PR: CanonChain – A Universal Decentralized Community Empowering Users
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“The current crypto community is somehow unfair to simple users,” said CanonChain initiator Jin Hailong. “The industry is dominated by big miners and developers. Simple users don’t have any say to propose a change.”
Jin Hailong, founder of WiFiSONG.com, a leading company in design of intelligent hardware including Wi-Fi router, iBeacon and other edge computing devices, wants to build a truly decentralized world where anybody can participate without knowing much about encryption, the blockchain technology and the processing of crypto mining. That’s how the project CanonChain is born.
A New Consensus Mechanism
In order to deal with the issues in such popular consensus mechanisms as PoW, POS and DPOS, the CanonChain adopts the innovative POP algorithm, or Proof of Participance.
All connected devices (phones, smart phone, smart watch, vehicle, gamepad, etc) are regarded as citizens of the CanonChain. They will be rewarded CanonChain token CZR based on their participation——contributing productivity or means of production. But different from current Internet of Things (IOT) devices, the devices that operate in CanonChain are distributed. Services acquired by a CanonChain device or application is provided by one or multiple devices on the chain and cannot be identified, that’s called a foggy network.
Hardforks occur in the Bitcoin and Ethereum community when a proposal is updated or a security problem is to be fixed. In CanonChain, the governance power belongs to block producers elected through community consensus. They must represent the common interests of all accounts in CanonChain community, and community members can elect to replace block producers if they abuse power or refuse to vote on changes in compliance with community interests.
CZC defines CanonChain update method as following:
1. Developers submit an update proposal and get more than three-fourths of the votes in favor and holds all the votes for seven consecutive days.
2. All users must use the hash of the new CZC to confirm the transaction.
3. Developers submit modified source code to the test chain.
4. Developers need to continue holding more than three-fourths of the votes in support for seven consecutive days.
5. After the source code modification passes on test chain, all nodes need to finish upgrade within seven days. The nodes that have not upgraded to new code will be automatically excluded.
This has made it costly and almost impossible to fork the CanonChain.
CanonChain Application Scenarios
Following the standard chain of fog networking protocols, any underlying blockchain operating system such as Bitcoin, Ethereum, EOS can run on the CanonChain. This type of platform application is called “DOS.”
Interactive applications are the ones with low latency and high reliability requirements , including vehicular network, mesh network, medical diagnosis, security alarm, etc. Services for such applications need to be acknowledged within a short time period (possibly millisecond) that is much less than the block production time of current blockchain technology.
In CanonChain, any peripheral devices can participate in the vehicular network to process information about the surrounding vehicles. For example, with CanonChain enabled, the street light can be a beacon to help vehicle positioning; all roadside restaurant cashier stations can be the computing center for road scene calculations; pedestrian handsets can send alerts to vehicle collision avoidance systems.
Big data applications
We refer to applications that require high computational power and high throughput as big data applications, including artificial intelligence, drug development, image rendering. The amount of data exchanged between service nodes in such applications far exceeds the block size of the current general blockchain technology.
Artificial intelligence training
CanonChain provides an economically efficient solution for implementing deep learning networks. By assigning the layers in the deep learning network appropriately into different nodes, only necessary parameters between layers are exchanged among nodes to speed up the learning process and improve the learning quality. In CanonChain, the data in the deep learning network is reasonably allocated according to the computing power of the device, and their corresponding rewards are provided.
Who are the ones behind CanonChain?
The team behind CanonChain is a group of blockchain industrial players who want to promote the growth of the blockchain ecosystem. They aim to lower the threshold for simple investors to get involved and make a real change.
<small>This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.</small>
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