Trading volume 120 million! Why is Tree Map in the First Rank of International Blockchain Competition | Entering New R&D Institutions Tree Map | Rongbao | Blockchain

Release time:Apr 14, 2024 13:27 PM

The mascot of the Chengdu Universiade, "Rongbao," has recently become popular. In addition to purchasing physical dolls, various digital collections of "Rongbao" decorations are also selling well on the Tree Map blockchain. As a new digital phenomenon, digital collectibles are unique digital credentials generated using blockchain technology to correspond to a cultural and creative product or artwork. On the basis of protecting its digital copyright, they achieve authentic and trustworthy digital distribution, purchase, collection, and use. By buying a digital collectible, one can become its owner in the metaverse, which is equivalent to buying a physical collectible in the real world.

The blockchain system is the infrastructure for the distribution of digital collectibles. According to the evaluation of authoritative departments, the tree diagram for issuing "Rongbao" digital collectibles is the only public blockchain system in China that ranks first in international competition. Since its launch, this system has processed 120 million transactions, over 10000 smart contracts, issued a total of 7.1 million digital collectibles, and registered over 24 million accounts.

"There are two main reasons why Shutu has entered the international first tier: firstly, it is technologically advanced, and secondly, it has a Shutu Blockchain Research Institute," said Dr. Long Fan, Dean of Shanghai Shutu Blockchain Research Institute. With the support of the Municipal Science and Technology Commission and other departments, this new research and development institution has gathered nearly 80 R&D personnel to jointly develop a mobile BSIM card with the China Telecom Research Institute. It is expected to launch pilot applications in Shanghai, Hong Kong, and Macau in the second half of this year.

Flexible management system to attract doctoral students from prestigious universities

Shanghai Shutu Blockchain Research Institute was established in January 2020 and is a private non enterprise unit. The reason why it is registered as a non-profit organization is because it can apply for tax exemption qualification recognition for non-profit organizations, and its management system is more flexible compared to public institutions.

In terms of salary, the limit for non civil employees should be higher than that of public institutions, which can attract outstanding talents with higher salaries. "The monthly salary for doctoral students majoring in information technology at Tsinghua University is usually 60000 to 80000 yuan. If we are a public institution, it is difficult for us to offer such a high salary," said Wang Yu, Executive Vice President of Shanghai Shutu Blockchain Research Institute. "The operational flexibility of civil aviation is much greater."

Trading volume 120 million! Why is Tree Map in the First Rank of International Blockchain Competition | Entering New R&D Institutions Tree Map | Rongbao | Blockchain

It is reported that many doctoral students from universities such as Tsinghua University, Shanghai Jiao Tong University, and Zhejiang University are interning at the Tree Map Blockchain Research Institute. After obtaining their doctoral degrees, some interns enter the research institute and become the backbone of the R&D team.

In terms of research funding, Minfei also has unique advantages. Long Fan told reporters that about 20% of the research funding of the Tree Map Blockchain Research Institute comes from government projects, and about 80% comes from donations from foundations and other institutions. Diversified funding sources are conducive to the sustainable development of new research and development institutions.

Although it is a non-profit organization, the Tree Map Blockchain Research Institute has also incubated a company. Taopai Company has built a Web3.0 and "Metaverse" solution platform based on the tree graph blockchain system, providing customers with services such as digital collectibles distribution, digital IP incubation, and Web3.0 integrated marketing.

Original innovation achieves high throughput of blockchain

In addition to the institutional advantages of new research and development institutions, another reason why Tree Map Blockchain has entered the international first tier is its technological advantage. Long Fan led the team to achieve breakthroughs in underlying technology and developed a blockchain system with independent intellectual property rights.

Since the emergence of Bitcoin, the performance of blockchain systems has always been a bottleneck that restricts its development. Due to performance limitations, many public chain users have to compete with each other, and the higher priced ones can only record their transactions on the blockchain. In response to this bottleneck, Long Fan led the team to break the mindset of "blocks must be connected into a chain" and proposed a high-performance consensus algorithm based on a tree graph structure. They found that in a blockchain system, the truly meaningful consensus is the consensus on the transaction order. Therefore, the tree graph consensus algorithm abandons the simple chain structure and organizes blocks using the structure of a graph. Then, the algorithm arranges these blocks in the order recognized by all consensus nodes, forming a blockchain consensus that is both physically and mentally dispersed. In this way, different nodes in the system can generate blocks concurrently, making better use of network bandwidth and computing resources.

With this original innovation, tree graph blockchain has broken through the bottlenecks of blockchain technology in transaction throughput and confirmation time. While ensuring public, open, and secure, it achieves a high throughput of over 3000 TPS, which can process more than 3000 transactions per second. The transaction efficiency is 428 times that of the Bitcoin system and 75 times that of the Ethereum system.

Standing at the starting point of innovation, the Tree Graph Blockchain Research Institute has steadily promoted scientific research and industrialization in recent years. In February 2022, it released the Conflux Tree Graph Blockchain System 2.0; In September 2022, the Conflux OS operating system for Web3.0 was released and global public testing was launched; In May of this year, BSIM cards were jointly released with China Telecom Research Institute, deeply integrating blockchain with mobile SIM cards.

Developing autonomous and controllable digital infrastructure

"Although blockchain has been popular for several years, it has not yet effectively empowered the real economy, making people feel that they are far from life," Long Fan said with deep emotion. Based on this idea, he led a team to jointly develop a BSIM card with China Telecom Research Institute. This achievement is expected to be piloted and applied in Shanghai, Hong Kong, and Macau in the second half of this year, allowing ordinary people to easily enter the "metaverse" on their phones and purchase and manage digital collectibles. Hong Kong and Macau residents can also use hardware wallets integrated into BSIM cards to manage digital currencies.

From the appearance, there is almost no difference between BSIM cards and SIM cards. However, BSIM cards have 10-20 times more storage space and tens of times more computing power than SIM cards. The main function of this blockchain SIM card is to generate and store the user's public and private keys within the card, and to digitally sign in a "private key does not exit the card" manner to ensure the security of user information. It can also achieve operations such as encrypted storage and key retrieval, and integrate U-shield function within the card.

The emergence of BSIM cards has solved the regulatory challenges of blockchain transactions, as it, like SIM cards, requires real name authentication. "We will work with our partners to promote the implementation of BSIM cards, and carry out application layout for scenarios such as metaverse digital assets, digital identity authentication, and IoT device collection," said Li Anmin, Vice President of China Telecom Research Institute.

In Hong Kong, the Tree Map Blockchain Research Institute has also contacted multiple institutions applying for Hong Kong dollar stablecoin licenses, with the potential to provide a self controlled blockchain system for the future issuance of Hong Kong dollar stablecoins.

Long Fan believes that blockchain systems are the public infrastructure of the digital economy era, and the mastery of their underlying technology by Chinese research teams is a prerequisite for achieving autonomous control of such facilities. Half a year ago, Ethereum completely transitioned from a PoW model to a PoS model, which means it is no longer a decentralized public chain. The US Treasury's sanctions on Tornado Cash software on Ethereum have further intensified concerns about its changing nature. These events indicate that if we place digital assets on some blockchain systems abroad, there may be potential risks. In order to avoid risks, it is necessary to vigorously develop a bottom-up public chain system with independent intellectual property rights. Faced with broad development prospects, the team of Tree Map Blockchain Research Institute is promoting multiple domestic and international cooperation projects.

As a new type of research and development institution in the field of civil and non-profit organizations, this research institute has also encountered the troubles of "new things", and its application for non-profit organization tax exemption qualification recognition has been hindered. "According to relevant regulations, if the average salary of civil and non civil employees does not exceed twice the average salary in the same industry, they can apply for tax exemption from the tax bureau. However, there is no statistical data on the average salary in the blockchain industry, and the data can only be replaced by the average salary of employees in Shanghai. As a result, our average salary of employees exceeds the standard." Wang Yu told reporters.

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