GXT Blockchain Technology

GXT On-Chain Blockchain Platform Ethereum

Ethereum is a distributed computing flat platform created based on blockchain technology. Ethereum is an advanced blockchain technology from Bitcoin, which stores simple transaction records and is only used as a means of payment, and provides tools, libraries, and APIs for third-party developers to develop their own DAPP SERVICE.

The biggest difference with Bitcoin is that it provides smart contracts in these development environments and complete turing languages to configure core logic and algorithms for services. However, conventional block-making mechanisms have created a high cost of maintaining nodes and have caused a pull for mining companies, such as mining workshops.

CryptoKitties, the first blockchain game, was represented by Ethereum blockchain-based DAPP, revealing the limitations of Ethereum. The explosive attention of CryptoKitties has driven unprecedented traffic to the Ethereum network, which has caused delays in the service to make it impossible to reproduce or sell cats on time.

To compensate for this problem, Ethereum has been developing 2.0, and recently the test-net Zinken has been successfully distributed. Ethereum's 2.0 Test Net ran error-free as a final test-net and is expected to be released within the year, with a participation rate of over 75% since the first block was created, successfully leading the threshold. Ethereum 2.0 will be implemented on a run schedule of 0 – Beacon Chain Phase 1 – Shard Phase 2.

Ethereum will announce 2.0 and the consensus algorithm will change from Pow to Pos. The introduction of Shard is expected to lower the cost of fees incurred so far, as blocks are created through the equity method of holding Ethereum, away from expensive mining operations. Also, we expect it to expand to 100,000 TPS by introducing Shard technology in terms of the speed of contract signing, which has been a problem. In the meantime, it is expected that users will experience little delay in handling events at the actual DAPP.

The GXT platform is developing advanced services in line with the introduction of Ethereum 2.0. We will link the data of OFF-CHAIN through the ON-CHAIN Ethereum platform with the GXT system and establish commerce and FinTech platform services.

GXT Network Chain Structure

On-Chain Transaction (GXT Main)

On-chain (Ethereum Protocol) registers transaction information on the GXT main blockchain network by synchronizing the accumulated information through GXT off-chain transactions. At this time, only the necessary information is registered on the block by minimizing the information from the off-chain.

Off-Chain Transaction (GXT Sub-network)

The GXT platform service requires a recording system application repository to track and store sensitive data. Important data include credit/input transactions/internal regulatory data (e.g. GDPR) in GXT accounts, and GXT COMMERCIAL SERVICES. This information records the traditional database in a traditional way. Using relational databases to build auditing capabilities can make mistakes and require custom development, making it difficult to track and verify unintended data changes. By building a cloud-delivered off-chain system, GXT leverages a scalable serverless architecture to easily verify the integrity of past records. By effectively managing and connecting data generated from numerous off-chain logic to the on-chain, we aim to create a hybrid GXT system with a centralized and distributed ownership operation.

GXT Network Chain Structure

On-Chain + Off-Chain

The GXT service platform will be available anytime, anywhere with services through GXT token, which is the main currency of the global exchange and aims to build financial transaction services. Currently, about 20,000 people use the GXT service platform, and the number of monthly use reaches 100,000.

The data generated by the GXT service platform generates countless transactions in real-time, and the result information must be known immediately.

Transaction processing cannot respond to real-time services with the mainnet's on-chain. (Because of the impact of payment response speed on block creation) That's why GXT manages and processes much information registered and stored on the front DAPP and Service Manager screens in off-chain.

Upload the final result value to the on-board (Ethereum) block to specify completeness for integrity. The off-chain layer will sign the results, but the final result information will be broadcast over a separate network and fed outside the Ethereum blockchain.

On-Chain / Off-Chain Structural Needs of GXT

Transaction processing speed

After a transaction occurs, it takes quite a long time for the transaction to propagate to the blockchain network and be finalized. If GXT is used as a payment method in GXT's commercial service, it will take several seconds for Ethereum to generate blocks and deliver this result. This is because services that need to be handled quickly are not handled by the on-chain and must be handled by the off-chain.

Private

All details of transactions going up in the blockchain are disclosed to everyone through open books. However, if you need to generate a transaction that contains personal information that you don't want to disclose, you can process it off-chain.

Cost / Extensionality

When validating the transaction, we have to pay the fee to the miners but we can only deal with a few transactions per second (TPS). So if you're doing services like frequent micro-payment on the current online, you might have to pay more fees than the amount of money sent.

GXT System Architecture

Client Layer

Provides a blockchain application interface. Sends data used by services in the GXT Platform to the server via the GXT API to the End Point.

Storage Layer

The data linked to GXT turns to be hash code and operates the role of accumulating information on the transaction.

GXT On-Chain Layer

Validate your transaction with the node where the transaction occurred and share the transaction history. If there are nodes that are propagated to other nodes and are judged to be malicious attacks, they are synchronized to transactions that have been initialized and verified for integrity.

GXT On-Chain Blockchain

The storage space of the blockchain data structure. Store META DATA delivered from Dapp and blocks containing Merck Tree, certified digital sign information, hash, and transactions.