Interview with IFTC Li Hangjun: Creating a Vertical Integrated Blockchain Ecology

July 12, 2018

Reconstructing the world by blockchain, there are many entrances. From now on, the most important entry is finance. From the point-to-point cash payment system to the value-preserving value, Bitcoin has reshaped the world from another angle; Ethereum has reshaped the crowdfunding field and allowed crowdfunding available. It can be expected that the reshaping of the real world by the blockchain has just begun.

At present, the blockchain industry is developing in a slow way, and the main challenge hindering its development is the construction of infrastructure, especially its transaction speed and compatibility, resulting that most of the business scenarios combined with the blockchain are still in the exploration period. “At present, the biggest pain point of currency trading is the speed and efficiency of the transaction. And the blockchain from the grassroots chain to the agreement, to the application of vertical integration and the establishment of an ecosystem, there is no killer level application, so there is a huge opportunity.” Mr. Li Hangjun, founder of IFTC, said.

Based on this, IFTC has proposed its own solution: the IFTC team has developed a complete blockchain application underlying public chain with years of experience in the development of trading clearing systems and research in the financial sector. Including smart contracts, digital currency payment transaction settlement system, acquiring system, Token, decentralized exchange underlying architecture, established a basic chain IFTC that can be applied to the vertical domain, and provides open interfaces, open source code. This allows business organizations, organizations, and individuals to easily establish an underlying system based on the blockchain infrastructure and the underlying system of secured transactions, allowing their sub-mergers to have more capabilities to use their digital currency to complete transactions. It has really promoted the blockchain to directly target business and realize the application and construction of the business ecology at the blockchain level.

Mr. Li Hangjun said: The IFTC team independently developed the Double Reverse Annulus Work (DRAW, Double Reverse Annulus Work) and IFTC Double Block Block Refrigerating Technology to optimize the efficiency of the current blockchain algorithm. The problem of security performance has increased the blockchain transaction speed to millions+. This not only promotes the true implementation of IFTC, but also becomes a milestone in the history of blockchain research. Compared with the low speed of the Ethereum’s trading speed, this is a qualitative leap, and it has made an important contribution to accelerating the commercialization of the blockchain.

In addition, Mr. Li Hangjun revealed that the launch of IFTC will make blockchain technology closer to business through the following four design schemes: transaction settlement system: using state machine copy replication algorithm superbook PBFT, using DRAW algorithm to complete three points The account records the amount of each transaction. After the account book is completely copied, the block is confirmed and the right is settled, and the transaction confirmation speed is solved. TOKEN: IFTC’s account system guarantees security, helps to realize records, pay for consumption or transfer to and out of the account. Digital currency assets; decentralized exchanges: IFTC constructs locked payments in the clearing chain, ensuring that there is no need for intermediation between the two nodes, and assets that are directly traded are safe and controllable. Token issuance contract: IFTC establishes a decentralized and autonomous commercial transaction organization that implements autonomously operating organizations without intervention and management by incorporating fair and open rules into open source processes.

The blockchain itself is a technology similar to TCP/IP. Technology does not create great business. It must be combined with the scene, just like the combination of mobile Internet technology and travel to generate taxi and car service. The same is true for IFTC. Through blockchain technology + business scenarios, the application of blockchain commercial applications has been realized. The purpose of the IFTC protocol is to reconstruct the world’s commercial system. Ideally, data acquisition and processing at IFTC will use the IFTC blockchain to build solutions that will rely on decentralized consistency to provide what was previously impossible. New products and services. Blockchain technology can have a fundamental impact on many aspects of real life, from business to data storage and more. Based on this, IFTC believes that it is necessary to develop an open underlying operating system for blockchain/distributed ledger technology, which will promote the application of blockchain technology in mainstream commercialization. It is reported that IFTC will officially launch the DDEX and Etherflyer exchanges on the 15th of this month.