Having been devoted to science and technology innovations of finance for banking, the predecessor of Internet FinTech Chain（IFTC） played dominant roles in developing and maintaining payment, clearing and account systems of banks, especially the former two systems. Up till now, IFTC has gained support from 20 banks, more than 1,000 channels, over one million merchants and 200 million users. After investigating the entire financial market, it has found that with the application of blockchains and tokens, unprecedented innovations will be made in financial science and technology of the whole consumer market. Therefore, IFTC team overturned BTC, Ethereum and EOS consensus and distributed storage models and a platform named Internet FinTech Chain(IFTC) was built by this team, it is an infrastructure platform which can be applied in vertical sectors.
After the launch of IFTC, blockchains will approach commerce more closely via four designed schemes as follows:
A.Digital cryptocurrencies can be flexibly issued as sub-currencies through unique models of blockchains;
B.IFTC will develop payment and clearing systems by the methods of block confirmation and 3 points accounting(DRAW), in order that a circulatory financial ecosystem can be constructed among consumers, merchants and commercial organizations.
C.Safe and high-performance account systems will be helpful for recording, paying, spending, depositing or transferring personal digital currencies.
D.IFTC will break the dominance of centralized digital asset exchanges to really realize the essence of transactions between dealmakers and favour all commercial or industrial organization to create, develop and maintain their own decentralized digital asset Exchange at the minimum costs.
The practical applications of smart contracts and transactions of cryptocurrencies will be standardized, so that routine users can smoothly experience distributed ledgers. Likewise, through demonstrating the actual application of blockchains in different vertical fields, we hope to enrich people’s knowledge about these technologies and their potential applications while helping different commercial and industrial
"Consensus mechanism" - through the voting of special nodes, the verification and confirmation of the transaction is completed; for a transaction, if several nodes with irrelevant interests can reach a consensus, we can think that the whole network can reach a consensus. To put it more casually, if a group of irrelevant people, for example, Chinese Weibo figure, a US virtual currency player, an African student, and a European traveler, they all agree that you are a good person, then it can be concluded that you are not a bad person.
Traditional Consensus Algorithm
1、Proof of Work；
2、Proof of Stake；
3、Delegated Proof of Stake；
4、Verify the pooling（Based on Practical Byzantine Fault Tolerance）.
BTC is the foundation of POW、POS、DPOS，their consensus basis is as follows
Innovative Consensus Algorithm
1、Double Reverse Annulus Work
2、Double Block Refrigerating Technolog