Open the Anchor that Links Everything! — Written at YeeCo mainnet Officially Release
August 11, 2020 16:26, YeeCo MainNet YeeCo Mainnet is officially released, starting the next new development journey. YeeCo’s technical strength and design concept can be truly demonstrated, developers and ordinary users can formally integrate into the decentralized ecosystem built by YeeCo. At the same time, after the mainnet release, YeeCo will become a new anchor, which will continue to expand until it builds a decentralized network that can link everything.
From February 2019 to June 2020, YeeCo has successively completed Tetris consensus development, PoW consensus, static sharding, parallel mining, cross-sharding transactions, dynamic extend, cross-chain transactions, smart contract (branched chain) development, and the most important TestNet online.
As a public chain that inherits the PoW consensus algorithm, YeeCo will pay special attention to the hashrate of the mainnet. Therefore, YeeCo will officially start the recruitment of hashrate to make sure that the root chain has enough computing power to ensure the security of the entire network and the inherent rights and interests of all community users, the specific plan will be announced soon.
YeeCo Mainnet Technical Features
The charm of the blockchain lies in the unknown and inclusiveness. The superposition and reorganization of multiple technologies will bring new ideas and perspectives. YeeCo is also adhering to this point of view to create a high-performance technical architecture of “sharding+layer” , which cracked the “impossible triangle” between decentralization, high security, and high scalability.
YeeCo adopts a full-shard performance architecture to split the workloads of network communication, transaction execution, state storage, and data storage to ensure that the working mode of each shard is completely consistent with the existing single-chain system. It can independently complete synchronization transactions, verify transactions, package blocks, synchronize blocks and other links, and jointly maintain a ledger, ensuring that YeeCo can break through the performance ceiling of the single-chain structure. At the same time, with the help of YeeCo’s dynamic extend, it can meet the needs of continuous network expansion with the development of business scale.
In YeeCo’s mainnet architecture, the hashrate involved in parallel mining construct blocks of multiple chains, and construct the block heads of these blocks into a Merkle tree, then detect the nonce and calculate the hash, once the hash meets the difficulty of a certain chain. The requirement is to complete a new block packaging for this chain. This new block contains the previously constructed block of this chain, and the block header is Merkle Proof in the block header Merkle tree.
The greatest significance of parallel mining is that, one hashrate can be applied to all sharding, so that the difficulty of each sharding chain will be pushed up and the whole network hashrate will be all digging the same level on a chain. The benefits of participating in parallel mining are obvious, and they have the opportunity to receive multiple blocks of rewards.
CRFG: (Conditional Reward Finality Gadget) is YeeCo’s targeted solution to the atomicity problem in cross-segment transaction, which achieves the final final certainty of the PoW consensus, and establishes a deterministic consensus through PBFT by selecting a set of voters based on block generation. The CRFG solution enables splitsegment transactions to be split into independently verifiable subtransactions to ensure high throughput.
The YeeCo mainnet introduces the concept of “layering”, introducing a layer of business branch chains between the underlying root chain and the centralized system. The focus of the underlying root chain is to establish a global consensus, meet the scalability requirements of transaction throughput and state capacity, and establish a benign economic model for computing and storage resources. The branch chain provides a unified way to interoperate with the underlying root chain, enabling developers to focus on the business itself. At the same time, the branch chain can make trade-offs between the scope of consensus and the computational complexity supported by the application’s performance requirements.
YeeCo’s Token Economics
After the mainnet release, 30% of the original ecological incentive part about 3 billion YEE will be directly destroyed. 300 million YEE will be issued each year by means of PoW mining for a total of ten years, the total YEE circulation changed to 7,050,275 million YEE. In the first year of launch, the circulation of mining accounting rewards is about 300 million YEE. There will be four shards when the mainnet is released, and the number can be increased according to actual business needs to meet the ever-increasing performance requirements.
According to the design, the block generation interval of YeeCo’s mainnet is 30 seconds, and the benchmark accounting reward for blocks on each shard is 256YEE/shard number. At the same time, due to the parallel mining mechanism adopted by YeeCo, the same one hashrate can theoretically be applied to all sharding at the same time, and receive the benefits of multiple shards.
YeeCo’s Consensus Mechanism
YeeCo inherits the high anti-collusion of the PoW consensus, does not introduce complex governance models, maintains the purity and diversity of peer nodes, and peer nodes tend to compete rather than collude. As yeeco’s mainnet adopts the block out consensus based on pow, in order to ensure network security, YeeCo will start the recruitment of hashrate after the mainnet release. Initially, it will support GPU mining with a lower threshold, and will support ASIC mining machines later. The specific mining details and configuration requirements will be announced later.
Mainnet Token Switch Scheme
The Erc20 token switching process is more complicated. The token switching work of wallets and exchanges will be carried out one by one. The time will be determined according to the specific progress. Please pay close attention to the official platform announcement. Banko Wallet will be the first to support the mainnet switch of YEE-Erc20, you can download Banko Wallet for the token switch.
The release of YeeCo’s mainnet means the beginning of a new journey. Meanwhile, it will also become an “anchor” for building an internet of everything. YeeCo is still continuing to promote the two core tasks of technology research & development and scenario implementation, building a distributed network of its own in the world of blockchain.
To know more about YeeCo:
Visit official website: yeeco.io
YeeCo Mainnet Explorer: https://yeescan.org
YeeCo Testnet: https://testnet.yeescan.org
Download Banko wallet: http://www.bankowallet.com
YeeCo Blockchain Technical WhitePaper V0.2: