Sidechain
Last updated
Last updated
The described blockchain project architecture integrates smart contracts on Ethereum (ETH) as Layer 1 (L1), Hyperledger Fabric(HLF) or Cosmos as Layer 2 (L2), and a bridge that facilitates communication between these two layers. This system is intended for secure social and economic interactions within a networked community, leveraging the strengths of both blockchains.
The integration of L2 and the use of a bridge introduce several significant advantages:
Reduced Transaction Fees: By utilizing an L2 solution, the project can significantly lower transaction fees. Transactions that handle social interactions and economic activities will be executed on L2, reducing reliance on Ethereum's main network, which often faces high gas fees, especially during periods of congestion.
Efficient Token Transfers: The bridge facilitates seamless and cost-effective token transfers between ETH and L2. Tokens transferred from Ethereum to L2 are locked in a smart contract on Ethereum and minted on L2, and vice versa. This process ensures minimal fees associated with token transfers, avoiding the high costs of direct Ethereum transactions.
Streamlined Operations through Consensus Mechanism: The bridge employs a robust consensus mechanism using trusted addresses. These addresses must agree to authorize critical operations such as adding or updating links between names and addresses. This consensus mechanism ensures security and integrity while reducing the likelihood of unauthorized actions, thus providing a more reliable and lower-risk environment for users.
Byzantine Fault Tolerance (BFT): The bridge implements a Byzantine Fault Tolerance (BFT) consensus system, ensuring that critical operations require a significant number of trusted signatures. This method reduces the risk of malicious activities, leading to decreased costs associated with security breaches and fraud prevention.
Cost-Efficient Social and Economic Interactions: Since most social and economic interactions occur on L2, heavy and complex transactions that might be costly on Ethereum are efficiently managed on L2. This shift enables users to engage more freely in social networking and economic activities without worrying about high fees.
Reduced Load on Ethereum: By offloading many operations to L2, the bridge alleviates congestion on the Ethereum network. A less congested Ethereum environment translates to lower gas prices for all users and a smoother transaction experience, indirectly benefiting users who operate primarily on Ethereum.
In summary, the integration of L2 and use of a bridge in this blockchain project not only enhances security and efficiency but also makes the ecosystem more user-friendly by reducing costs and transaction fees. Schematic diagram:
