South Korea’s Aurora Chain Aims for 2000 TPS In Competition with Ethereum

Announced at the “Beyond the Blocks” press conference held in Seoul, Aurora Chain is an improved smart contract platform that utilizes unique consensus mechanisms and blockchain features to create a more secure, efficient environment for decentralized application (dApp) development.

Intro to Aurora Chain

As blockchain technology becomes more normalized in China and Korea, the environment for decentralized applications (dApp) development has seen rapid growth.

Aurora Chain, also known as project Abitchain on their website, is the latest iteration to a smart contract platform that welcomes a variety of industry applications through its unique composition.

Aurora Chain seeks to resolve the issues that lie with current smart contract platforms – congestion, scalability, and upgradeability – through the implementation of DPOS and BFT consensus mechanisms, along with select features that enhance its overall performance.

Bo Zhang, Founder and Vice President of Aurora Chain

The Delegated Proof-of-Stake (DPoS) consensus mechanism increases the speed of transactions on the main chain by giving select individuals voting power to sign and confirm block transactions rather than waiting for a certain number of untrusted nodes to verify each transaction individually.

Byzantine Fault Tolerance (BFT) further enhances the security and efficiency of the Aurora chain through a guaranteed verification of block transactions.

Three Stages of Development

CEO and Founder of Aurora Chain, Meijin Zhao outlined the three stages of development that the new blockchain operating system has planned in the press conference held in Seoul, Korea:

Magnetic Field: The first step towards mainnet launch focuses on enhancing TPS and overall blockchain speed.

Charged Particle: Aurora chain plans to go online in June 2018. This stage of development expects to launch 50-100 new DApps on the main chain and focuses on adding the following features:

  • Multi-Asset Offering
  • P2P stereo-net
  • Intelligent isolation of DApps

Colorful Aurora:  In the final stage, Aurora Chain plans to have developed and launched over 1,000 DApps to its main chain and will add the following features for enhancements to efficiency and scalability:

  • Multi-chain parallel operation
  • Upgradeable blockchain
  • Self-cluster grouping

The use of features such as Multi-chain parallel operation and upgradeable blockchain allow the Aurora main chain to achieve unlimited TPS (transactions per second) through horizontal expansion of network access, eliminate the potential for a necessary hard fork, and enable the platform to adapt as usage increases over time.

Meijin Zhao CEO & Founder of Aurora Chain, presents a comparison of Aurora Chain with other main chains.

These are just a few of the improvements that Aurora claims will make their smart contract platform the most secure and stable as an environment for future dApp development.

The Aurora Chain motto is “Building A Wonderful Blockchain World,” conveying their focus on creating the most hospitable ecosystem for blockchain projects to be built.

In his final remarks, CEO and Founder Meijin Zhao left the audience by saying:

“Let us embark together for a better future.”

Beyond the Blocks Press Conference Panelists, Aurora Team members, and hosts

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Jonathan Kim Author

Jonathan Kim

Jonathan Kim is a University of Washington student of Finance and cryptocurrency investor with a deep interest in the emerging industry of blockchain applications and cryptocurrency trading. Involved with a recently launched ICO, Jonathan is familiar with the internal process of crowdsale funding and the workings of a blockchain startup. His past experiences involve publishing original daily content for blockchain startups and trading cryptocurrency using technical analysis principles.

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