AZBI Network Infrastructure; Multi-chain Public System
Tasks that once required human hands, bulky machines, and physical currencies have now been efficiently digitized with Technology. Technological developments have now decidedly trickled into the workflow structure across multiple industries and are an integral element of many business processes. The financial service industry is no more left behind. In recent times it has gone on to become the fastest growing industry of the decade.
Anyone worldwide with an internet connection and a smartphone or device can now engage in day-to-day banking activities, trading and investment in the stock market, widen e-commerce platforms, make online payments, exchange currency online, undertake equity funding and more while benefiting from the numerous finance apps designed for personal and business uses.
Blockchain has greatly intensified this continuing revolution of the Fintech industry with its innovation used almost in every sector. The blockchain is regarded by some as the most revolutionary technological innovation since the dawn of the internet; the foundation of ‘Web 3.0’, here to usher in the future of the internet. Most people know blockchain as the technology behind Bitcoin and this was indeed its first application but since then, several innovations in the system have allowed blockchain to spread far and wide.
This technology allows digital information to be distributed across various nodes, but cannot be copied. Any unwarranted change or alteration will change the hash links and a mismatch can easily be detected. This is due to the intricate and complex cryptography devised behind it. Blockchain is a digital ledger of economic transactions that cannot be tampered with or changed. It is programmed to record not just financial, but every other activity to which a value can be attached.
By allowing Fintech companies a decentralized network to share or transfer secure and unaltered information, blockchain technology would help in curbing data breach and other similar fraudulent activities, by making all concerned parties aware of such activity in financial transactions. One innovation of the Blockchain technology is the introduction of the smart contract. "Smart contracts" are used to provide a way for the blockchain to be used to exchange anything of value directly, without any middlemen.
Before this, only cryptocurrency tokens like Bitcoins could be exchanged but the Ethereum smart contracts allow other assets, like bonds, loans, products, etc. To be exchanged. How this works is during an exchange, they hold these assets in escrow until a predetermined set of criteria are met before releasing them to both parties.
Smart contracts are increasingly being used by huge corporations to cut down on costs and save time. Blockchain and digital currency both use decentralization features which are immutable to guarantee the delivery of a set value and the proper recording of the information.
There are multiple problems that blockchain faces when it is applied to smart contracts.
Lack of effective Oracle that is not unified across platforms: For instance, the Bitcoin ecosystem is closed with all of its data being generated from within its system, which means that the authenticity and validity of the data are confirmed as trustworthy. While the smart contract application has to use data and knowledge gained by different external systems, so a bottleneck is created by the requirement for external platform authentication. This creates wasted resources and in general complicates the transactions.
Large scale transactions lack sufficient levels of support. Single strand competition creates a wasted level of resources in terms of browsing and complicates the restoration of transactions.
There is an increased demand for support that exists across multiple chains. The compatibility of platforms is an issue for smart contracts.
AZBI Network Solution
The AZBI Network is a newly created, infrastructure level, multiple chains, public system. It has native support and EVM, which creates a scalable and open platform for the industry’s third-party developers. Large scaled enterprise-level applications are possible with the AZBI Network through the use of smart contracts. The core technologies which underline the AZBI Network include native multiple chain architecture which supports the EVM environment through a POS-based consensus across multiple layers.
The AZBI network innovates smart contracts for non-native token users through cross-chain calling. The smart contract uses AZBI network tools to support the use of tokens and BCH with ERC20 protocol. The idea is to provide tools for the network to be used on other blockchains and ignites a smart contract on the network with tokens from other blockchains, the tokens will be acquired in the first instance through the toolkit by way of a smart data-driven knowledge graph.
When the AZBI token number reaches a convertible number to the off-chain token, the tools will act to transfer that number of tokens from the AZBI network to consume the corresponding amount of off-platform tokens for invoking the smart contract. Also transactions will be verified and executed in serial number without any concern for the consensus garnered from either the POW or POS mechanisms.
The network can exploit on node’s worth of power, thus creating a situation that cannot be improved easily since the structure cannot be expanded. Execution in the AZBI platform can be done hierarchically with the "Main chain" and the "Child chain" method.
The main chain in this structure would be providing the initial registration, the search, providing the storage, the deposit, and other types of services that the child chain would require to support any cross-chain transaction.
AZBI Network is the first blockchain that will support EVM on a multiple chain layered structure. The multiple chain approach is far superior to the previous child-chain method which commonly supports smart contracts and benefits by the improved DApp supporting features.
AZBI growth can be seen in a horizontal context with the main and vertical chains acting like child chains; when either creates a new DApp, the child chain is created. This allows the main chain to execute a request which is followed by the generation of a block MP.
There is a POS mechanism on the AZBI network which is used for each chain which acts to increase the efficiency in forming blocks and packaging transactions.
The AZBI Network infrastructure level, multiple chains, public system. Will create a scalable and open platform for the industry’s third-party developers, large-scaled enterprise-level applications will also be made possible with the AZBI Network through the implementation of smart contracts.