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From SIF-1000 to SIF-7000: What are the changes?

By August 12, 2019 August 19th, 2019 No Comments

It has been 8 months since Hashgard new generation of digital finance public chain testnet was launched on December 2018.During this period, we have experienced 7 iterations. Most recently, we published SIF-7000 of public chain testnet.

Many people keep asking us that what we have improved, what we have optimized and what the new features are from SIF-1000 to SIF-7000.

Hashgard’s Product Manager Mr. Xia has conducted a deep interpretation about this in our community on the evening of August 8.

Good evening, everyone! I’m Hashgard’s product manager Xia Zhiming. I’m honored to be here and share with you about the process of Hashgard testnet: from SIF 1000 to SIF 7000. On December 17, SIF-1000 was officially launched.

I’ll started with SIF-1000.

Like most public chains, SIF-1000 features how to run full nodes testnet, how to download source code, how to set and how to run full nodes, which represents the beginning of a whole new network.

Hashgard network is a financial public chain based on Cosmos SDK. Cosmos provides us with solid foundation of cross chain, helps improve our ability of expansion and divergence and allows Hashgard to be more focused on the financial field. Currently, Hashgard supports creating nodes on Linux and Mac system, not on Windows system yet. We welcome those people with technical capabilities can fork that on windows system on GitHub.

SIF-2000 Testnet Launched on January 18, 2019 with the addition of proposal delegation function

Hashgard boasts consensus mechanism based on DPOS. Users can create full nodes without restriction and participate in making blocks. Block generation rate is currently 5 on Testnet and is 3 on the formal network. Ordinary users can make staking revenue by adopting the delegation function. Owners of nodes can set a commission to reduce the machine cost and get more revenue. The nodes of the first year will not surpass 101 and can be adjusted through community.

SIF-3000 Testnet Launched on March 7, 2019 with the addition of multisig function

Multisig wallet refers to a wallet in which several people manage assets together. For example, 2–3 means 3 people manage the assets together and the assets can be used when two of them sign their names. Multisig applies to a scenario where multiple people decide on assets spending. They can use multisig to manage various assets of their institutions.

SIF-4000 Testnet Launched on April 19, 2019 with the addition of token release, senior management and atomic swap

Speaking of SIF-4000, we must mention Ethereum smart contract ERC20. People add many advanced features to ERC20, which causes overflow that has not been tested.

On Hashgard network, we provide native, safe and reliable features. Token authority can be exchanged and token description can be modified. We add the function of adding tokens, freezing tokens and unfreezing transfer, demolishing tokens, senior management of tokens.

SIF-4000 also features atomic swap.

Atomic swap means safe swap. Assets can be swapped safely and reliably. This is the foundation of decentralized transaction. We added the function of maker, taker, cancelling orders that were not transacted and searching order information.

Atomic swap mainly solves the trust issues of transaction in real life. It eliminates the possibility of unilateral cheating on the systematical level without the third-party guarantee. It is an innovative solution to real scenario in Blockchain.

SIF-5001 Testnet Launched on April 20, 2019 with the addition of decentralized deposit box, decentralized forward payment box and decentralized locking box

What is deposit box?

Releasing a deposit box is like distributing a fund.

1. Distributors can set token types and the maximum amount of deposit box, interests types and amounts, prices of individual box, token absorbing period, token closing time and the minimum absorbing amounts.

2. The box will be activated when the distributors finish setting all the parameters.

3. Users can deposit and withdraw freely.

4. When it’s end time for token absorbing, a certificate will be sent to deposit users. Users can withdraw the principal and interests of the box at one time when it’s token closing time.

5. The whole process is conducted on the chain and assets are safe without any human-factor effect.

What is forward payment box?

The simple description of forward payment box is that Mr. A promises to offer Mr. B, C and D 1000 yuan each on the first of every month.

Mr. A deposits 9000 yuan in the system and sets three due time to offer B, C and D each 1000 yuan. Once the forward payment is initiated, B, C and D can receive invoices instantly that can only be exchanged in due time and system. In this way, trust issues can be solved. Forward payment is not influenced by human factors once it is initiated successfully.

What is decentralized locking box?

Users make decentralized lock to to realize their promise or other economic purposes. They lock their own tokens in the decentralized system and set unlocking time and the tokens will be unlocked automatically in due time.

SIF-6000 Testnet Launched on June 20,2019 with the addition of parameter online upgrading and governance module

The new module brings vitality to Hashgard and improves self governance of the whole network. Upgrading can be divided into two aspects. The first is the proposal of the community chain development. The second is the governance of online parameter. As for the system fees, parameters such as issues increasing coefficient can be adjusted by voting.

SIF-7000 Testnet Launched on July 31, 2019 with the addition of address converting to memo forcibly and deposit certificate

What is the function of address converting to memo forcibly?

It optimizes the use of wallet address by financial institution. Financial institutions can set forcible memo when transferring tokens to wallet. Transfer will fail without memo. This function reduces the problem of human service caused by users forgetting filling out memo when financial institutions use single address to manage multiple users’ fund.

What is deposit certificate function?

Build a complete blockchain deposit module. Any account on the chain can use their own hash to deposit on the chain and help others to deposit.

Cross examine and store information of other chains. Efficient storage features data and information with timestamp and query function. It can provide effective evidence for data and e-contract in the financial field.

Testnet has experienced seven updates with over 200 participants.

We have finished the development of basic native function. In the next stage, we will develop virtual machine.

We’re appreciated for all the support from the testing volunteers and we will publish GARD exchange rate and plan by the end of August 31.

Q&A:

Longway: In these seven versions, I didn’t see the exchange function. Will there be an exchange inside Hashgard?

A: Our atomic swap function and token release and management function support decentralized transaction and also support any centralized transaction.

Longway: The basic function is similar to iris. How can we have a better experience? Will there be a graphical operation user interface?

A: We have published web-version wallet and blockchain of graphical user interface. All functions are being graphical gradually. We will launch a new version of website and plan to optimize the web-version wallet.

Maochengcheng: Is there a plan to build cross chain decentralized exchange?

A: Our system supports decentralized transaction. I hope you all can be a part of building decentralized exchange when the VM is established. The biggest problem of decentralized exchange is that it is not deep enough. Cost of maker and taker is really expensive. There isn’t an effective coordinating system and speed limitation.

Peoply: When will the first stage be finished?

A: The first stage is actually finished with the launch of SIF-7000. To have a better second stage, we are currently building our own virtual machine so that we can use the chain in a better manner and develop our own interface. Now virtual machine supports writing smart contract through python and in the future, we will use more languages to compile smart contract.

Longway: Is it interactive between boxes? I haven’t experienced this feature by now.

A: It isn’t interactive between boxes, but if distributors say there is transaction when the box is released, then it is transactional between boxes.

Longway: I think SIF-5000, SIF-6000 and SIF-7000 are similar in terms of tasks. Why the same tasks keep occurring? What’s the point of repeated testing?

A: Because we added new functions, we need to test if it’s in conflict with the previous features and we didn’t test them partly.

Zhao Zhanbo: How does an individual account participate in testing? From what I’ve heard, only company accounts can join the testing.

A: Anyone with a server can join the testing if you see the testnet. There is no restriction in the testing tasks of SIF series. Link: https://github.com/hashgard/testnets

Yushenglangzi: When will Hashgard mainnet mapping be? Do you have your own wallet?

A: Technical plan of mainnet mapping has been determined, while the time has not. We have our own web wallet.

Yushenglangzi: Will mapping be in the exchange or the wallet?

A: It could be either.

ChenSir: Will you have your own app?

A: Our web wallet is designed for mobile phone. We don’t have the exact plan to develop our own app.