It has been applied in the digital currency bridge of the central bank! What is the Dasheng Agreement independently designed and developed by China

On October 12th, at the 2023 China (Beijing) Digital Finance Forum "Digital Finance Technology Open Source Forum and Blockchain Consensus Protocol (Dasheng Protocol) Application Seminar", people from all walks of life from government, industry, academia, research, and use gathered to discuss the Dasheng Protocol, calling for the promotion and use of the Dasheng Protocol to better serve the development of financial technology and further empower the application of digital industry.

"The next step is to believe that the ecology of the Dasheng agreement will be established soon." Wang Xiaoyun, an academician of the CAS Member and professor of the "Yang Zhenning Lecture" of the Institute of Advanced Research of Tsinghua University, pointed out that "the Dasheng agreement is completely based on independent design and independent research and development, and there is no problem of technical" choke "."

Last year, the Digital Currency Research Institute of the People's Bank of China (hereinafter referred to as "the Institute") and Tsinghua University publicly released the Blockchain Dashing protocol, which can solve the four party problem of consensus algorithms. After more than a year of development, the Da Sheng Agreement has been implemented and applied in financial infrastructure such as the multilateral central bank digital currency bridge project and the central bank trade finance blockchain platform, achieving good results.

Da Sheng Agreement Solves the Four Party Problem

Pengpai News has learned that traditional consensus algorithms have always been unable to solve the four party problem of high security, high scalability, high throughput, and low latency in financial technology scenarios. Innovation in consensus algorithms has become the key to promoting the application of alliance chains in financial technology.

In response to the above-mentioned technical difficulties, the Institute of Mathematical Research and the team of academicians Wang Xiaoyun from Tsinghua University have jointly innovated and tackled the problem, innovated the blockchain f+1 voting theory under provable security conditions, and developed the internationally leading Dasheng protocol.

Wang Xiaoyun introduced that the Dasheng protocol is a brand new variable threshold chain consensus protocol in the alliance chain, which balances security and efficiency, filling the consensus protocol gap that meets the financial scenario of "three highs and one low". Compared to the performance of existing mainstream international blockchain consensus algorithms, the Dasheng protocol has improved by more than 30% in 4-node testing and more than 10 times in 91 node testing in complex network environments. In practical applications, the Dasheng protocol can not only replace the consensus algorithm in the existing alliance chain as a separate module Lego, but also help build a new type of financial infrastructure with multi-party collaboration, security, and efficiency.

Di Gang, Deputy Director of the Digital Currency Research Institute of the People's Bank of China, pointed out that the Dasheng Protocol has five technological innovation highlights: firstly, it supports adaptive dynamics of complex networks; The second is the provable security of the protocol; Thirdly, decoupling proposals and block consensus to achieve high performance; Fourthly, optimize the consensus process to achieve high scalability and low latency; The fifth is to implement event driven variable mode programming.

The Da Sheng Agreement has been implemented and applied on currency bridges and trade platforms

Di Gang introduced that in the past year, the technical achievements related to the Da Sheng Agreement have been implemented and applied in financial infrastructure such as the multilateral central bank digital currency bridge project and the central bank trade finance blockchain platform, achieving good results. The achievements have been showcased to more than 20 multilateral central bank digital currency bridge observers such as the Swedish Central Bank, the Bank of France, and the International Monetary Fund. The Multilateral Central Bank Digital Currency Bridge project was jointly initiated by the Institute of Digital Research, the Hong Kong Monetary Authority, the Bank of Thailand, and the Central Bank of the United Arab Emirates. With the support and coordination of the Bank for International Settlements (Hong Kong) Innovation Center, the project aims to explore the application of central bank digital currency in cross-border payments.

In September 2022, the world completed the first real transaction pilot based on the digital currencies of central banks in four countries or regions, achieving business linkage between the Currency Bridge, the Trade Finance Blockchain Platform, and the Hong Kong Trade Linkage Platform. The joint verification of order financing business and the cross-border payment capability of the Currency Bridge was completed.

In addition, Di Gang stated that the Da Sheng Agreement has also been fully applied on the trade finance blockchain platform. In response to the pain points of traditional trade finance, led by the Data Research Institute and in collaboration with multiple universities and research institutions, the Central Bank's trade finance blockchain platform has been built around the overall requirements of financial services for the real economy. This platform has been listed as a major special project in the national key research and development plan, aiming to build the next generation of trade finance ecosystem 3.0 and achieve leapfrog development from "system" to "platform" and then to "ecology". At present, this major special project has passed the project acceptance.