AitikChain - WhitePaper
Disclaimer
This document is a technical whitepaper setting out the current and future developments of the Aitik Chain. This paper is for information purposes only and is not a statement of future intent. Unless expressly specified otherwise, the products and innovations set out in this paper are currently under development and are not currently in deployment. Aitik Chain makes no warranties or representations as to the successful development or implementation of such technologies and innovations, or achievement of any other activities noted in the paper, and disclaims any warranties implied by law or otherwise, to the extent permitted by law. No person is entitled to rely on the contents of this paper or any inferences drawn from it, including in relation to any interactions with Aitik Chain or the technologies mentioned in this paper. Aitik Chain disclaims all liability for any loss or damage of whatsoever kind (whether foreseeable or not) which may arise from any person acting on any information and opinions relating to Aitik Chain, the Aitik Chain Platform or the Aitik Chain Ecosystem contained in this paper or any information which is made available in connection with any further enquiries, notwithstanding any negligence, default or lack of care.
The information contained in this publication is derived from data obtained from sources believed by Aitik Chain to be reliable and is given in good faith, but no warranties or guarantees, representations are made by Aitik Chain with regard to the accuracy, completeness or suitability of the information presented. It should not be relied upon, and shall not confer rights or remedies upon, you or any of your employees, creditors, holders of securities or other equity holders or any other person.
Any opinions expressed reflect the current judgment of the authors of this paper and do not necessarily represent the opinion of Aitik Chain. The opinions reflected herein may change without notice and the opinions do not necessarily correspond to the opinions of Aitik Chain. Aitik Chain does not have an obligation to amend, modify or update this paper or to otherwise notify a reader or recipient thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate. Aitik Chain, its directors, employees, contractors and representatives do not have any responsibility or liability to any person or recipient (whether by reason of negligence, negligent misstatement or otherwise) arising from any statement, opinion or information, expressed or implied, arising out of, contained in or derived from or omission from this paper. Neither Aitik Chain nor its advisors have independently verified any of the information, including the forecasts, prospects and projections contained in this paper.
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Executive Summary
Established in Feb 2024, Aitik LLC is formed to provide advance blockchain based solution publicly. Aitik Chain is launching Aitik Token, Aitik Token emphasizes the industry challenges and provides solutions these challenges. Aitik has identified three interesting challenging areas of cryptocurrency industry and has endeavored to provide solution to those challenges. This document provides challenge description, our proposed solution and roadmap to reach the solution.
Challenge One – Inter Operability
There are 400+ public blockchains and 1000+ private blockchains are in use for various purpose. These includes blockchain like Bitcoin, Ethereum, Polygon, Monero to provide specific ability and blockchains with technology to support financial, storage and other needs.
When it’s come to blockchain technology each blockchain run in its own isolated environment which is unable to connect with other blockchain without third party tools. This increases the transaction fees 3 times, service provider cost and long wait time to establish connection between two or more blockchains.
Challenge Two – Web2 Communication
Although blockchain industry and development around it growing but due to isolation state of blockchain its not able to access data from web2 applications. If third party application we are using it cost 3 times more transaction fees along with 2 times to retire value on blockchain.
Challenge Three – Speed
Average block confirmation time for any EVM based blockchain is 3-20 seconds. Due to large time interval its not possible to build DApps which needs real time data updating. This is biggest reason for non-adoption of blockchain in critical financial industry like equity & derivatives market, banking sectors and many more segments.
Challenge Four - TPS
Transaction per second means capacity of any system to handle transaction is 1 second. It sounds like related to computational power of particular system but in practical when it comes to blockchain TPS is completely depends on block size, block time interval, computation power. For Ethereum minimum transaction size is 400 bytes (without any data) and block size is 12 MB. That means every alternative blockchain is capable to handle maximum 30000 transactions and with block interval of 15 seconds Ethereum TPS is coming around 2000 transaction per second.
Centralized system like Visa & Master Card is capable of processing 25000 and 4000 transaction per seconds with delay of confirmation within few milliseconds.
Challenge Five – Block Size & Access Control
Storing sensitive data, files and multimedia files are difficult due to low block size and storage cost. On Ethereum blockchain storing 100 MB file need minimum 12 blocks and minimum 3 mins time for confirmation. Also to write data users has to pay minimum 24 Ethereum transaction fees. Same conditions are getting applied on other EVM based blockchain and due to lack on storage requirement its difficult to use existing EVM blockchain for such use cases.
Additional to this existing blockchain doesn’t have mechanism to implement access control and on
chain data encryption. This limitations of existing blockchains restricting enterprises to migrate centralized applications on blockchain.
Challenge Six – Payment Solution
Due to extreme isolation behaviors of blockchains in current scenario projects are using blockchain based events to track transactions and centralized signer to process transaction on other blockchain. Every blockchain needs different block confirmation and time. Apart from that vendors might have different preference to accept payment but as of now we don’t have combined fiat and crypto payment gateway which offers cross blockchain and fiat conversion.
Introduction
This section covers the details you should know before you read further in this document.
What is Blockchain Technology
A blockchain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to- peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.
Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, food traceability or voting.
Aitik Chain
Aitik Chain is 3rd generation Layer-1 advance decentralized FinChain developed on EVM based blockchain technology. When we say 3rd generation of blockchain Aitik offers power of interoperability from Web3, Decentralization from Web3, Speed as well as computing power of quantum and with 70% validator confirmation security power. With combined power of EVM, HyperLedger and Aitik Stack Layer AitikChain is solving mentioned limitations of existing blockchains in above sections.
AitikChain Architecture
AitikChain is combined technology of EVM, HyperLedger and Quantum technology to provide speed, high TPS, larger block size and interoperability.
Aitik EVM Layer: Aitik uses EVM storage architecture for storing, retiring and processing data on blockchain. Aitik EVM uses Code & Storage non-volatile elements, Stack, Args and Memory volatile argument and calldataloader for data exchange. Aitik stake work on OPCODE like ADD, STOP, DEL, EXP and many more. Each of this OPCODE used for transaction to be performed depends on instruction provided and consume gas.
Aitik HyperLedger + Quantum Stack: Aitik blockchain operates with as low as 60 milliseconds block confirmation mechanism. To carry out such fastest blockchain it uses HyperLedger technology for data exchange between nodes and quantum technology for transaction computational. Aitik is purely decentralized blockchain which allow to sync and operate more than 10000 validators on it blockchain.
Aitik InterOperability Stack: Aitik provides interoperability with other blockchain using its Aitik InterOperability Stack. This stack is responsible for creating connection between Aitik blockchain and any other public/private blockchain. Same stake is also capable to connect with Web2 applications to carry out http data exchange. It can also be extended to operate T-SQL statements. Public interface helps to share data among different blockchain, external lookover helps to fetch data and process from Non Aitik blockchain and internal lookover is responsible to share data from Aitik blockchain.
Aitik As Public Blockchain
Aitik is operating its public blockchain under name AitikChain. Aitik is EVM based blockchain and support functionality provided by all existing EVM blockchain. Aitik is specially customized considering speed, transaction processing power and storage requirements of gaming & financial applications need.
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