

TrueChain’s BetaNet is a permissionless public test net of TrueChain’s main net before TrueChain’s main net’s official launch in Q1 2019.

BetaNet’s mission is to perform security tests and stability tests in a permissionless environment. The BetaNet will also be a foundation to test TrueChain’s layer 2 technology and a ground for high-performing decentralized applications.

TrueChain’s Blockchain Browser TrueScan is launched with the BetaNet. TrueScan is one of the first products designed and developed by TrueChain’s developers community.

TrueScan can be accessed at:

www.truescan.net

We would love to highlight five features of TrueChain’s BetaNet:

1. The first hybrid consensus public blockchain running in a permissionless environment

TrueChain applied a double-layer chain structure — a fast chain with PBFT protocol, and a snail chain with PoW protocol. The fast chain generates transactions, the snail chain elects the PBFT committee and conducts mining. The hybrid model of consensus design achieves efficiency and decentralization in the same time. The way how TrueChain is engineered allows easier communication between two consensus and made data structure clearer.

2. The First Public Blockchain implemented fPoW

TrueChain implemented the first fPoW (fruitchain) protocol to replace Nakamoto PoW. fPoW’s implementation allows miners with both large and small capabilities to participate in TrueChain’s mining. In the meantime, fPoW avoided Selfish Mining Attack and Eclipse Attack that every other PoW chain faces.

3 .TrueHash — the first fundamentally ASIC-resistant mining algorithm

Since the birth of BitCoin, many blockchain developers tried to design ASIC-resistant mining algorithms. Most of the attempts failed. Among 3rd generation public blockchains, TrueChain’s research team invented TrueHash, a fundamentally ASIC-resistant mining algorithm that does not allow any ASIC to bypass von Neumann Bottleneck, therefore fundamentally becomes ASIC-resistant. As PoW believers, we want to make the PoW ecosystem more fair and more decentralized as it should be.

4. A random election mechanism for hybrid consensus PBFT committee

The PBFT committee of the fast chain is carrying out TrueChain’s transaction processing work. In order to promise fairness and security, TrueChain’s PBFT committee is rotating. The question to answer is: how to elect PBFT committee members fairly during re-election? TrueChain’s research team designed a VRF-based PBFT committee election algorithm. Every PBFT committee member is elected with equal probability. In order to elect committee members who have good network condition and good integrity, miners who produced few fruits will be filtered.

5. With no sharding implemented yet, TrueChain’s Alpha Test Net has achieved 1900 peak tps, and 1200 tps on average

TrueChain’s BetaNet’s tps is one of the highest among all permissionless public blockchains. TrueChain will release its new sharding technology shortly. It will best fit into TrueChain’s hybrid consensus. More importantly, unlike many existing sharding designs which can only run in a permissioned network, TrueChain’s sharding will promise to be secure in a permissionless network. With sharding introduced, TrueChain’s main net tps will increase by magnitudes.

TrueChain BetaNet’s launch is a critical milestone of TrueChain’s development roadmap. However, we understand that technology is evolving quickly and security vulnerabilities are being discovered everyday. Therefore TrueChain Foundation launched Bounty Program together with BetaNet. Developers from all over the world could join bounty program to find security vulnerabilities for TrueChain and get rewarded.

TrueChain’s core developers community will start conducting tests on BetaNet. We will start laughing layer-2 infrastructures and developer tools. We believe the power of open source development. We will work with TRUE developers from all over the world to create a permissionless, fast, easy-to-use, and faithful third generation public blockchain.

Together we will make the history.

TrueChain Foundation

September 28th,2018.