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Layer-1 Blockchain Development

Developing a cutting-edge Layer 1 blockchain based on the Proof of Stake algorithm that solves scalability and security issues, and offers low-cost and near-instantaneous transactions.
Project category

Web3 & Blockchain

Industry

Web3

Location

Global

Duration

Jun 2022 - Present

Layer 1 blockchain network

Our team created a Layer 1 blockchain network that is built on the Proof of Stake algorithm. Capable of processing 2500 of transactions per second (TPS), the platform’s performance far surpasses Bitcoin’s 7 TPS and Ethereum’s 30 TPS. This speed eliminates bottlenecks and allows real-time transactions thanks to the aBFT consensus algorithm.

One of the platform’s distinguishing features is its compatibility with DeFi applications. Built with DeFi in mind, network provides a solid foundation for developers to build various financial products and services, fostering the rapid growth of the DeFi ecosystem.

Under an NDA, we can’t disclose the project name, but we’re open to answering any questions about it as much as we can.

Objectives

The project's focal points were:

  • Deliver a high-speed Layer-1 blockchain for secure and efficient asset transfers.
  • Create an environment conducive to the growth of myriad decentralized applications.
  • Address and nullify the problems inherent in many blockchains, particularly scalability and security issues.
  • Engineer the network so that contemporary DeFi applications can easily integrate with it.
  • Introduce a streamlined and intuitive user interface suitable for both crypto-enthusiasts and newcomers.

Approach used

We began by developing the block structure, including important metadata such as the timestamp, block height, and hash of the previous block.

Our work also included developing efficient transaction validation processes and ensuring that the blockchain could handle more than 2,500 transactions per second.

Blockchain was designed to overcome deficiencies such as lengthy transaction times seen in blockchains like Bitcoin and Ethereum. To achieve this goal, an asynchronous Byzantine fault-tolerant (aBFT) Proof-of-Stake consensus mechanism was used. This algorithm ensures transaction validity even in the presence of malicious nodes and guarantees the continuous operation of blockchain. It allowed nodes to reach consensus faster due to less data transmission, while maintaining decentralization and security.

The Layer-1 blockchain also uses
a directed acyclic graph (DAG) architecture to achieve faster transaction processing and higher throughput. This approach allowed to use parallel transaction processing, rather than the linear processing used in traditional blockchain architectures (Bitcoin, Ethereum).

The modular blockchain design allowed for high customization and effortless integration of Ethereum-based dApps, each operating on its independent blockchain. This configuration reduces traffic congestion, enhancing scalability and performance.

Blockchain Explorer
List of Validators
Daily Transactions Chart

Technologies used​

Key technologies used in the project included:

  • Core protocol and aBFT consensus mechanism were developed using Golang due to its efficient handling of concurrency, simplicity, and robust performance.
  • Solidity was selected for smart contract development due to its EVM compatibility, robust tooling, and capacity for handling complex logic securely.
  • WebAssembly was utilized for subgraph development due to its high performance, language versatility, and secure data handling capabilities.
  • Python was used for scripting and testing in the blockchain environment due to its simplicity and broad library support.
  • JavaScript was employed for frontend development, testing, and blockchain interactions via Web3.js or Ethers.js.
  • TypeScript was used for its strong typing and JavaScript compatibility in client-side interface development
  • GraphQL offered a flexible and efficient approach to API development and data querying
  • React, a popular JavaScript library known for scalability and flexibility, was chosen for user interface development.
  • PostgreSQL was chosen for data storage due to its robustness.

Tech stack

Results

The ecosystem built on our Layer-1 PoS blockchain protocol has successfully ranked among the Top 10 ecosystems by total value locked (TVL), according to DeFiLlama statistics, with a significant TVL of $900 million.

Results

The blockchain processes approximately 25,000 transactions per day, indicating the excellent throughput and speed provided by the DAG architecture. Furthermore, in just one year, we've seen the total number of active network wallets skyrocket to approximately 100,000, reflecting the community's trust in our platform.

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