First, Product innovation of Chainless systems

Enter the white paper series

We start today to unveil the mystery of the chainless system and introduce the relevant contents of the white paper. Many programmers have had close encounters with Bitcoin and ended up empty-handed. We are destined to meet each other and believe your wealth is proportional to your cognition. Our airdrop design does not require you to spend money, but you must spend time reading articles to improve your cognition and contribute to your strength; otherwise, you will miss wealth. Interpreting the innovation of chainless systems” is divided into five sections.

Introduction

The WEB3.0 chainless financial platform is referred to as the chainless platform. Its design breaks out of the constraints of the blockchain, and there is no limit to the impossible triangle of the blockchain. Cryptocurrency is better than advanced ideas, but its development is slow. According to statistics from PANews, at the end of 2022, there are 1,259 active DAPPs in Ethereum, which is really pitiful. The chainless platform adopts the idea of ​​cryptocurrency and designs a transparent and centralized platform. The external characteristics are no different from the blockchain ledger. It is also a platform that implements openness and fairness and cannot be tampered with. Only in this way can the design compete with the ease of use of Web2, be popularized on a large scale, and make the number of DAPPs jump by an order of magnitude. Chainless design has no technical innovation and uses mature technology; it has unique innovations in products, incentives, communities, and core teams. This series has 5 sections in total. One is product innovation; the second is production relationship innovation; the third is business model innovation; the fourth is the role of the core team; and  the fifth is the Interesting Reads Chainless Platform.

First, Product innovation of chainless systems

Innovation in unilateral accounting methods

Projects that adopt blockchain accounting methods, without exception, use multi-party accounting and centralized ledgers. Its ledgers are all balance ledgers. The so-called balance ledger means that unspent tokens are recorded in the ledger. All improvements in blockchain are improvements in accounting methods. The purpose is to improve ease of use while ensuring the accuracy of the ledger. This accounting method is blameless as a currency issuance system, but it has two flaws as an accounting system:

1. The fastest accounting time is no less than one second;

2. Sky-high accounting costs.

With the Bitcoin and Ethereum systems already serving as the root of credit, it would be unwise for any application-focused project to use multi-party accounting. Because any account page can be hashed, and the hash value is on chain to the credit root, thus ensuring that the ledger cannot be tampered with. The running account corresponding to the hash value is public. Even if there is no multi-party accounting, the account book can be verified by any party and is, therefore, credible. The root of credit means that the data that enters the root of credit cannot be tampered with. Readers who have difficulty reading this can refer to “What Satoshi Nakamoto didn’t think of, what he didn’t say… Series 2: Openness and transparency are the core, but decentralization only summarizes less than half of it.” The Road to Innovation in Cryptocurrency” Series 1-11 (chainless.hk).

Account Verification

The flaw in the third-party verification of Bitcoin design is that if A transfers tokens to B, B may not receive them if the address is wrong. Bitcoin’s third-party verification is only formal, regardless of whether B gets it. As a centralized ledger, the transfer from A to B is an internal transfer of the “bank.” It is very easy for A and B to confirm the transfer. After A and B confirm that the transfer is correct, the chainless system will confirm it again, and there will be no dispute. It is very easy to achieve this improvement in Bitcoin, but there is no threshold for transfers for technicians, so they do not think there will be operational problems here.

Index general ledger to ensure ledger balance

All personal sub-ledgers constitute a reconciliation with the general ledger coin indicator, and the sum of all sub-ledger coins is always equal to the data of the general ledger indicator. This point is the point of invention and the starting point of general ledger innovation.

The hash value of the journal is uploaded to the chain

Chainless calculates the hash value of an account page in one minute, then uploads it to the Bitcoin system, and the account is made public. The transaction confirmation time is not the account page formation time but the three-party confirmation time of A, B, and the chainless system. This confirmation time is in milliseconds. It is consistent with the speed of centralized transfer systems.

Multiple signatures and multiple backup wallets

It is equivalent to the user controlling an online multi-sign project by himself. Multi-signing is more troublesome. Chainless has designed multi-signing grading, so small quantities do not require multiple signings.

Inherit

With the multi-sign and multi-backup functions, inheritance is realized by the way. The inheritance time can be modified, and inheritance can be automatically started when the time is up.

Support real-name and anonymous

The chainless data format is a public key and private key system, with real names grafted onto anonymity. If real names are not supported, it is impossible to integrate with real finance. The right to disclose privacy lies with the user.

The user controls external transfers

When the chainless system makes an external transfer, the chainless system and the user jointly control the multi-signature. If the user does not sign, the chainless system’s signature will be invalid and cannot be transferred; even if the user signs, the chainless system will not make an external transfer if the verification exceeds the user’s number of coins. When making an external transfer, the user must use his mobile phone to confirm twice.

Contract accounts and deposit accounts are not directly related

Ethereum accounts can be driven externally or by contracts. They are on the same account, which is inconvenient when designing applications. Chainless separates contract accounts and deposit accounts, allowing flexibility in contract design.

Issuance of decentralized currency DW20

The issuance principle of DW20 is the same as that of Bitcoin. It is ownerless and has no management team. It is a transaction token of a chainless system. Used to implement Bitcoin standards. DW20 is different from stablecoins. In addition to the white paper, readers can refer to series 1-4 of “Comparison of Decentralized Standard Currency DW20 with Bitcoin, Stablecoin DAI, and Standard Currency USD”. (chainless.hk)

Issue chainless system token CLY

CLY represents the value of the chainless system and is an equity token.

Advances beyond blockchain

In short, the chainless system captures the essence of cryptocurrency ideas, achieves the payment speed of centralized systems, and aligns with the views of Web3. The chainless system inherits the technical advantages of Web2, with meager accounting costs. The accounting system can automatically expand on demand, and the throughput is not limited. Smart contracts are easy to write and upgrade, and the wallet is safe and easy to use. The ease of use is the same as that of centralized wallets.

The chainless system combines the ideas of Bitcoin and hopes to become an effective payment platform and the infrastructure of Web3 to make up for the payment deficiencies of the Bitcoin system.

The chainless system began to be conceived in 2018, a preliminary plan was formed in 2019, a patent was applied for in 2020, the first draft of the white paper was produced in 2021, and implementation of the plan began in 2022. Open source after public beta. After open source, quoting the code within 18 months requires the written consent of the project team.

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