Without a native cryptocurrency, you can build an enterprise blockchain network (public or permissioned) that utilizes fiat-pegged tokens issued by trusted entities to be used to pay for blockchain transaction fees. With InfraBlockchain’s patented Proof-of-Transaction consensus mechanism, public sectors and/or enterprises can join the blockchain network and flexibly form their ideal governance, and operate a high-performance permissioned / public blockchain smart contract platform.

InfraBlockchain TECHNOLOGIES

InfraBlockchain provides the most ideal blockchain technology for the public sectors / enterprises to adopt.

Blockchain Without Native Cryptocurrency

You can build a public or permissioned blockchain network that does not involve any native, volatile cryptocurrency. On a smart contract-based blockchain such as Ethereum or EOS, service tokens (i.e. ERC20) are formed and used differently than a native cryptocurrency like ETH or EOS that is used to pay for transaction fees. On InfraBlockchain, however, any standard service tokens can be chosen to be used to pay for transaction fees upon block producers' consent.

Fiat-based Transaction Fee Token

Trusted entities such as big corporations, financial institutions, and government branches can issue and guarantee the redemption value of fiat-pegged stable tokens (i.e. DKRW, DUSD). Such stable tokens can be used and circulated on the InfraBlockchain network as trusted, programmable base assets. Elected block producers of InfraBlockchain network choose to adopt such stable tokens issued by trusted entities as acceptable method of payments for blockchain's transaction fees, ultimately providing a more stable and predictable network environment.

High-Performance Blockchain Transaction Processing

Proof-of-Work (PoW) based blockchain, inviting anyone and everyone to compete to produce blocks, and Proof-of-Stake (PoS) based blockchain both feature a slow block production time (few seconds~minutes). InfraBlockchain boasts its unique Proof-of-Transaction consensus mechanism to instantly elect (or pre-determined) block producers. Without any real-time competition to overcome, the Proof-of-Transaction allows block producers to achieve near-instant block production time (0.5 second). Among the elected block producers, InfraBlockchain uses asynchronous Byzantine Fault Tolerance protocol to achieve fast block finality time. In addition, InfraBlockchain provides WebAssembly virtual machine-based smart contract environment to achieve the top-of-the-line blockchain transaction performance.

Proof-of-Transaction (PoT) Consensus Mechanism

Proof-of-Work (PoW) and Proof-of-Stake (PoS) are both flawed consensus mechanisms that grants the permission to produce blocks to someone with high computing power (resulting in high energy waste) and to someone who owns a lot of cryptocurrency, respectively. On InfraBlockchain, the block producers – who hold the power to decide the blockchain governance – are selected using the Proof-of-Transaction (patented by InfraBlockchain) that uses the Transactions-as-a-Vote (TaaV) mechanism. Counting transactions on the blockchain as votes to promote the transactions' service providers results in electing the service providers that generated many transactions as the block producers. This is a fair and logical blockchain consensus mechanism that also properly incentivizes the block producers to earn their rewards.

Flexible Blockchain Governance

InfraBlockchain separated the system contract responsible for the blockchain's governance from the blockchain's core, so that the governance smart contract can be updated without hard-forking the entire network. This allows InfraBlockchain to support blockchain networks with many types of governance structures. Whether it is a completely private blockchain operated internally by an institution, a permissioned blockchain operated in a consortium format, PoT-based completely public blockchain, or a hybrid format blockchain that combines PoT and permissioned mechanism to incentivize foreign participation, you can form a blockchain governance to fit the needs of enterprises / government branch / public sectors.

Smart Contract-based General Financial Platform

InfraBlockchain offers a high-performance smart contract execution environment based on WebAssembly virtual machine. You can use the popular C/C++ language to program smart contracts to be deployed on the blockchain network. The stable tokens issued by InfraBlockchain's trusted entities can be programmed to design various financial services. Blockchain smart contract platform based on such stable tokens (i.e. local currency platform, Central Bank Digital Currency (CBDC)) can revolutionize the financial IT infrastructure that is being used today.

Asset-backed Security Token

On InfraBlockchain, trusted entities can collateralize assets to issue and distribute stable tokens. These tokens are normally 100% collateralized in value, but upon the network's agreement, may be partially backed. In a similar concept, the trusted entities can issue and distribute securities-like tokens backed by assets such as equities of private companies, gold, silver, diamonds, fine arts, and real estates. These collateralized tokens can be traded on InfraBlockchain's inherent decentralized token exchange, as well as be used as the base assets on blockchain-based decentralized financial system.

Manageable Transaction Fee Model

When more than two-third of the elected block producers agree, they can manage the blockchain's transaction fees (paid in fiat-pegged stable tokens) by updating the transaction fee table. It is also possible to assign a different account to pay for the transaction fees (as well as to sign the transactions) for each transactions, effectively increasing the user convenience by having the service providers pay the transaction fees on their behalf.

Blockchain Account Identity Verification and Account Recovery

Trusted identity-verification institutions on the blockchain network can be assigned as "Identity Authority" by the block producers, tasked with performing W3C DID compliant identity verification on the blockchain accounts. Verified blockchain account users can easily and safely access many blockchain-based services. If you lost your account's private key, you can also restore your account through Identity Authority's services.

Privacy-Protecting Blockchain Transactions

Because all blockchain transactions are announced to and recorded by all participating nodes, it is crucial to protect each user's anonymity. InfraBlockchain provides various anonymous token transfer technologies (one-time stealth address, group sig, zkp, etc.) to ensure anonymity for services such as financial transactions and blockchain-based voting.


InfraBlockchain Technical Whitepaper

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InfraBlockchain Open Source Project

Proof-of-Transaction (PoT) Consensus Mechanism and Governance

* Transaction-as-a-Vote (TaaV) - InfraBlockchain permits each blockchain transaction to vote for a block producer candidate, and each vote will be weighted accordingly with the respective transaction fee amount. For example, if a transaction performed on the voting service paid 5 cents as its transaction fee, then its block producer candidate (voting service provider) earns 5 points-worth of weighted votes. The recipient of each transaction’s vote is designed to be automatically chosen by the Dapp service provider, so that the user would not need to designate the candidate every time.

* Proof-of-Transaction - A service provider that generates a large amount of blockchain transactions can designate itself (or other partnered node) to become a block producer using the TaaV mechanism. Transaction votes are measured in real time, and the top nodes that receive the most votes get to become the block producers. These block producers can participate in the blockchain governance, and earn the fiat-pegged transaction fees as rewards.

The above image shows an example of a public/permissioned hybrid InfraBlockchain node architecture, featuring the pre-designated trusted entities (governments, institutions) and the elected block producers (service providers) using the Proof-of-Transaction mechanism. A blockchain network that depends on the trusted entities can select more number of trust nodes in the block producer group to increase the network’s stability and credibility. By adjusting the composition of the block producer group, InfraBlockchain can flexibly form private, consortium, PoT-based public, or any level of hybrid blockchain network.

Blockchain Technology Comparison Table

InfraBlockchain vs Private and Public Blockchain

For Government, Business and Foundations

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