Stable Value Digital Asset Token Supply

faster transactions, and higher security, but it also sacrifices a certain degree of decentralization.

What role does the smart contract play in the Ethereum-based blockchain system?

Smart contracts are executable codes stored on the blockchain that are used to automatically execute contract terms. In the Ethereum-based blockchain system, the master node can process transaction requests by calling smart contracts and generate blocks containing transaction data.

Please describe how blocks reach consensus in the Ethereum-based consortium chain system.

In the consortium chain system, the consensus of blocks usually adopts the PBFT mechanism. After the master node generates a new block, it needs to broadcast it to all backup nodes. The backup node verifies the legitimacy of the block and conducts a three-stage negotiation process (pre-preparation, preparation, confirmation). If more than two-thirds of the nodes agree, the block reaches consensus and is added to the blockchain.

Compared with the traditional PBFT mechanism, what improvements does the proposed blockchain system have in reaching consensus?

The proposed blockchain system has two main improvements in reaching consensus: first, in the second and third phases of negotiation, only the block hash value is transmitted instead of the complete block information, thereby reducing network resource consumption and communication overhead; second, by using the timestamp of the optimal block for certificate cleanup, additional communication between nodes is avoided, further saving network resources.

In the proposed blockchain system, how to determine whether the master node is abnormal?

You can determine whether the master node is abnormal by comparing the timestamp of the optimal block with the current time and observing the changes in the transaction list. If the current time exceeds a certain threshold of the optimal block timestamp, or the transaction list has not changed for a long time, it can be considered that the master node may be abnormal.

When the master node is abnormal, how does the proposed blockchain system switch views?

When the master node is abnormal, the backup node will elect a new master node based on factors such as its own joining time, performance indicators, and response times. The new master node and other backup nodes will form a new view and continue the operation of the blockchain system.

How do nodes in the blockchain system verify the transaction data of newly generated blocks?

The node generates a Merkle tree using the transaction data in the newly generated block and calculates its root hash value. At the same time, the node also obtains the transaction tree of the block header and calculates its hash value. If the two are the same, the verification is passed.

How do nodes in the blockchain system ensure the consistency of blockchain data?

Each node maintains a complete copy of the blockchain. When a block reaches a consensus and is added to the blockchain, all nodes update their own copies.

How does the proposed blockchain system handle the problem of block synchronization between nodes?

When a node finds that its copy of the blockchain is inconsistent with other nodes, it can request the hash value of the missing block from other nodes. If the received hash values ​​are the same and the number exceeds the threshold, the node can obtain the complete block information based on the hash value and add it to its own copy of the blockchain.

What are the main advantages of the proposed blockchain system compared to the traditional alliance chain system?

Based on the traditional alliance chain system, the proposed blockchain system reduces network resource consumption and communication overhead and improves transaction processing efficiency by optimizing the PBFT mechanism.

How are stable value digital asset tokens different from traditional digital asset tokens?

How does the described system ensure the stability of stable value digital asset tokens?

What is a smart contract and what role does it play in this?

What is the described key pair used for?

What does the mention of "offline key pair" mean?

How does the described system handle redemptions of stable value digital asset tokens?

What is the advantage of a "multi-signature" authorization scheme?

What role does an oracle play in this?

How does the described system improve the security of digital asset transactions?

Short answer questions

Stable value digital asset tokens are designed to maintain a stable value with their underlying assets (such as the US dollar), while the value of traditional digital asset tokens can fluctuate wildly.

The described system ensures stability by pegging the stable value digital asset tokens to a reserve asset and automatically managing the token supply using smart contracts.

Smart contracts are self-executing contracts stored on a blockchain. In this, smart contracts are used to automatically execute rules for creating, redeeming, and managing the supply of stable value digital asset tokens.

The described key pairs are used to authorize transactions and manage digital assets associated with stable value digital asset tokens.

"Offline key pairs" refer to key pairs stored on a computer system that is not connected to the internet, which enhances security and reduces the risk of unauthorized access.

When a user wishes to redeem their stable value digital asset token back to fiat currency, the system verifies the request, removes the corresponding number of tokens from circulation, and returns the fiat currency to the user.

The "multi-signature" authorization scheme requires multiple keys to authorize transactions, which improves security and reduces the risk of single points of failure.

Oracles provide external data to smart contracts. In this, oracles can provide information about the price of the underlying asset to ensure the stability of the stable value digital asset token.

The described system improves the security of digital asset transactions by using key pairs, multi-signature authorization, offline key storage, and blockchain technology.