Through years of development of blockchain technology, the industrial effects has gradually formed. User cases and applications are growing with further acknowledgement of the distributed digital economy as a trend. On practical side, however, technical issue along with business mode issue are continuity exposing across different aspects. The SimpleChain, therefore is designed to initiate a revolutionary way to propel the development of blockchain technology and application. With goals of construct a flexible, scalable, stable technical infrastructure and an inclusive, healthy ecosystem, the SimpleChain innovates this architecture.
Proof of Work, the first blockchain consensus conducted by Bitcoin has since be operated for years and verified as the most stable algorithms. Hence, the underlying structure of the SimpleChain has been set as the similar Proof of Work with innovative algorithm. For encouraging the computing power to be distributed, SimpleChain Node Client is published for any computing devices to run as the computing power source easily.
The Proof of Work blockchain layered as the bottom of SimpleChain architecture, which is called the Main Chain. The primary goal for the Main Chain is to secure the unification and finality of distributed ledger data. However, the flexibility could be provided by a second layer on top of the Main Chain, which is called Sub Chain. The Sub Chain periodically interchanges data with the Main Chain to make sure the network stability and ledger security is in line with the whole network, meanwhile, the Sub Chain is customisable for any specific consensus algorithm for applications. As a Sub Chain, apart from the blockchain head, transaction data structure is also flexible in different cases to maximise the compatibility of the SimpleChain.
Within the realm of Sub Chain, sharding mechanism is applied to satisfy Sub Chain developers for enhancing the efficiency of transaction verification on the blockchain. The scalability issue, therefore, is resolving under this design.
In addition to the technical architecture, for a healthy ecosystem, the digital asset on the blockchain will play a key role to bind the community developers, application users and other end clients together. The production of original digital asset SIPC is mined from the Main Chain Proof of Work algorithm with periodical total supply limit for a cryptoeconomy stability. At the same time, an inflation will occur along with the need from any Sub Chain system to escrow or circulate the SIPC within the Sub Chain cases. A circulation system therefore will be healthy for a growing number of Sub Chain system that no value appreciation of SIPC could stagnate the expansion of the ecosystem. In order to form an open, transparent and consistent distributed community, an inclusive policy is proposed and embedded in the genesis block as a part of the SimpleChain running mechanism. The creator and initial operator of the SimpleChain is the SimpleChain Foundation – a non-profit organisation whose mission is to promoting and supervising the growth of the SimpleChain open source community. The foundation has neither pre-distributed nor pre-mined SIPC at the very beginning of the SimpleChain. Every block along with the incentive reward need to be mined through the contribution of computing power, and only a 5 percent of the computing power rewards will be donated to the predetermined foundation address in the first year. Annually, that donation percentage will be halved, so that the community become fully distributed gradually.
The SimpleChain is a cornerstone for compatible and practical distributed digital economy.
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