Hello Blockchain Enthusiast. Are you excited to learn about a new platform having similar characteristics such as Blockchain? Today we are going to discover a new platform Openchain. You can call it a cousin of Blockchain Technology. In this blog we are going to see the features of Openchain in brief.
What is Openchain?
Openchain is open to all distributed ledger technology. Openchain is used by organizations who want to issue and manage digital assets in a secure, robust and scalable way.
Openchain is not “Blockchain”, but it is a close cousin of Blockchain that falls under the umbrella of Blockchain Technology.
Don’t be. Let’s dive deeper.
Openchain does not create blocks for storing transactions. Transactions are directly linked to each other in Openchain.
Openchain can be a sidechain of bitcoin. How? Let’s try to understand that.
We can use the paging module to create a bridge between Bitcoin Blockchain and Openchain instance. When Bitcoins are set to a specific address, we can create proxy
of that on Openchain instance. Later on this proxy we use for redeem that bitcoins from main chain(Bitcoin Blockchain). So, we can say Openchain is act like sidechain in this scenario.
I assure you it would be interesting once you learn about the features.
Features of Openchain
I myself became a fan of this Blockchain’s cousin after learning about its features.
Seriously! I am not joking and I am sure that you are also going to love features of Openchain.
So, here we go…
1. Instant Confirmation of Transaction
Openchain data structure depends on protocol buffers. Openchain contains mutation and Record for transaction. Mutation is a set of records that automatically modify the state of the data and this mutation is serialized by Mutation Protocol Buffers schema. Openchain Directly links transactions to one another so obviously transaction speed is faster than other Blockchains.
2. No Mining Fees
In Openchain, Server nodes have basically two types of mode.
- Validator mode
- Observe mode
In Validator Mode, the node accepts the transaction and validates them. Rules can be customized to validate or invalid for the transaction.
So in short there is no block mechanism involved in Openchain & hence no need to mine the blocks and therefore no transaction fees.
3. Extremely High Scalable
Because of its ledger structure and validation nodes it is highly scalable.
4. Secured Through Digital Signature
Transaction is done through mutation, timestamp and metadata. In Metadata it contains arbitrary metadata to be stored in mutation. And this is contain digital signature of the mutation by the required parties.
As I mentioned above that transactions are directly linked to each other. By linking to each other it generates immutability of transaction history.
6. Assign Aliases Instead of Using Base-58 Addresses
Simplify the user experience by assigning aliases instead of remembering base-58 generated random characters string.
7. Multiple Levels of Control
This feature makes the user to enthusiasm to adopting Openchain instead of another Blockchain.
There are three types of access roles for the user who wants to join Openchain.
- The fully open ledger that anyone can join.
- Closer loop ledger in which the user must be approved by the administrator.
- Mix of above two, where permission users have more rights than other anonymous users.
Just a few more to goooooo!!!!!!
8. Hierarchical Account System
Openchain uses a hierarchy of accounts similar to file systems. That added more interesting account management options that other Blockchain doesn’t have.
9. Transparency and Auditability
Transactions are easily identified by timestamps and mutation digital signature that brings help for fast Transparency and Auditability.
10. Handle Loss and Theft
If fraudulent transactions have happened in the realtime, the administrator can create a new transaction representing the opposite transfer and by this we can remove fraudulent transactions.
Private keys are sent to end user directly without any loss.
11. Multiple Openchain instances
As described above, in observe mode the nodes are connected to the upstream node, and real time transaction are downloaded using the transaction stream. All the observers must have the same copy of the state of data held by the verifying node.
So guys today we learnt about a new technology, Openchain – What it is, how its features are different from other Blockchains. There’s a lot more to learn on Openchain. Stay tuned for my upcoming blog. Cheers!!