Satoshi Nakamoto first invented bitcoin in 2008 as a “decentralized electronic cash system,” integrating various computing technologies such as P2P communications, cryptography, chain data structures, etc. together and forming a decentralized, non-trust and game-based
autonomous system – the blockchain. It followed by Ethereum implementing a Turing-complete smart contract concept, which is with the capability of doing logic processing and value transfer over different entities on the chain. Since then, more and more people are aware of the huge potential of blockchain technology. They started to study blockchain technology and promote the continuous development of blockchain infrastructure. However, connections between the blockchain and the physical world are still rarely observed.
It mainly due to the limitations of the current blockchain platforms: 1) the capacity of the blocks is limited. Recording massive transactions could easily lead to congestion. 2) The consensus algorithm itself lacks flexibility. It’s not easy to introduce other factors in the consensus algorithm to comprehensively measure contribution of chain users. 3) The existing blockchain systems are largely closed in the sense that the smart contracts only accept on-chain events as trigger and lack the interaction with the physical world. We are aiming to build a brand-new blockchain ecosystem –– CanonChain and push the blockchain technology to a higher dimensional space so that it can eventually serve as a value transfer protocol for the future Internet. Through our innovation on variant technologies
covering P2P communication, consensus algorithm and smart contracts, physical layer protocol redesign, we are finally to make CanonChain the bridge between the blockchain and the
physical world. CanonChain drives current Internet of Things (IoT) to the era of Fog of Things (FoT). Although various devices in IoT are distributed in different areas, the interaction between them and all the operations are performed through the cloud server. Essentially, IoT is still a centralized architecture with many bottlenecks in large-scale expansion: soaring costs, system congestion, reduced reliability, and server vulnerability. In addition, the devices’ data are also owned by service providers, individual users cannot fully access their own data.
Canonchain
