Deep Dive in Bluehelix Decentralized Custodian Solution in Cryptocurrency Industry

    2019/05/07 00:18 Maggie Li huang Created with Sketch.
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Blue Helix is dedicated to provide the secure custody and clearing platform for digital assets with high performance. Throughout the history of finance and trading market, custodian and clearing services play the fundamental role in supplying more and more trustable and tradable assets. Our goal is to become the fundamental player who provide such services that match the finance and regulation requirements in cryptocurrency world. In Blockchain technology, We believe in code rather than human.

The mission in Bluehelix is to bring safety and trust into digital asset market. Therefore, our top priority is always SAFETY and TRUST. Such priority can be found from our key concepts. As illustrated as follows, the fundamental module is the decentralized key management which employs state-of-art multi-signature technology to securely store and manage private keys that hold the digital assets. It is the key to the safety and trust of Bluehelix. On top of that, we build secure custody module, and high-performing clearing/settlement module.

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The security guideline of Bluehelix is defined as:

Not a single party or minority of parties can manipulate users' digital assets

To depict this guideline, people can image that in Bluehelix network, we bring onboard all kinds of institutions, companies, projects, and funds to become our nodes. The guideline ensure that not a single malicious node, or less than 1/3 malicious nodes can trade, transfer, or manipulate any user's digital assets without the owners' consent.

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Here we deep dive a bit into our decentralized key management to see how it can achieve our mission of safety and trust. The following figure gives a visualization of a general decentralized key management task. To manage keys and the assets associated to addresses, there are two common tasks: key generation and sign. In our scenario, the tasks become 

  • Decentralized key generation: multiple block producers (BP) generate a decentralized key together but without knowing each other's private key share, and the final private key, but the final public key and address is known to public.

  • Decentralized signature: multiple block producers (BP) sign a transaction using the decentralized private key without leaking its or each other's private key share's information.

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Both tasks can be divided into 3 steps in computation. The above figure takes 3 block producers as example, but in practice the number of BP can be much larger.

  1. In the first step, all BP either generate or load data from their private data store, for example, their own private key shares.

  2. In the second step, all BP mutually comminucate and/or broadcast to perform secure multi-party computation (MPC).

  3. In the third and final step, all BP verifies the computation results. For example, they verifiy their own calulation of final public key is identical in key generation tasks, or they verify the signature against the public key in key sign tasks. Finally they produce multi-sign addresses and signed transaction results in key generation and sign tasks respectively.

With the secure decentralized key management, the Bluehelix platform that carries Bluehelix technology builds a decentralized custody with safety and trust. As shown below, all Bluehelix block producers (BHBP, 5 in the example below) store their private key shares for all supported blockchain digital assets. The platform acts as a cross-chain layer 2 custody solution to other blockchains including Bitcoin, Ethereum, EOS, etc. Whenever there is an asset transfer request on these blockchains, all BP will sign together the transaction, providing a secure and high efficient cross chain solution.

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About Blue Helix

Blue Helix is founded by James Ju, a successful serial entrepreneur — he was CTO of Huobi Global in the year of 2014 to 2017 and Vice President of X-Financial (NYSE listed Company) thereafter. He founded Blue Helix in early 2018 and it has completed 15 million USD angel round financing and received investment from total of 56 institutional investors including top exchanges Huobi and OKex. Blue Helix is an innovative crypto assets financial services provider. The in-house developed Bluehelix decentralized blockchain-based assets custody and clearing system is dedicated to provide world-class professional financial trading and assets management services to worldwide users. And it has its self-managed Blue Helix Exchange (BHEX.com) and Open SaaS Platforms for institutional partners (BHOP).

About Bluehelix Chain

Bluehelix is a decentralized digital asset custody and clearing technology. Based on blockchain technology and community consensus, it uses cryptography and blockchain technology to support decentralized governance capabilities at the technical level. Through the BHPOS consensus mechanism, the digital asset custody and transaction clearing are jointly supervised and managed by the community; through the consensus mechanism of transaction data on-chain, hot and cold wallet separation, multi-signature + member nodes clearing, the goal of asset security and transaction credibility is achieved. Effectively solve the security and trust problems faced by the centralized digital asset management platform.

Blue Helix Exchange

Blue Helix Exchange (BHEX) is self-managed digital asset trading platform, delivering top notch performance from a matching system that is designed for millions of concurrent transactions. It will further evolve to a globally distributed multi-nodes system and provides decentralized custody and clearing services of digital assets to institutional and retail investors transparently.

Blue Helix Open Platform

BHOP is based on Bluehelix’s decentralized digital assets custody and clearing technology along with BHEX’s underlying trading technology. It combines the core competitiveness of Bluehelix and BHEX to create an open SaaS platform with key advantages such as asset security, transaction reliability, and horizontal performance expansion. Providing technical and operational services to partners who have or are preparing to operate the blockchain asset trading business. Through the capabilities of the BHOP open SaaS platform, partners can quickly launch their own business at zero cost. To achieve fully control of customers, data, brands and technology. Partners with technical research and development capabilities will achieve deep customization of products through BHOP authorized source code. BHOP can fully satisfy individualized transactions of different industries and different types of blockchain assets. The needs of the platform can effectively help partners create unique competitive advantages.


    Adapted from: Executive editor: 李萍萍
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