To become the "WeChat" of the blockchain era, it must first have its own sufficiently efficient blockchain. This is also the basis of the four parts of the Yee project.
1.YeeChain: achieve efficient storage and fast transactions
Yee will run on Ethereum at the beginning, but to achieve an efficient and stable communication network, there is still a big gap in the current Ethereum network. For example, the transaction speed is slow. The current block confirmation time is about 30 seconds. This speed It is impossible to enter the mainstream population at all and cannot meet the daily application scenarios; the network partition of Ethereum causes mobile phones to go online and offline very frequently, which will affect the reliability of the communication mechanism; the amount of data in the blockchain is too large for the existing mobile phone space; Ethereum’s Each transaction requires payment of fees, which are high and unacceptable to ordinary users; finally, the Ethereum Pow consensus mechanism will also have obstacles to the application of mobile phones.
YeeChain is to be used by mainstream people. At present, the Ethereum blockchain cannot support the development of the Yee project. Yee will build Yeechain that can run on the existing blockchain. It focuses on solving two problems: one is efficient storage, and its goal The goal is to reduce local storage by 99.99%. The second is the fast transaction speed.
All nodes of the blockchain store all the ledger data, but it also brings the problem of large storage capacity. In order to achieve efficient storage, YeeChain adopts the method of storing only part of the data per node, but under the premise of a safe verification method To proceed, each node saves some of the blocks it cares about and is in use, and only downloads from other nodes when other blocks are needed. In order to ensure that the block on the node has not been tampered with, YeeChain uses the hash (SHA512) result and the hash result of the context to double-verify.
In this way, all the blocks are still owned locally, and the logic has not changed, but for the block chain network with frequent transactions, the local storage can be greatly reduced.
In order to achieve the goal of fast transactions, YeeChain introduced a trusted third party YeeWallet. The solution of a trusted third party combines the advantages of the public chain, and at the same time solves the problems of high transaction fees and slow speed. Of course, part of the decentralization feature is also sacrificed here. From the current point of view, in order to be able to push the blockchain to the mainstream population, in order to take into account the user experience, in the current infrastructure situation, adopt a balanced way to transition, in the current situation, it is a more realistic landing model.
The trusted third party YeeWallet can aggregate a large number of small transactions and submit them to the blockchain at one time. YeeWallet is the intermediary party of the transaction. As long as both parties approve YeeWallet, the data submitted to the chain will be confirmed. Yeecall has more than 30 million users. The introduction of YeeWallet can directly use YEE for payment and transactions.
From a technical perspective, YeeChain is based on Ethereum's new blockchain protocol, uses a PoS consensus mechanism, adopts a partitioned solution similar to Cosmos Internet of Blockchain, and supports smart contracts.
From its solution, it can be seen that Yee adopts a hybrid model. The off-chain transaction adopts the traditional intermediary model, which can realize large-scale small transactions, and the user experience and performance can be guaranteed. As a result, both parties of the transaction submit it to the blockchain after approval, and the blockchain has the non-tamperable characteristics, taking into account the advantages of the blockchain and the traditional intermediary transaction model.