Today we continue to analyze the project. This project has increased 50 times from January this year to now and has entered the top 200. As usual, the top 200 projects must be watched. It is Arcblock, which is also a public chain. The current market value is 450 million US dollars, ranking 157th.
Introduction
ArcBlock, referred to as ABT, Chinese name: Block Cornerstone, was once one of the hottest blockchain projects in 2018. This project, for which NetEase CEO Ding Lei served as a consultant, ignited the entire market as soon as it was launched. The price of the currency soared by 230% in just one hour, which was a very good increase in 2018 when the bear market was long.
The original intention of the project is to help developers play a key role in building a decentralized world and provide them with development modules to build their own blockchain. Developers can focus on the application business development they are best at, free from the troubles of various technical platform lock-ins and complexity. The problem that ArcBlock wants to solve is to help developers simplify and solve the threshold problem of developing blockchain applications. It not only provides basic component services to facilitate the use of blockchain, but also supports more complex business logic.
ArcBlock is the world's first cloud computing platform designed for the development and deployment of decentralized applications, known as the blockchain 3.0 ecosystem. It provides developers with the ABT chain network and Forge chain development framework based on decentralized autonomous user identity (DID) and integrated with cloud computing. This platform realizes the functions of one-click chain issuance, cross-chain communication, multi-chain interconnection, and chain-weaving network, allowing DApps to run on different blockchains on demand. ArcBlock also helps all walks of life to seamlessly connect existing systems and services with blockchain, give full play to the transformation and empowerment of blockchain technology on existing business data, users and processes, and promote the formation of a new information society infrastructure.
Architecture
1. Open Chain Access Protocol
Arc's open source protocol provides an abstraction layer to access the underlying blockchain. Similar to the ODBC or JDBC interfaces for databases, Arc's open chain access protocol enables applications to run on different blockchains. There is no need to change business logic or deal with multiple chain technologies.
The community can build chain adapters and encourage this process through incentive mechanisms. This will enable ArcBlock to support multiple blockchain protocols and continue to improve.
2.Blocklet
Blocklet is a serverless computing architecture component used to run various types of applications. Blocklets can be used to handle smart contracts, oracles, resource and asset management, and off-chain business logic. Blocklets communicate with the blockchain through ArcBlock's open chain access protocol and can be coordinated through Arc's consensus algorithm based on Algorand.
Anyone can build services and components using Blocklet and contribute them under an incentive system. Community members will be rewarded with tokens when their contributions are used by others.
3. Blocklet Components
Blocklet components are pre-built blocklets that form the foundation of the ArcBlock platform. Most of ArcBlock's features (such as token services, user identity services, etc.) are implemented through these components. Blocklet components are highly reusable and customizable. For example, components such as user identity management, utility tokens, wallets, messaging, notification services, etc. are provided.
Core Components
Open Chain Access Protocol
ArcBlock’s Open Chain Access Protocol enables your applications to adapt to multiple blockchain protocols, including Bitcoin, Ethereum, Hyperledger, and more. The Open Chain Access Protocol will be open source under the MIT license so that everyone in the blockchain community can contribute, create extensions, and make improvements. Arc will develop the protocol in private mode and then open source it when it reaches the release candidate milestone.
Open Chain Access Layer
The Open Chain Access Layer defines a high-level generic API that enables open connectivity and access to a variety of blockchain protocols. This layer is supported by the Chain Adapter Layer, each of which is implemented for a specific blockchain protocol.
The open chain access layer has three levels of API:
level
describe
Level 1: Universal Chain API
This set of APIs provides the foundation for the open chain access API. Any chain adapter must support all APIs included in this level.
Level 2: Universal Chain Data API
This set of APIs enables access to the underlying blockchain data and treats each blockchain as a finite state machine. Chain adapters may choose to support this level of APIs or other feature sets. This level includes APIs that allow applications to query supported capabilities. Chain adapters must support all APIs included in this level, but may implement different feature sets.
Level 3: Protogenesis Link API
This high-level API set exposes native functionality of the underlying blockchain protocol. While supporting this set of APIs is optional, it will maximize your application's ability to use blockchain native functionality. Support for this level of API set is optional for chain adapters.
Chain adapter
ArcBlock’s Open Chain Access Layer enables the platform to support multiple blockchain protocols. Application developers can choose from a variety of blockchains, node types, and deployment types. ArcBlock’s Chain Adapters are the foundation for implementing the Open Chain Access Layer.
Chain adapters work similarly to device drivers, translating the underlying blockchain protocol into a unified API defined in the Open Chain Access Layer. Some chain adapter implementations require combining on-chain and off-chain work. Chain adapters fall into one of three categories depending on the set of Open Chain Access Layer APIs they implement.
Arc plans to first implement chain adapters for the Bitcoin blockchain, Ethereum, and Hyperledger. After Arc open sources the code, anyone can contribute, improve the protocol, or implement their own code. Arc also plans to support other blockchain protocols.
Chain Adapter Market
Chain adapters developed or improved by the community will be available in the ArcBlock Marketplace for everyone to use. People who contribute adapters will be rewarded when they are used by others. This incentive model will encourage the community to develop more and better chain adapters. Over time, ArcBlock will be able to provide a range of high-performance, high-quality chain adapters for a variety of blockchains.
Relationship with BAAS Blockchain as a Service
Existing BaaS platforms are perfectly compatible with ArcBlock. They simplify the process of users deploying blockchains, while ArcBlock simplifies the process of software engineers developing and deploying blockchain applications. The first phase of ArcBlock's implementation will include integration with cloud computing platforms (such as through the AWS SDK) so that users can manage BaaS services directly in ArcBlock applications.
Microservices Architecture
Microservice architecture is a good fit for blockchain applications. As a variation of the service-oriented architecture (SOA) style, microservice architecture builds applications as a set of loosely coupled services. These services should be fine-grained and the protocols should be lightweight. Decomposing an application into multiple smaller services can improve modularity and make the application easier to understand, develop, and test.
ArcBlock is designed as an event-driven microservice that uses Blocklet technology to overcome the inherent limitations of blockchain. Blocklet communicates with the underlying blockchain through the open chain access protocol, allowing applications to securely access external data while maintaining data integrity.
team
ArcBlock's chief architect and CEO is Mao Zhihong, vice president of R&D is Chen Tian, vice president of public relations is Chen Jun, president of marketing and business is Matt McKinney, technical consultant is a scientist, and NetEase founder Ding Lei is a consultant and an important figure in the popularity of this project.
Arc’s team members are actively involved in multiple standards organizations, non-profit foundations, and committees. These currently include the W3C Blockchain Community Group, the IEEE Standards Association’s Blockchain Community, the Enterprise Ethereum Alliance, the Linux Foundation, and the Hyperledger Foundation.
Token Economy
The total number of tokens is 186,000,000, and the current circulation is 98,554,305, with a circulation rate of 52%. The current exchange rate is 4.6 US dollars, which has reached its highest value. In terms of token distribution, investors gave 45%, bounties 32%, the team 15%, and the market 8%.
Finally, let me summarize this project. This project is not just a public chain, but more like a toolkit. It has many tools such as identity authentication, web3 tools, AI tools, cross-chain blocklets, etc. Especially this cross-chain tool, it is a bit similar to what Cosmos does. Although it is a project started by Chinese people, they are indeed doing something. If you want to talk about how much innovation there is, I don’t think there is much innovation. Its upper limit is to benchmark Cosmos. At present, Cosmos has a market value of 3 billion US dollars, so it is only about 7-8 times the space at most.
