January 19, 2018 . 1 min read
Great explainer Jackson. A few thoughts:— Chris McCoy (@chrisamccoy) January 18, 2018
1/ IOTA is an example of claiming to use a really good technology (DAG) but then introduce a "coordinator" node so all transactions must pass through it making it *fully* centralized.
2/ They claim they will remove the "coordinator" node later this year but it is *probably* not going to happe if the system is not built that way from scratch. We'll see.— Chris McCoy (@chrisamccoy) January 18, 2018
3/ In Byteball, similarly, 12 entities validate the transactions and they don't change and it is the same set ;)— Chris McCoy (@chrisamccoy) January 18, 2018
DAG is more complex to manage because it is a graph structure of unlimited depth and breadth, but it does allow for parallel block creation etc.
4/ At the moment, anything that people-of-crypto, are not familiar with, especially with respect to how the blockchain is formed, it's viewed with suspicion.— Chris McCoy (@chrisamccoy) January 18, 2018
At @StorecoinTeam, we are keeping the blockchain structure intact while still allowing for multiple block creation.
5/ DAG is like a tree structure with the constraint that it is unidirectional (top to bottom) and the branch cannot fold to parent (hence Acyclic.) Because it is tree, each vertex (node) can be a "block" and hence it allows creation of multiple blocks.— Chris McCoy (@chrisamccoy) January 18, 2018
6/ Our public blockchain design at @StorecoinTeam uses a traditional structure where the chain is exactly that -- one block having a link to the previous, so they are connected and you can traverse the chain all the way to genesis block.— Chris McCoy (@chrisamccoy) January 18, 2018
So, we are nothing like DAG.
7/ Our design allows for the creation of multiple blocks by using pipelining. This is the classical 'Henry Ford" model that Rag (CTO) and I have been building distributed software with since 2012.— Chris McCoy (@chrisamccoy) January 18, 2018
8/ How It Works: While new, unfinished, unfinalized blocks are being built, the subsequent steps in the pipeline "harden" the chain by validating the transactions, pre-voting, pre-commiting, and dSecurity nodes "sealing" the blocks.— Chris McCoy (@chrisamccoy) January 18, 2018
9/ This parallel processing allows for increased throughput.— Chris McCoy (@chrisamccoy) January 18, 2018
We are not reinventing the wheel like DAG but we are designing differently to improve throughput.
There's a reason v2 public blockchains have major scaling challenges today.
KYC/AML checks are required for securities law compliance. This will be a Reg D and Reg S global offering.
Nothing herein is intended to be an offer to sell or solicitation of offer to buy, Storecoin tokens or rights to receive Storecoin tokens in the future. In the event that Storecoin conducts an offering of Storecoin tokens (or rights to receive Storecoin tokens in the future), Storecoin will do so in compliance with all applicable laws which may include the Securities Act of 1933 and the rules and regulations promulgated thereunder, as well as applicable state and foreign law. Any offering for sale to US Persons in a regulated transaction will be pursuant to a registration statement qualified by the Securities and Exchange Commission, or an applicable exemption from the registration requirements.