New progress in counting coins! Da Sheng Protocol Cracks Traditional Consensus Algorithm Difficulties, Industry Calls for Co construction of Ecology

The digital renminbi has made new progress. On October 17th, a reporter from Shell Finance learned that 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.

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.

"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 a professor of the "Yang Zhenning Lecture" of the Institute of Advanced Research of Tsinghua University, pointed out at the 2023 China (Beijing) Digital Finance Forum recently that the Dasheng agreement is completely based on independent design and research and development, and there is no problem of technology "choking".

Adhere to independent research and development of the Da Sheng Agreement to solve the four party problem

The 14th Five Year Plan proposes to promote innovation in blockchain technology such as consensus algorithms, with a focus on alliance chain to develop blockchain service platforms and application solutions in fields such as financial technology. Traditionally, consensus algorithms have not been able to solve the four party problem of high security, high scalability, high throughput, and low latency in fintech scenarios. Innovation in consensus algorithms has become the key to promoting the application of alliance chains in fintech.

In response to this technical challenge, 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.

Peng Jin, Deputy General Manager of Ant Group's Technology Strategy Development Department, pointed out that Ant Group has conducted comparative research on various consensus protocols, including the Dasheng Protocol, and found that some international mainstream consensus protocols are more inclined to be applied in environments with strong trust and low network complexity, while the Dasheng Protocol can adapt to more complex network environments without introducing additional trust assumptions and has better universality.

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 French central bank, 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, the Dasheng Agreement has 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.

Industry calls for promoting the use of the Da Sheng Agreement

In order to better serve the development of financial technology, the industry calls for the promotion and use of the self-developed Dasheng protocol, further empowering the digital industry application.

Ren Changrui, vice president of the Beijing Micro Core Blockchain and edge computing Research Institute, pointed out that the development of blockchain consensus technology shows a trend of technology integration, that is, more and more competitive consensus algorithms and cooperative consensus algorithms are integrated, with the goal of providing broad-spectrum, adaptive support for applications with different needs. At the same time, blockchain technology is gradually evolving into the infrastructure of the next generation value internet, which requires blockchain, as the underlying foundational technology, to achieve open source code and ecological openness.

The digital transformation began with the digitization of institutions and will definitely develop towards industrial collaboration in the future. Large scale collaboration is an important factor in truly promoting productivity development. As an industrial link, blockchain trust building and value sharing are very important infrastructure, "said Peng Jin, In the future, we hope to combine different industries to achieve co creation of consensus algorithms, including applying autonomous and controllable algorithms to the system

Lv Zhongtao suggests strengthening the ecological construction of blockchain in the banking industry and integrating to create an industry-level blockchain application platform. It is recommended that the relevant industry regulatory authorities, guided by business needs, coordinate and integrate existing blockchain application products in multiple banking fields, and strengthen the interconnection with blockchain applications in related fields such as customs, logistics, and taxation. They should create an industry level blockchain application platform with a full closed-loop business process, form a standardized blockchain application paradigm in the banking industry, and continue to expand the scale of the banking blockchain ecological network.

With the in-depth application of large-scale industry level blockchain, we aim to solve practical problems and promote the promotion and use of the Dasheng Protocol. "Lv Zhongtao also suggested that the current application of multilateral central bank digital currency bridges be continuously expanded to scenarios such as digital RMB smart contracts and industry level blockchain applications, fully leveraging the high-performance, low latency, strong security and other technical characteristics of the Dasheng Protocol in large-scale blockchain network node scenarios, Better promote the transformation of scientific research achievements.

Jiang Fan, a reporter from Beijing News Shell Finance

Editor Song Yuting

Proofread by Liu Baoqing