Today we interview project Finchain. Through this interview, we hope to let everyone understand the Finchain from various aspects. The following is the introduction of the Finchain and the full text of the interview.
The Finchain is the first public chain project to focus on commercial applications in the financial industry. It is a decentralized digital asset issuance, trading and management platform and the next generation of digital asset bank.
-Chainfor:
on the official website of FinChain, everyone can initiate crowdfunding. I believe we should have heard of “everybody could issue crypto.” What is the difference between everyone’s crowdfunding and issuing crypto?
-FinChain:
Everybody issues crypto is simply creating “currency”, but everyone’s crowdfunding is not only issuing but also selling. FinChain adopts a modular design and fool-like operation interface, supporting multiple assets, multiple currencies, multiple stages, and multiple prices.
This will decentralize the distribution right of digital assets monopolized by a small number of elites, allowing all global owners to participate in the distribution of digital assets, increase the supply of digital assets and help the third world countries to gain opportunities for development, so that all People have the opportunity to issue and purchase various digital assets.
In addition, we can also use our own technological advantage in the crowdfunding of our FinChain to play a role in charitable crowdfunding to help those in need of help and strive for the right to survival. Even through the FinChain, equity crowdfunding can be facilitated and funds can be raised from all over the world to promote local economic development and improve the living standards of local people.
-Chainfor:
It is understood that one of the application scenarios of the FinChain is digital asset management. How does the security guarantee?
-FinChain:
Currently, all crypto currencies on the market use 256-bit ECDSA signatures to ensure security, but if two ECDSA signatures use the same random number, the private key will be leaked. Although the client program will avoid this situation, it has no doubt that no signature algorithm is absolutely secure.
The abstract signature layer of the FinChain undoubtedly allows the security of the financial chain to be upgraded at any time. In the future, after the emergence of the quantum computer, it can be upgraded to an anti-quantum algorithm at any time.
Secondly, ETF Digital Fund is mainly secured by the development of a native advanced multi-signature account system.
-Chainfor:
The FinChain is focused on solving one of the most common and most important issues faced by the current digital asset industry: crowdfunding of digital assets. Now that many countries have not standardized crypto currency, how does the FinChain solve this problem?
-FinChain:
Supervision now is mostly on the air coins. As we all know, last year was a year when the crypto currency market broke out. The Ethereum smart contract reduced the difficulty of currency issue. As a result, thousands of coins went online overnight. But the vast majority are air and rubbish.
Air coins disrupted the market. And many are simply changing smart contracts, which are easily replaced by hackers.
To this end, we introduced the real-name authentication data of a third party to conduct real-name authentication of the account, and then used the third-party certification to sign the account on the chain. Through the advanced multi-signature account, the identification of the organization’s identity are realized, thereby realizing the trusted identity on the chain.
At the same time, we control the authority for the distribution of crypto assets through the community, and introduce an institutional endorsement mechanism. Whether it is crypto asset crowdfunding or public welfare donations, we can only issue and raise various digital assets on the FinChain through certification and institutional endorsement. In order to ensure the credibility of crypto assets on the chain.
In this way, every crypto asset on the FinChain can be traced to the issuer and endorser in real time, so as to gradually build a credible digital financial ecology. Not only does it reduce the amount of air coins, but it also eliminates hijacking and theft by hackers, and it also eliminates money laundering and various terrorist and illegal acts.
For the consideration of various kinds of supervision, we carry out KYC certification, through the introduction of real name certification, docking the different regulatory requirements of various countries, to avoid the anti-money laundering and terrorist financing activities. At the same time, various kinds of business qualification requirements are achieved through the introduction of various licensed organizations.
-Chainfor:
What is the greatest difficulty encountered in the development of the project so far? Is it resolved now? How was it solved?
-FinChain:
There were two major difficulties: one is team building; the second is the application of the direction, the lack of mature theoretical guidance, our application has changed a lot of times.
As we all know, currently there is a shortage of talents in the blockchain industry. Moreover, the blockchain industry has a very high demand for talents, and the existing blockchain employees generally lack the ability to actively study. In response to this problem, we mainly increase our team’s ability by strengthening recruitment and internal training.
Regarding the direction of application, in fact, everyone is exploring and they are also crossing the river by feeling the stones. FinChain focuses mainly on mature applications such as crowdfunding and exchanges.
-Chainfor:
What features does the wallet offer? What is the current number of user registration? Are the users active?
-FinChain:
First is the depository function. At the same time, in order to enrich our wallets, we will also develop a multi-currency, multi-asset currency lockout function in the future, which can be widely applied to the storage and lockout of all digital assets.
We specifically designed a decentralized C2C exchange platform that serves a wide range of third world countries to help local residents purchase various crypto assets through various kinds of fiat currency.
We will introduce advanced financial technology and services from China and the United States and other countries, and use the payment function of the FinChain wallet to provide them with the most basic payment and lending services.
At present, there are as many as 500,000 registered users in the wallet-based Bit Superman community, and it is still growing. Of course, we will continue to work hard to make the community more active.
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What is Cryptocurrency?
By now, you’ve probably heard of bitcoin. Maybe you’ve heard of Ethereum or Litecoin or Ripple as well but you’re wondering: what does it all mean for me and my future?
While exploring the crypto-world you may have heard some things like: HODL, market order, limit order, blockchain, confirmation, and consensus. If you’ve compared bitcoin and Ethereum, then you may already have some questions like: what is Proof of Stake? What is Proof of Work? All of these terms can send your head spinning. We plan to cover these terms so that you can be fluent in crypto.
Our goal is that you come away with a basic understanding of what Cryptocurrencies are and all of the lingo that comes with them. Maybe you’ll even start coding.
Through a series of short posts, I hope to help you feel confident in the crypto space.
Where did Cryptocurrency start?
It all started with Satoshi Nakamoto and his vision of a decentralized peer-to-peer currency. He published his idea here: . His paper, is, to say the least, highly technical.
bitcoin is the basis for all current cryptocurrencies and the idea for it began with Satoshi Nakamoto’s (a pseudonym) idea for a better system of exchanging money because of the constant interference of third parties in the exchange process. Imagine you want to send money abroad. You basically either have to do it through a bank, through PayPal or through a remittance service like Western Union. When you trust these businesses with your money, you’re accepting astronomical fees that are nothing more than a profit boost for these businesses.
All of these are third parties in the sense that they exist between you and the person whom you want to give money to. Satoshi’s idea was to enable direct transactions between people that are trustworthy and are done over the internet, without any of these parties being involved.
Imagine that you lost nothing in the exchange process.
What’s the basic usage?
In the end, all of the answers come from how crypto is and could be used.
The basic usage of cryptocurrency, starting with bitcoin, begins and ends with a Peer to Peer network. Peer to Peer networks are a way for users to communicate information directly with each other and no middleman. In other words, it all depends on how many users sign on to the network. Instead of a company making bitcoin transactions work, the users do.
Users sign on and then become what is called nodes on the network or computers that help it to run, continuously.
With bitcoin, the users who have the most powerful and most efficient computers solve the . Just think about a hash like a code that can only be solved by someone who has the key to the code. Overall, what’s important here is to understand that cryptographic hashes are mathematical changes in data that makes it unreadable as it is supposed to be. What was John Smith to Peter Jones, $30, is now a random group of letters and numbers.
It’s a secret code that needs to be solved and users do this, not to steal personal info, but to uncover another secret code.
Understanding all of this completely requires a basic understanding of , which is largely beyond the scope of this piece.
Despite this, it’s enough at this point to say that the random group of letters and numbers for each transaction that can be seen without any solving is called a public key, in the industry. The private key is the other half of a user’s identity of the network. Together, they allow users to transact but without one or the other, no currency can be moved.
Every transaction that is done is put on what is called the . This is simply a continuously running ledger, just like a bank has, except in this case, the users of the network each have a copy of every transaction ever made.
To add a transaction to a block on the blockchain means verifying that it is legitimate and that the transactors own the funds they want to use. All of this requires mining.
Cryptocurrency Transactions and Mining (with bitcoin)
The main purpose of cryptocurrency mining is to verify blocks so that they can be finished and added to the chain, as mentioned above.
This process starts with the hashing algorithm that the network runs on to keep it secure. In bitcoin’s cash, this is called SHA-256. Without diving too deep into the technical details at this point, suffice it to say that SHA-256 is like a math problem that needs to be solved continuously to uncover the public identities or public keys of those transacting on the network. Without it, every user’s personal information would be publicly available.
Solving the network hash function related to a transaction is called “Proof of Work,” in the cryptocurrency industry. To do this, the strings of letters and numbers called the public and private keys are needed. Keep in mind, you never have any reason to reveal your private key to anyone.
Let’s say John wants to send Kathy a bitcoin. On the bitcoin network, he wants to make secure only Kathy can read the transaction, so he types Kathy’s public key into the transaction. Doing this makes it so only she can read the transaction by effectively, “unlocking its’ secret info” with her private key. Therefore the public key locks the transaction to would be hackers and the private key that belongs to Kathy, unlocks it.
So that’s all?
Not really, there’s still the process of cryptocurrency mining to be accounted for. In essence, the mining of bitcoin is only adding transactions to the Blockchain ledger as well as minting new digital coins.
In the case of bitcoin, miners run powerful CPUs, GPUS, or, overall, mini-computers to solve the hashes of each transaction on the network. SHA-256 acts as the production facility for the hashes of each transaction so its’ hashes are what needs to be solved. Doing so requires a lot more power than a commonly sold computer which is why miners pay for expensive hardware and cooling units, among other things.
As to exactly what part of the transaction a miner has to solve for, the answer is, everything. Miners are often compared to being auditors for the blockchain, verifying that everything fits and is legitimate. This means, they update the blockchain together by grouping all transactions into blocks and then adding these blocks to the blockchain.
To do this, miners basically need to solve a really complex math problem and add it to the block that they are trying to get confirmed. Again, without getting too technical, they’re trying to find a number that matches with the transaction data in the block. In addition to this, when this combined data is passed through a hash function, it has to produce a certain range of numbers.
So how does one even find this needle in the haystack? Apparently, it’s a lot like a Monte Carlo simulation in the way that many random sampling are done until the desired result is achieved. This process has to be random because the SHA-256 function and all other hash functions make it impossible to do in any other way.
In that this process is random at its’ heart, each time, the one miner who achieves the range of numbers that solves the function, enough, effectively “wins.” All other miners move onto the next block and once the block is added to the blockchain, new Bitcoins are created. As of 2017, the bitcoin reward per block was 12.5 Bitcoins, which even now, is $87,500. On top of this, in the bitcoin network and in most “Proof of Work” networks, miners receive at least a percentage of the fees paid per transaction. All in all, it’s a difficult but potentially lucrative business.
Looking Forwards
Keeping all of this in mind, we’ll continue with the tech in our next article including the difference between “Proof of Work” and “Proof Stake.” If you understand how crypto works, then you’ll understand how to invest in it. Secondly, It’s not just cryptocurrency that’s important here. Once we get clear on how the currency works, we’ll go into the other use cases and other business areas that crypto can fall into.
The future’s now. It’s time for the Internet 3.0. Heck, it’s time for Business 3.0. In the next few articles, we hope to dig deeper into crypto and make it easier for you to understand and want to be involved with.
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