On this LAB Radio, episode Chris Groshong talks shop with Jeff Zhou, founder of TrustNote, a mineable public DAG ledger with a two-tier consensus mechanism. (Cryptographic Algorithms: BLAKE2, BIP32-Ed25519) The architecture is designed for high concurrent transactions and confirmation times.
Jeff Zhou, Founder of TrustNote
Jeff’s background began with chip making and eventually led him to realizing the lack of scalability with Bitcoin:
“A few years back Jeff Zhou started working on blockchain and at that time he developed BTC+LTC dual mining chips and hardware, the technology was sold to a world-wide market.Jeff then tried to develop an IoT software platform based on blockchain technology, and after several months of trial and development, he encountered serious issues with scalability and the transaction fees were very high. Issues like these prevent mass adoption of the blockchain technology and ultimately drove the foundation of the TrustNote open source project and its development of a fast, scalable, and light platform to provide high-performance for everyone on every device at a lower cost.”
Now with TrustNote Jeff aims to create a new alternative architecture to the traditional Blockchain construct.
The TrustNote whitepaper elaborates on the details of the project and core architecture:
“Today’s blockchain technologies face many challenges such as network congestion, high transaction fees, and long delays in transaction confirmation. TrustNote seeks to address these problems by building the world-leading public Directed Acyclic Graph (DAG) ledger which is minable, capable of handling high concurrent transactions yet still maintain quick transaction confirmation.”
Above is a breakdown of how the TrustNote DAG ledger compares with two other DAG focused projects: IOTA and Byteball.
After listening to this episode you will learn:
- About how Jeff worked on secret projects for the Chinese Government before moving into the chip-making industry
- How they combined multiple algorithms into one chip (allowing multiple mining algorithms under one unit)
- Why Mining is big and concentrated in China
- Jeffs thoughts on China and how the worlds borders are opening up thanks to technology like Bitcoin
- What a DAG is and how they are using this technology as a Blockchain alternative
- Why Consensus is one of the biggest challenges to Blockchains
- Why they are aiming to solve this through a hybrid approach of architecture options
- What TrustNote is and how it works and when it’s mainnet will be ready
- Why Jeff began with learning C languages (like C++) but also like other languages like Rust
Further Reading and Resources