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TRANSCRIPT
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Decentralized Financial Infrastructure
with Proactive Deflation
2
Di’rector’y目目
Background ......................................................................................................... 3
IPOB ........................................................................................................................ 6
Currency Issuance System ............................................................................. 16
Mining model ..................................................................................................... 17
Evolution from IPOB to POD ........................................................................ 21
WebAssembly Smart Contract .................................................................... 21
Private Transaction ........................................................................................... 23
Defi DAO .............................................................................................................. 27
Ledger Self-Purification Protocol Depuration ....................................... 30
RoadMap .............................................................................................................. 30
Team ...................................................................................................................... 31
Investment organization ................................................................................ 33
References ........................................................................................................... 33
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Seekchain: Decentralized Financial Infrastructure
with Proactive Deflation
This paper introduces a decentralized financial infrastructure, Seekchain, which uses
cheaper hard disk resources instead of expensive computing and power resources as the
cost base for its ledger system.
Seekchain transforms distributed, low-cost storage resources into a trusted financial col-
laboration platform using a new consensus mechanism called Incremental Proof Of Burn-
ing. Seekchain not only realized the economic model of active deflation through the IPOB
mechanism, but also continuously stimulated the development of the mining pool commu-
nity through periodic rewards. The number of mining pools will increase sharply while still
being more differentiated. Combined with iterative chain management, Seekchain realized
double decentralization ecologically and technically.
Meanwhile, Seekchain adopts pluggable consensus, which allows the consensus algorithm
to smoothly switch from Proof of Capacity to Proof of Data. Roles such as miners or pools
in the ecosystem can easily convert to storage or retrieve miners at low cost. two-level
Referral incentive system, ledger self-purification protocol, Defi solutions managed by min-
er DAOs, private transactions and other important functional components will also help
achieve higher ecological explosiveness, economic sustainability and commercial use case
applicability, providing better user identity security.
Background
Bitcoin has a market value of several hundred billion dollars, but it also consumes about
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0.33% of the world’s electricity consumption, which is equivalent to the national electricity
consumption in Australia, and this proportion continues to rise. Similarly, the energy con-
sumption of ETH 1.0 also accounts for 0.03% of the total electricity consumption in the
world. In fact, not only the blockchain technology itself and the community’s consensus
have created a high price for both, but the labor, hardware and energy costs anchored by
itself have also played a pivotal role in the price formation process.
Obviously, there is a cost to achieve consensus among multiple parties. For BTC and
ETH1.0, the cost is mainly electric power and hardware computing power. For equi-
ty-based solutions such as EOS or ETH2.0 Casper, the cost comes from the time cost of
the currency under mortgage. For Filecoin, it will be the cost of storage services with proof
of time and space. In fact, we can think that the resource cost that a distributed ledger so-
lidifies in the multi-party construction process is the ability of its ledger to counter attacks
and tamper-proof. Therefore, at the beginning of constructing a ledger, we may consider
first economically is, which resource is used to carry the consensus.
After the Burst team completed the use of hard disk space resources to replace computing
resources through the POC consensus mechanism, there were a large number of similar
projects in the community. Most of them only changed the economic model, and it was dif-
ficult to provide deep commercial and financial value. With the community influence of the
IPFS protocol and its imagination in the Web 3.0 technology architecture and distributed
commerce gradually grows, a clear path of monetary and decentralized financial devel-
opment is reflected in our vision: based on the hard disk space resources, through space
certification, gradual transition to proof of replication and space-time proof, we can dynam-
ically build a grand decentralized financial infrastructure with the development and maturity
of blockchain technology. The infrastructure named Seekchain, which will address the fol-
lowing issues with blockchain, cryptocurrency and traditional financial industries:
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Problems Facing Blockchain and Cryptocurrencies:
Type of Issues Description Seekchain Solutions
Core
Centralization of the computing power and mining pool IPOB
Centralization of governance and development Chain governance
Safety at low computing powers Genesis mineral machine sales
Low scalability WASM virtual machine and Layer 2 expansion plan
Peripheral
High energy consumption Adopt low-energy IPOB consensus mechanism
Mining machine abandoned Pluggable consensus allowing IPOB to smoothly switch to IPFS protocol
IntegrityLack of subdivided, complete
solution Defi solution managed by DAO
Experience
Security and simulation of Test network Ledger self-purification protocol
No privacy Private Transactions
Ledger expansion problem Ledger self-purification protocol
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Problems Facing the Traditional Financial Industry:
Problem Description Seekchain Solutions
Users control their wealth independently
Everyone can create an encrypted account without permission, and have full control over their assets.
Assets cannot be globally operated and invested Globally services and transactions
The existence of the middleman leads to high operating and use costs
The user interacts directly with the contract, Exempting the intermediary from the information agency fee.
Users are deliberately treateddifferently.
Everyone has free and equal access to all financial services.
Worried by the risk of the counterparty The user interacts more directly with the contract.
Lack of necessary transparencyContracts are pre-programmed and executed in the same
way for everyone. The internal work of the contract is fully visible on the distributed ledger
Unnecessary supervision and review Everyone can use all financial facilities
IPOB
The IPOB (Incremental Proof of Buring) consensus mechanism is a superset of POC (Proof
of Capacity). In Seekchain, miners need to perform IPOB workload proofs in order to ob-
tain a certain amount of reliable computing power and a block bonus extraction rate, as
well as obtaining a block reward by performing POC mining.
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Seekchain hopes to build a more growth-oriented community structure that is more de-
centralized at the mining pool level through IPOB consensus. This mechanism accepts
the inevitable centralization of the mining pool’s adoption of the POW type consensus, but
through the pool level creates an motivated and competitive solution to the centralization
problem that has long plagued the POW and POC consensus.
Basic economic concept
Miner-Management-Contract
Contract deployed on Seekchain to manage the status of miners
Cumulative Number of Coins
It means the number of coins that the miners have cumulatively transferred to the Min-
er-Management-Contract, which cannot be redeemed by anyone. The higher the value,
the higher the extraction rate of miners’ reliable calculation power and the block bonus.
And when the miners burn the SEEK coins, they will have an impact for both. In the Seek-
chain, the miners must at least burn the 500 SEEK to obtain the basic reliable power and
extraction rate to participate in the mining.
Extraction Rate of Block Reward
The proportion of the block reward that the miner can actually obtain for each block and
the block reward full value. Due to the existence of this value, in the real situation, each
block mining is equivalent to permanently burning a part of SEEK coins from the overall
planned circulation of SEEK.
Reliable computing power
If the miner’s cumulative amount of coins is insufficient, then no matter how much power it
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actually has, the block rewards are calculated only according to the block reward extraction
rate corresponding to the cumulative number of coins. That is, if the miner only performs
the initial coin operation, it may increase the power of the Plot by using more hard disks,
thereby increasing the probability of its block, but the block bonus extraction rate is un-
changed, and its newly incremental computing power cost is usually greater than its new
revenue.
Unit Reliable Computing Power Price
The number of SEEK that miners need to burn to achiev 1T computing power. Generally,
as the number of accumulated coins in a miner increases, the computing power price for
this miner will gradually decrease.
Unit Block Reward Extraction Rate Price
The number of SEEK that need to be melted by the miners for each 1% increase in the
block reward extraction rate. Usually, with the increase in the number of miners accumulat-
ed by the miners, the price of the bonus extraction rate per unit will increase rapidly for this
miner.
Technical concept
Shabal / Sha256 / Curve25519
Shabal, Sha256, and Curve25519 are the primary cryptographic hash functions used by
Seekchain. Shabal is a fairly heavy and slow cryptographic hash function associated with
many other functions such as SHA256. Shabal is the most suitable encryption algorithm for
capacity proof cryptocurrency schemes. It allows the node to store a pre-computed hash
value, and it is still fast enough for smaller real-time verification.
Hash
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The hash value represents the result of a cryptographic hash function. Unless otherwise
specified, the hash value mentioned in this article is typically 32 bytes.
Plot file
When mining, the mining program reads the pre-calculated Hash values from the disk, and
these values are stored in the disk files, which are Plot files.
Nonce
In a plot file, there are several groups of nonce, one nonce contains 8192 hashes, so a
nonce has a size of 256K bytes, and each nonce has an independent number of 8 bytes.
The number range is 0-18446744073709551615 (2^64).
Scoop
The 8192 Hash values contained in each nonce are placed in 4096 different places, and 2
Hash values are placed in each scoop.
Account ID
When creating a plot file, this file is associated with the miner’s digital account Account ID.
This ID will be used to create a nonce. Different nonces created by different miners are not
the same, although they may use the same nonce number.
Deadline
Deadline is the value used by different miners in the mining process to compete with each
other. This value is calculated based on the nonce on the plot file. When this value is sub-
mitted to the wallet, and the wallet is not received in the deadline time (seconds) Block
broadcasts from other nodes in the network are packaged.
Base Target
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The Base target is calculated based on the block out of the past 24 blocks. This value is
used to adjust the difficulty of mining. The smaller the value, the harder it is for the miner to
find a small timeline.
Network Difficulty
Network Difficulty, or NetDiff for short, is a value in T that can be used to estimate the total
amount of P disk files for all miners on the network. This value varies with each block rela-
tive to the base target, taking an average of at least the nearest 360 block difficulty values.
Block Generator
When a new block is packaged, the account that needs to be packaged is the block gener-
ator. That is the account corresponding to nonce needed for deadline.
Generation Signature
The generation signature is based on the generation signature and block generator of the
previous block. This value is used to pack a block with a length of 32 bytes.
Block Signature
Block signature is created by the block generator when packing the block. It is the signa-
ture of the block data and the block generator’s private key, Sha256 and Curve25519, and
the length is 64 bytes.
Consensus process
The basic idea of IPOB is to put the calculation in the initialization phase, that is, write the
result of the hash calculation to the hard disk in advance. In the execution stage, the Hash
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calculation is needed to reduce the POW algorithm by retrieving the data in the hard disk.
A small amount of hash calculations will be used during the execution phase. The sooner
the miners retrieving the required data, the he higher the probability of packing blocks.
Plotting
Miner writes the Plotting file on the local hard disk, and uses the Shabal256 algorithm to
hash with its own public key hash value, and writes the calculated result to the hard disk.
The size of the plotting disk file owned by the miner is equivalent to the computing power
it possesses, and it also represents the competitiveness or probability of the block when it
competes with other miners.
Once P driving, as long as the revenue account is unchanged, there is no need to re-P
drive. Moreover, mining is only a retrieval of local files, does not consume a lot of power,
and does not frequently perform a write operation that reduces the disk life.
Seekchain uses the optimized Plotting 2 scheme to reorder the Scoop data in the plot file
and put the same scoop# data together. When the miner wants to read Scoop 4096, it
reads all the data in order at one time. Therefore, it is more efficient in retrieval and con-
forms to the slow addressing characteristics of mechanical hard disks.
Plotting process and output diagram for each stage:
Public and private key
Create account
Construct Plot �les
P disk
Obtain latest information
Obtain mining tasks
Submit Deadline
Submit work results
Built a new block
Pack blocks
Blockchain extension
Testify block
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SeedShabal 256
32 byte Hash #8191
8 byte Nonce Nr
8 byte Plotter ID
Seed for �nal HashShabal 256
Final Hash+Start Seed
Hash #0-8191
Seed
Shabal 25632 byte Hash #8190
8 byte Nonce Nr
Hash #8191
8 byte Plotter ID
Scoop #0
Hash #0
Hash#8191
Scoop #4095
Hash #8190
Hash#1
Nonce POC
Generate the �rst Hash with Seed
All previous Hashes are superimposed and itera-
tively calculated as shown in the �gure. When the
seed length is exceeded, only the last 4096 bytes
are taken.
Generate Final Hash, all Hashes been XOR by Final
Hash.Every two among the whole 8192 hashes
will be put into one Scoop
Create Nonce repeatedly and save them to the plot
�le
Mining
The miner gets the latest block information through the wallet and mines. The latest block
information includes the new Generation signature, Base target, and Next Block height.
Before the wallet sends this information, it creates a signature Generation signature by
combining the previous generation signature with the previous block generator and calcu-
lates a new hash through Shabal256. The miner will use the new 32-byte generation sig-
nature and 8-byte block height and put them together as a seed for Shabal256. The result
of the calculation will be a hash value called Generation hash.
After that, the miner will perform a small amount of math on this hash to find out which
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Scoop number to use when processing the plot file. This is done by using 4096 modulo for
Generation Hash because there are only so many Scoops.
The next step is to read all 64-byte Long scoops for all Nones in all plot files. They are
processed separately by Shabal256 with the new Generation signature, and a new hash
called Target is finally obtained. This Target is now divided by the Base target, and the first
8 bytes of the result are Deadline.
Repeat the above process until each Scoop has been calculated, and from all the calculat-
ed Deadlines, find the Deadline that represents the shortest time and the smallest value.
This deadline represents the length of time the system has to wait since the last block was
generated until you generated the next block.
If no one generates the next block within this length of time, the current miner gets a right
to make a block.
The following program describes how the miner submits the mining result Nonce, imple-
mented in the Rust language.
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Forging
Because Seekchain is based on Parity development, which is the client end of ETH. And
it supports Turing-complete smart contracts, so the block size limit depends on the block’s
Gas limit, which can reach up to 8M. At the same time, the size of the Data that each ex-
change can carry is also limited.
The wallet will first obtain all unconfirmed transactions received from the user or the net-
work and attempt to accommodate as many packaged transactions as possible until one
of the limits is reached, or until all transactions have been processed. The wallet will verify
every transaction it reads, such as whether the transaction has a valid signature, whether it
has the correct timestamp, and so on. At the same time, the wallet will also summarize all
transaction quantities and processing fees. The block will only contain the transaction ID
for each transaction and a Sha256 hash of all transactions contained, and the transaction
will be stored separately. In addition to this, the block will contain a collection of many dif-
ferent values.
Longest Chain Rule
When the miners are mining, since the hash value is random, and the delay of the network,
there are two miners who can dig out the block at the same time. When this happens, if
they record together, there will be the bifurcation of the blockchain.
Seekchain uses the bifurcation selection rules of the longest chain. When there is a bifur-
cation in the network, the miner will choose the longer one to mine on it. Mining all miners
on the longest chain is beneficial to maintaining the uniqueness of the blockchain.
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Genesis Block
The Genesis Block will contain a series of economic and technical parameter configura-
tions for Seekchain.
Genesis Mining Machine and Startup Safety
The Genesis mining machine is designed to quickly build a stable and secure IPOB net-
work. Since Seekchain is still essentially a cryptocurrency supported by computing power,
the security of the network depends on the computing power carried in the network. There-
fore, Seekchain needs to provide a high storage capacity that is sufficient to resist 51% at-
tacks at the beginning of the book.
The Genesis mining machine does not have a special advantage compared to its own built
mining machine. It can only be regarded as a more suitable way for the POC industry to
sell the token. The entire Seekchain network is still highly open and decentralized.
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Currency Issuance System
Currency Issuance
The name of the token is SEEK. The total amount is 970 million. And the development
team pre-excavates 37 million in the Genesis Block.
SEEK’s output is halved every four years.
Assuming that the block time is 30 seconds, the block reward full value is set to 800 SEEK.
In fact, due to the existence of the block reward extraction rate, this reward will not be fully
issued.
Distribution Plan
Therefore, the overall output or destruction of SEEK is as follows:
• Pre-mined 37 million by development team
• SEEK that did mined according to the extraction rate of the block miner,
• SEEK burned permanently according to (1- block miner’s extraction rate)
The mined SEEK will be distributed like this:
1. 83% to the miner
2. 10% to development team
3. 7% to the miners’ two-tire referrals, will be burned when there is no referrals
Assuming the block full value is W and the miner extraction rate is e, when the miner digs
up a block, the block rewards are distributed as follows:
1. The miner receives a reward for the portion of his extraction rate, assuming that this
part is awarded R= e*W*83%.
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2. e*W*10% by development team.
3. If a miner enters the network in a two-level recommended way, the direct recom-
mender can get an e*W*5% direct recommendation award, and the indirect recom-
mender can get an e*W*2% indirect recommendation reward. If there is no recom-
mender, this part does not produce.
4. The remaining permanent burnout that has not been dug up, that is, the amount of
SEEK destroyed per piece.
• a. at least W * (1-e)
• b. Up to W * (1-e) + e*W*7%
Take the block reward of 800 SEEK, and a miner with a two-level recommended net ac-
cess rate of 20%, when it digs out a block:
1. The miner gets 132.8 SEEK
2. Team gets 16 SEEK
3. Direct recommender gets 8 SEEK
4. Indirect recommender gets 3.2 SEEK
5. Burned out 640 SEEK
If the miner enters the network by himself, there are:
1. The miner gets 132.8 SEEK
2. Team gets 16 SEEK
3. Burned out 651.2 SEEK
Mining model
In Seekchain, miners can earn SEEK benefits in four ways.
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Capacity miningSeekchain will use the ladder rate to determine the relationship between the number of
miners burning SEEK and its reliable power P (Power), the block bonus extraction rate
O (Output) price.5% of the SEEK burned by miners will be used as community incentive
budget to support community operating.The ladder rate model will be automatically and
periodically corrected based on the calculation of the power of the entire network.
Account reliable computing control
The purpose of the program is to control the online computing power of this account by the
level of an account or the number of coins. The process is as follows:
Mining App (submit Nonce)
1.Request mining info
9.Broadcast the block
5.Return the mining info of the next block or Error when there is no legal nonce
4.Calculate and cache the legal nonce scale of the miner
7.Submit the smallest nonce
2.Request miner’s grade info
11.Return the miner’s grade
3.Get miner’s grade info
10.Get the miner’s grade
Wallet ( Generate & Verify blocks)
Miner Contract (Host Miner Grade info)
Wallet
( Generate & Verify blocks)
13.Calculate the deadline based on nonce, verify the timestamp
12.Check if the nonce is or is not legal based on the miner’s grade
8.Wait and generate block if the block is legalr
6.Traversing the plot file and calculate deadlines based on the nonces
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Seekchain will limit the legal nonce value range when the account is producing blocks. As-
suming the net computing power allowed by an account, that is, the P disk space is C, then
the nonce cap of an account is calculated as:
Nonce cap = 4C*1E3*1E3
That is, if the reliability of a junior miner entering the network is 8T, the legal nonce interval
is:
{1~32000000}
Account reliability calculation and burning rate change
The level can be upgraded by the coin-burning miners, and the miner level is positively
correlated with the extraction rate and maximum capacity.
Number of miners burning coins = currency coin base required for the next level * (current total power / initial total power)
The current acquisition logic of the total power is:
1. Read the average difficulty level of the previous difficulty adjustment period (24
blocks).
2. Calculate the total power of the chain based on the difficulty value.
3. Write this power calculation value to the block header of the next price adjustment
period (3000 blocks adjust the price once).
4. Whenever the miner registers, the contract will read the total power field of the block,
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and the size of this field will determine the miner’s burning price.When the block time
Deadling is set to 4 min, the adjustment time corresponding to 3000 blocks is about
1 day.
Pool Mining
Here we first explain the two ways of miner mining in reality: independent mining and pool
mining.
Independent mining means that the result submitted by the miners is to compete directly
with the results submitted by other independent miners and pools in the entire network.
When winning, all blocks will be awarded. Pool mining is the result of submitting the results
to the mining pool. After the mining pool has harvested the minimum deadline values ob-
tained by other miners in the mining pool, it compares with the results submitted by other
independent miners and pools in the network. If it wins, the mining pool will centrally dis-
tribute the rewards to miners involved in mining according to their own distribution mecha-
nism.
Referral Mining
Recommending other miners to mine can additionally unlock a portion of the other exca-
vated block as a reward, which is only adjusted once when the first block reward is halved:
1. Initially, the direct recommendation reward is 5% and the indirect recommendation
reward is 2%.
2. After the adjustment, the direct recommendation reward is 3%, and the indirect rec-
ommendation reward is 1%.
Ecological Mining
For miners, there are some innovative mining methods:
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1. Only the miners have the right to become members of the committee of the decen-
tralized financial autonomous organization and enjoy the revenue share of the orga-
nization.
2. Only miners have the right to become market makers of decentralized exchanges
and enjoy transaction fee sharing
3. Only miners have the right to establish a private trading league, and benefit from sell
it or manage it.
Evolution from IPOB to POD
The IPOB consensus has created a crypto-economic infrastructure which is lower-cost and
hardware-equitable. But more strictly speaking, in this process, the meaning of hard disk
resources has not really been developed, and the ability of the hard disk to store data itself
requires a new consensus to fully explore: the data proves that POD (Proof of data) is a
truly meaningful proof of workload, while it including two ways to prove storage, copy certif-
icate and space-time certificate of IPFS protocol. Based on a pluggable consensus mecha-
nism, once the POD consensus is economically proven, miners in Seekchain can upgrade
to storage miners and search miners without any hardware upgrades.
WebAssembly Smart Contract
Virtual machine is the operating environment of a smart contract in a node. Sending a le-
gitimate transaction to the blockchain network to invoke the contract will trigger the virtual
machine of each node to execute the contract code and record the execution result. The
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consensus mechanism requires everyone to calculate the same result. If the calculation of
the load contract is different from one node to another, they will not reach a consensus.
WebAssembly, or WASM for short, is a new technology for running portable programs in
a safe and effective manner. With WASM technology, developers do not need to learn the
new Solidity language. They only need to follow certain deterministic programming speci-
fications to use the usual Go, Pyhton, Nodejs, Rust and other mature editing languages to
quickly start building decentralized applications in Seekchain. Secondly, , the WebAssem-
bly contract will compile the relatively inefficient and cumbersome EVM virtual machine into
bytecode execution, which is more efficient. At the same time, you can also reuse some
IDEs, compilers, etc. that are now mature in engineering.
Seekchain will provide the WASM contract development debugging tool catalyst, which
runs in the browser. Users do not have to build blockchain nodes by themselves during
the development of the test contract, and there is no need to install complex contract code
compilation environment. The Catalyst tool integrates the development, compilation, de-
ployment, and contract interface testing of WASM contracts, that facilitate developers to
develop and test contracts.
Seekchain also provides a common standard TOKEN contract that allows developers to
quickly build their own TOKEN contracts. Smart contracts provide better support for com-
plex protocols and services in the ecosystem:
1. Support richer chain management
2. Support for multi-signal upgrade contracts
3. Support the ledger self-purification protocol
4. Support private groups and private transactions on the chain
5. Support the construction of a series of shared security and liquidity decentralized fi-
nancial solutions
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Private Transaction
The status of transactions and contracts on the public chain is usually publicly readable
and does not provide the function of trade secret protection, while institutions or groups
have the needs to create private transactions on the public chain. The Seekchain node is
built on ETH’s Parity wallet and supports some accounts to build private contracts in an
open network that only allow the licensor to view and manage its state. This is similar to a
simplified federated chain approach, but whether it is creation, management or usage, the
league proprietary trading solutions are much lighter.
Only miners who meet certain conditions can create such alliance contracts and configure
nodes and trading rules in the league. The miner can charge through the transfers of con-
tracts, or set a custom fee rule to charge the account that uses the league transaction ser-
vice.
Key Concepts
Public Contract: A specially crafted smart contract deployed on Seekchain that includes
private contracts. The public contract stores the cryptocurrency code and state variables of
the private contract.
League Private Contract: A smart contract stored in a public contract. The status and code
of the private contract is not publicly readable, and only the specific account can read or
modify the status and code of the private contract, which was specified during the deploy-
ment of the public contract.
Master Certifier and Certifier List: The master certifier is an account that can allow private
contract status changes. The certifier list is specified by the miner as the master certifier
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during the deployment of the public contract, and any account can be placed into the certi-
fier list.
League Private Transactions: A specially crafted message containing cryptocurrency data
and a modified private contract status. It requires all or custom scale and weighted verifier
signatures to apply the changes.
Public Transaction: A regular transaction call to a public contract whose resulting changes
are stored in a private contract.
Secret Store
A secret store service that creates and manages keys for a node, which is associated with
a public contract. This key is used to encrypt the state of the private contract and any mes-
sages exchanged between the nodes, such as collecting the verifier’s signature. It speci-
fies the exact Secret Store URL for each Parity node participating in the private transaction
system. A license contract can be used to describe which account can access which con-
tract’s key. Specifically, a secret store can implement:
1. Distributed elliptic curve key pair generation - The key is generated by multiple parties
using a special encryption protocol, so:
• The private key part is still unknown to each party;
• The public key part can be calculated on each side and can be safely exposed to
external entities;
• Each party holds a “share” of the private key;
• Any party on the t+1 side can join to recover the private part of the key;
• Less than the t+1 party’s subsets cannot recover the private part of the key;
2. Distributed Key Storage - Private key sharing is stored separately by each party and is
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never exposed to the other party or external entity;
3. Threshold retrieval based on blockchain permissions - All operations that require a pri-
vate key, at least t+1 requires the parties to agree to the “authority contract” status.
Transaction Process
In the following example: Nodes A and C can access the keys of the private contract, but
Node B cannot. Node C is in the system’s certifier list.
Parity node(A) Secret Store
Parity node(B)
Parity node(C)Validator
Public contract deployed at
address 0xABC:
-Validators: C-Encrypted
state
Permissioning contract in Regis-
try:-A,C have access to key
associated with 0xABC
Modify,View,Verify
(encrypted messages)
Get Key
Private Transactions Solutuion Overview
是非成败转头空,青山
We use a simple private contract as an example:
Contract Test1 { bytes32 public x; function setX(bytes32 _x) { x = _x; } }
In order to call the setX’s deployed private contract method, the user needs to:
1.Write a regular transaction that calls the corresponding method of the contract, in this
case, it’s SetX(42):
Curldata’{“method”:”parity_composeTransaction”,”params”:[{“from”:”0xcf9e2287227c-
5cc5978e7bdbbdaf293fe4992a24”, “to”:”0x52f5f1b8c785ab1c0e892b4c46b080fde9ad-
992b”,”data”:”0xbc64b76d2a00000000000000000000000000000000000000000000000
000000000000000”}],”id”:1,”jsonrpc”:”2.0”}’ -H “Content-Type: application/json” -X POST
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localhost:8549
2.Sign the transaction.
3.Send the signed transaction using the private_sendTransactionAPI method:
curl --data ‘{“method”:”private_sendTransaction”,”params”:[“0xf88407...1137”],”id”:1,”json-
rpc”:”2.0” }’ -H “Content-Type: application/json” -X POST localhost:8549
Where 0xbc64b76d2a...00000000 corresponds to calling SetX() with any argument 42.
0xf88407...1137 is the hash address of the previously created signed transaction.
Consecutive Process
Private Transactions Flow
blockchain
Create private trans-action in order
modify state in pri-vate contract
(1)
(0) Deployed public contract with validators-Associated with con-tract's address keys in secret store
Sender Validator
Collect signatures and create public
transaction
(3)
Decrypt and execute
(2)
Message with data for modi�cation(encrypted)
Message with signed private state
Public transaction
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Defi DAO
Defi DAO - Dcententralize Autonomous Oganization For Dentralized Finance.
Seekchain is committed to providing decentralized solutions of shared security and mobili-
ty that can rapidly expand the business ecosystem. The development, product design, and
application advancement of these solutions will be driven by decentralized organizations,
each supporting a subdivided decentralized solution.
It needs to be clear that, only miners have the right to apply to become members of these
DAO autonomous organizations.
Chain Governance
To implement this mechanism, Seekchain provides some easy-to-use management tools
for the management of the Dao organization, such as deploying the Coops Decentralized
Autonomous Organization protocol in capacity, which is an iterative, easy-to-use chain
governance framework. Miners working as the member of committee can achieve day-to-
day affairs such as membership management, account rights management, organizational
financial management, tasks and bounty management through this framework. The tasks
of chain governance will usually include technology upgrades, product releases, problem
fixes, and more. The way of governance mainly includes protocol or contract realization.
In Defi DAO, the process of governance will be as follows:
1. Continuous communication, discover problems and submit requirements
2. Continuous communication, decision making and program formation process
3. Develop contract, accept and complete deployment
The objects that participate in governance are:
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1. Holders can submit comments or suggestions for bounty, or vote for the legitimacy
of certain members
2. The miner, who becomes a member of the committee, votes for daily business and
can get a share of the solution service charge.
3. Community opinion leaders, responsible for collecting opinions and submitting de-
mand proposals, can get daily compensation based on performance
4. Developers, responsible for the development of contracts and on-chain deployment,
can get bounty
Decentralized Finance
Decentralized finance is the key area of Seekchain’s expansion. Seekchain will lay out
solutions based on the decentralized financial prototype that the community has formed
spontaneously.
Seekchain’s decentralized financial solutions and autonomous organizations will include
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but are not limited to:
P2P Payment
Payment is one of the most important financial infrastructures. The Seekchain ledger built
on the IPOB consensus mechanism supports the construction of a lightning network that
can support millions of transactions per second in real business scenarios.
Asset Chaining and Shareholding
In reality, assets lack liquidity and do not achieve a good global real-time configuration and
trading. After the assets are chained, global users are allowed to achieve p2p investment
with investors trading globally anytime and anywhere. The asset-chaining and share-shar-
ing process relies on the oracles described below.
Full Standard Token Decentralized Exchange
The tradable type of cryptocurrency, including the non-homogeneous ERC721 standard
token and the homogeneous ERC20 standard token, will be able to obtain liquidity in the
Seekchain decentralized exchange, which can be provided by a contract with pricing pow-
er. It can also be provided by the counterparty. It is important to point out that only miners
have the right to receive a fee-sharing reward by becoming a market-dealer of the decen-
tralized exchange.
Mortgage Mortgage digital assets can be used to mortgage loans after they are issued. If the mort-
gagee does not repay, the mortgaged assets will be transferred to the loan service provid-
er.
Prophet and Forecasting Market
The prophet and forecasting market allow the identified smart contracts to react to the
uncertain external world. It is the only way for smart contracts to interact with the outside
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world and is the interface between the blockchain and the real world for data interaction.
Ledger Self-Purification Protocol Depuration
All contracts deployed in the Seekchain will have some flags that will indicate whether the
contract is a formal contract or a test contract. In the case of a test contract, the deployer
can set a delete rule for it. For example, when the block height reaches a certain height,
the contract and its related data will become invalid.
This purification mechanism has two extremely important roles. First of all, it provides
developers with an excellent development experience, and also solves the difficulties of
building a secure test network in the power-chain blockchain, implementing that the formal
network is the test network. Second, the self-purification protocol can help to prevent the
book data from expanding too quickly and reducing junk data.
RoadMap
Seekchain is a fast-evolving infrastructure that will not only be reflected in products and
solutions, but also in terms of user volume and user enthusiasm. Considering the rapid
changes in technology in the blockchain, Seekchain will also be dynamically revised as
time goes by. Overall, the road map of Seekchain consists of two parts, which are divided
according to the consensus mechanism of the main network: IPOB and POD.
IPOB Stage
• 2019 – 09 Seekchain test network, test bounty plan
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• 2019 - 09 Genesis pool project
• 2019 - 10 Launch main network
• 2019 - 10 The first phase of the long-term pool bounty project
• 2019 - 12 Release Defi DAO solutions, miners can elect to be committee members
• 2019 - 12 Private transaction, miners can create private transaction league
• 2020 - 01 Release decentralized exchange, miners can apply to be market makers
• 2020 - 02 Deploy the ledger self-purification protocol
• 2020 - 03 Launch the Eco Developers Conference, deploy the application market
• 2020 - 05 Host various technology and marketing activities such as Meetup and
Hackathon worldwide
POD Evolutionary Stage
• 2020 - 01 Deploy lightning payment network
• 2020 - 09 Open storage market and retrieve market test contract sets
• 2020 - 11 Release new node client for switching to POD consensus
Team
Mr.Jin
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After graduating from China University of Political Science and Law and completing the
study of economics and international law, Mr jin returned to South Korea and began to
work as the head of operations for Caesars world, a state-owned institution under the Min-
istry of Economic Affairs of the Republic of Korea. After that, Mr jin entered the traditional
gold trade, traditional Commodity cross-border trade and other fields.
At the beginning of 2017, Mr jin entered the field of cryptocurrency, and the first bitcoin
hedging transaction started, and through the establishment of capital channels and math-
ematical models, he obtained high returns. In February 2018, Mr. Yu co-founded the new
DApp0-Mono based on the EOS network, which received more than 10 million US dollars
of venture capital, and more than 500,000 users were active in the early days of operation.
Now, as the CEO of Seek Chain, Mr jin is officially responsible for his daily operations and
strategic planning. At present, the project has received more than one million dollars of an-
gel investment from Korean VC institutions under the efforts of the team.
Mr.Jun
Graduated from the Seoul National University , majored in Department of Computer Sci-
ence, Seoul National University, referred to as Seoul University, is located in Seoul, South
Korea. Former UN Secretary-General Ban Ki-moon and several South Korean presidents
were graduated from Seoul National University.
Mr Jun is currently working as a CTO for Seek Chain. He has many years of experience in
data mining and software architecture design and development. Especially for distributed
data processing systems, cryptography. At the same time, he is familiar with the develop-
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ment of the programmatic trading industry, there is an in-depth study on the construction of
quantitative transaction-related systems and quantitative trading strategies.
Investment organization
References
BTC Data:https://digiconomist.net/bitcoin-energy-consumption#assumptions
Proof of space:https://eprint.iacr.org/2013/796.pdf
Burst wiki :https://burstwiki.org/en/burst-wiki/
Parity wiki:https://wiki.parity.io/Parity-Ethereum
Proof of burn:https://en.bitcoin.it/wiki/Proof_of_burn