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02 May 2018
The Trinity project is focused on creating an off-chain, second-tier, scaling solution for the NEO ‘Smart Economy Network’. This off-chain scaling solution should allow for an almost limitless expansion of the transaction throughput over time. This can be achieved by combining the onchain and off-chain solutions.
Why is this important? At the core of a smart economy, we will need the capacity to entertain millions of transactions per second in order to enable all these decentralized applications to run smoothly on the blockchain network. You can easily compare this to the added functionality that we have gotten out of our ‘internet’ as our bandwidth got bigger. Transaction throughput is a similar bottleneck that needs to be addressed to reach a state of mass adoption in Blockchain technology.
Currently, the Neo Network is known, to already have one of the best on-chain transaction throughputs of all the functional blockchains to date. Its transaction throughput stands at 1000 transactions per second and the block time is 15 seconds.
Compare that to Etheriums 15 transactions per second and 7 transactions per second for Bitcoin. Also, consider that Bitcoin has a 10 minute block time and needs several confirmations, in order to validate the transaction. Neo achieves finality after only one confirmation. In other words, your coffee is cold before the transaction can be verified in Bitcoin’s case.
While Etherium is working on an off-chain solution with the Raiden Network, and Bitcoin is working on the Lightning Network, Trinity wants to bolster and multiply the already decent capacity of the Neo network.
Trinity’s second tier, off-chain, scaling solution uses ‘State Channel Technology’ to try and achieve a million transactions per second or more over time.
State channel technology essentially allows for large amounts of instant transactions to be executed off-chain, on a private server, between consenting parties. The State Channel Layer (SCL), establishes a trusted connection through the use of a smart contract, where parties put up their assets as collateral on the Blockchain. This way, high speed and low-cost transaction throughput are achieved off-chain while maintaining trust.
The idea here is that only the final state, or end balance, gets broadcasted on the public blockchain. Not only does this solution avoid congestion of the network capacity, it multiplies the throughput capacity of the NEO Network. It also adds an extra layer of security and anonymity for the transactions on the state channels.
Trinity foresees, as seen in its framework model, that different layers will be needed to facilitate the varying needs of users. Channel Network Layers (CNL), for example, are used as intelligent routing systems for those parties that do not need a dedicated SCL. In such cases, Trinity will provide an additional service layer to enable this. It is especially intended for decentralized applications targeting, B2B/B2C instant payment, data collection, decentralized exchanges, IoT use cases and more.
The Channel Service Layer (CSL) is aimed to provide a pluggable and easily adaptable solution for DAPPS. Through the use of an atomic Layer (CAL) and the CNL function, it aims to enhance the transaction experience for onchain assets.
(Source: White Paper)
Trinity has its own utility token called ‘Trinity Network Credits’, or TNC. The utility of the token ranges from using it as an asset for network settlement, its use as a settlement currency for Trinity services in the future, but also serves as an incentive scheme for developers and other contributors of the Network.
The Trinity Roadmap is fully packed and we can expect some interesting newsflow from the Trinity camp in the following weeks and months.
The Roadmap illustration below shows us that we can expect the launch of an application around the time of the NYC meetup. Also, we have an early June surprise announcement of a technological partnership which is apparently in the works.
Founder David Yiling Li also stated in an interview that he expects that the gaming industry might be one of the first real use cases for the technology. By implementing trinity’s off-chain solution, they could offer a true decentralized gaming experience to the world. To that effect, we see that the Trinity team aims to launch a gaming industry solution by Q3 of 2018.
In closing, the Trinity off-chain solutions are essential to enable broad usage of Blockchain technology. Trinity is strategically well positioned to become a valuable part of the ‘NEO Smart Economy’ ecosystem and I expect that over time we will see how important Trinity really is as a scalability solution. Do leave us a comment if you liked this article and we will keep you up to date as the news comes in!
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