1) Problems with scalability
2) IoT devices are generally small sensor devices and are not equipped to do heavy computations.
3) IoT devices don’t have space for storing complete blockchains and independently verifying them.
4) IoT devices are not able to connect with peers all the time.
5) Slow Performance: Bitcoin (7 TPS), Ethereum (20 TPS), Ripple (1500 TPS), ...
Radiating block graphs is developed based on DAGs. A DAG is a finite directed graph with no directed cycles. It consists of finitely many vertices and edges, with each edge directed from one vertex to another.
This structure will increase the storage capacity, process more transaction confirmations per second and provide more security. A two-layers structure will also decrease the size of the blockchain which nodes are needed to store.
Cross-chain Communication is expected to be used with high frequency in IoT applications. Thingschain’s technology is motivated to design cross-blockchain communication in a fast and cost-effective way.
ThingsChain will use a proof of truth consensus mechanism which will ensure that only correct data is stored in the NestChain. It’s a consensus mechanism which allows only real transactions or information confirmed by supernode to be stored in Nestchain.
ThingsChain is a next-generation platform for IoT devices based on blockchain technology. It uses a multilayered architecture which provides a solution to the issues faced by current blockchains like lack of scalability and low transaction throughput rate.
The goal of ThingsChain is to create a trustless and decentralized system in which transactions are similar to real world transactions. ThingsChain accomplishes it by designing its network as a multi-layer blockchain with double consensus algorithm to allow transactions to be linked with additional information on-chain. Users, developers, node operators, organizations, enterprises, crypto-exchanges, partners and other blockchains.
- Idea and research
- Data collection and Development of the Thingschain idea
- Testing the mathematical.
- Refer from the Experts.
- Airdrop preparation.
- Smartcontract auditing
- Exchange listing.
- Developing Community.
- Radiating Block Graphs testing version.
- Developing partnership.
- First beta of Muti-Layers Blockchain.
- Double consensus algorithm testing
- Webchain and NestChain Communication testing.
- First experiment on actual IoT products.
- Thingschain's Full Functional testnet
- Thingschain's IoT summits.
- Practical experiment in the smart homes.
- Thingshain's Full Functional Mainnet.
Timothy J. Maxwell is a world-leading trading systems architect and trader. Using both technical and fundamental analysis, he has been trading stocks, futures, options, FX and crypto - manually and automatically for a total of over 24 years.
Mr. Maxwell has consulted dozens of small, medium and large financial firms, hedge funds and banks (e.g. Bank of America, Wells Fargo & Bank of NY) on both technology and trading. He is also a published author on trading methodologies.
He have more than 10-years experience in IoT/M2M applications, smart city, and mobile/wireless technologies since starting work on 2005. I also have accumulated much experience of project management in the area of mobility enterprise solutions and M2M/IoT applications and team management experience.
Ten-years of tele-industry experience, covering areas of mobile handset/SW development/Project Management/Product Definition.
An 4-year full-stack engineer who excels from 0 to 1, has extensive experience in front-end, user experience, and user operations. Multiple participation in entrepreneurship and internal entrepreneurship has played a key role in the growth of the early user index.
Jerry is a senior software engineer with cutting-edge technology skills. He has professional experience in: Blockchain/Smart Contract/Dapp/ICO/Crypto Exchange, AI/Machine Learning/NLP/IOT.
He has experienced as Product Manager and Developer in top companies: Google, Samsung, ... - and has led teams to achieve target goals.
Experienced Developer with a demonstrated history of working in the research industry. Skilled in E-Learning, Server Side Development, Internet Protocol Suite (TCP/IP), Project Management, Web Development and CryptoGraphic Techniques, Blockchain, Ethereum. Strong engineering professional with a Bachelor’s Degree focused in Computer Science.
This white paper outlines the technology used in Thingschain. We anticipate that changes to this technology will occur as Thingschain is developed. The white paper will be updated to reflect any future changes.