Bluehelix Chain Enables Third-Party Public Chains with Decentralized Cross-Chain Assets Custody
Bluehelix is the leading DeFi Services & Tech Provider and is dedicated to providing world-class professional financial trading and assets management services. Bluehelix has businesses of BHEX Exchange, Bluehelix Cloud, and Bluehelix Chain. The in-house developed Bluehelix decentralized blockchain-based assets custody and clearing system serves close to 200 BlueHelix Cloud Partners.
Bluehelix Chain is racing with giants
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Japanese:Bluehelix (BHEX) Chainが分散型カストディで大躍進 ー サードパーティのパブリックチェーンをエンパワーメントする存在として、大手と肩並べる
Recently, Bluehelix announced the completion of the internal development and the testing of the Bluehelix public chain. Bluehelix will release its Chain for public testing.
The key features of the Bluehelix Chain are to facilitate various mature public chains with decentralized cross-chain asset custody. The interoperability of the chain promotes the ecological improvement of applications such as decentralized lending and DEX.
As soon as the news was released, BHEX token (BHT) rose by 93% in a single day and reached an all-time high of 145% in two consecutive days, being the most determined currency to move against the tide.
The launch of the Bluehelix Chain will revolutionize the public chain industry by setting new standards and bringing the focus back to the reality of the digital public chain.
Unlike other public chain projects, the development team at Bluehelix Chain focuses on the research and development for cross-chain asset custody which includes the real-world use-case outside the blockchain space.
“Aside from blockchain development, Bluehelix is also a technology company. The company is formed by a group of blockchain enthusiasts. Our goal is to achieve innovation in blockchain technology, thereby driving the industry to become a market leader.” said James Ju, founder of Bluehelix.
Bluehelix Chain — Solve the Unsolvable
Bluehelix Chain has made significant progress in just over 2 years, from TPS in 2017 to the DApp ecosystem development and then to the Staking and DeFi in 2019.
The public chain is the fundamental infrastructure of the world’s blockchain has evolved from a “prosperous state” to an “aggressive position”. The public chain can be summarized into three stages: “consensus competition”, “performance competition”, and “ecological competition”.
Consensus competition is the competition between various consensus mechanisms such as PoW, PoS, and DPoS.
At present, there is no distinction between a good and a bad mechanism. Each consensus mechanism has its own advantages and disadvantages. Although PoW is completely decentralized, it causes a serious waste of resources. PoS solves the waste problem of PoW. However, this mechanism uses a coin age-based selection method which may lead to the Matthew effect making the rich get richer and the poor get poorer.
DPoS improves the block processing speed but it has been criticized for its vulnerability to centralization.
Performance competition aims to improve the efficiency, security, and decentralization of the public chain through various technical solutions such as increasing block capacity, state channels, sharding, and cross-chain technology.
However, although the current performance has improved, the “efficiency, security, and decentralization” of the public chain has not yet been solved.
Third, market competition. Ecological competition is a highlight of the public chain. Right now, major public chains build their own ecology to attract market resources. Take the ETH ecosystem as an example. The emergence of various decentralized exchanges, market analysis, insurance and gaming applications in the ETH ecosystem has helped to boost the ETH’s public chain. The current market value of ETH is the second-largest market capitalization after BTC.
However, scalability and launching problems are causing peril to the future of public chains. In the context of the existing environment, public chains have to strengthen their interactivities, solving the unsolvable in order to achieve their value. Therefore, decentralized cross-chain technology is highly anticipated.
With this foresight on the future of blockchain development, Bluehelix Chain which was established as early as March 2018 vowed to commit to building a cross-chain asset custody solution for third-party public chains.
Since the beginning of its journey in the development of Bluehelix Chain, Bluehelix has always been steadfast in its commitments to support the growth of the blockchain industry.
Bluehelix Chain completed its public chain system set up and architectural design in July 2018. The Key features were completed and implemented in December 2018. Completed Testnet and patented in early 2019.
The launch of Bluehelix Chain Live Testnet in Q1 2020 and Mainnet is expected to be launched in Q2.
The Roadmap of Bluehelix Chain
Date source: Bluehelix Chain Official Website
The first public chain project in the industry to serve third-party chains and institutions. Bluehelix Chain was developed to be a simple and targeted product providing the necessary support to companies with digital asset financial services that relies on decentralized custody clearing. Bluehelix Chain effectively solves the security and trust issues embedded in the public chain tokens.
Through the decentralized private key management of Bluehelix Chain and the combination of elliptic curve digital signature, zero-knowledge proof, and multi-party trusted cryptographic tools, Bluehelix has achieved a decentralized cross-chain private key signing across all validators managing private key shares. With this unique system, Bluehelix Chain has accomplished non-intrusive cross-chain assets custody in real-time.
Bluehelix Chain — Diving Circulation in Cryptocurrencies
Public chain tokens have always been closely related to their ecological development. Moreover, due to the current blockchain performance and lack of cross-chain technology and some other reasons, the vast majority of transactions were made on a centralized exchange platform which posed a great systemic risk.
Take ETH for example.
When the public chain ecosystem gets popular, the market position for ETH token will correspond to higher market value; but when a misfortune happens to the ETH ecosystem, the market value will correspond to a plunge instantly.
In addition, when the price of coins fall sharply, it will greatly affect the capital reserve of the project team because developers use tokens as a financing instrument for salary and daily expenses. Users and investors will also be affected, losing trust for the project.
In phase three which is the ecological competition, Bluehelix Chain introduces a cross-chain asset mechanism using BTC as the primary asset for use by the public ecological ecosystem thereby removing the fundamental risk to success.
4 Key reasons for using BTC as a primary asset:
First, Bitcoin is described as a digital form of gold with its scarcity and potential as a store of value in the decentralized world. If the tokens in the public chain were used as a form of Gas (transaction fee) in the ecosystem, it would be considered as a utility token which will not affect the stability of the assets;
Second, BTC valuation is much more stable compared to other cryptocurrencies. The market value of BTC is higher than other public chain tokens. This helps to increase market depth within the public chain ecosystem;
Third, Bitcoin and other cross-chain assets are not affected by the tokens from other public chains. The value of the tokens from other public chains will not affect the value of the entire ecosystem;
Lastly, project teams can anchor Bitcoin and other cross-chain assets to provide financing, mortgages, loans and derivatives services, making it a trustworthy ecosystem.
The industry believes that the decentralized cross-chain custody from Bluehelix Chain can accomplish a mutual conversion and pledge of digital assets. The process connects all isolated public chains into one single network.
Moreover, from a technical standpoint, Bluehelix Chain provides decentralized associations with governance capabilities and the ability to create and manage private keys through verification and consensus across 35 validators. It has achieved trustworthy and efficient cross-chain custody and assets settlement. It can also solve key issues faced by trading platforms, namely security and efficiency.
Bluehelix Chain requires more than 80% consensus from validators to authorize a transaction. The result of the settlement determines whether validators should issue a consensus.
Bluehelix Chain is built to attain the following features, decentralization, high performance, market depth sharing, reliable atom swap, low cost, app accessibility, and a trusted third-party cross-chain asset custody.
However, Bluehelix Chain being the next-generation decentralized cross-chain custody platform is under pressure to compete in the traditional financial and also the blockchain industry.
In February last year, JP Morgan announced that it planned to issue its own digital currency JPM Coin with the objective to manage funds clearing and settlement between banks. Bakkt launched the first regulated Bitcoin options and cash-settled futures and listed them for trading on the Intercontinental Exchange (ICE).
Furthermore, there is pressure from competitors of other blockchain companies that are in the decentralized cloud services business. Thus, decentralized cloud has brought competition between the two giants.
Bluehelix Chain — Empowering Third-Party Public Chains
Project teams face developmental difficulties due to a lack of technology, of talents, funds and of resources. Therefore, many unknown projects remain unknown to the public with only the top players remaining in the game.
Bluehelix Chain enables various public chains through it’s decentralized hosting to achieve cross-chain asset interoperability amongst public chains with the following characteristics;
1. Universal: Can interact with various public chains.
2. Two-way Bridge: Connects a public chain to BTC/ETH and BTC/ETH to a public chain.
3. Security: Asset custody records are transparent and cannot be tampered with and the decentralized private key management system keeps the private keys secured.
4. Decentralization: All operations require verification and consensus across all validators.
The process flow of the Bluehelix Chain is as follows:
Bluehelix Chain Process Flow — Issuance
Bluehelix Chain Process Flow — Withdraw
Bluehelix Chain Process Flow. Data source: Bluehelix Chain
Bluehelix Chain is a universal solution for third-party chains with a simple and easy to deploy requirement. It supports tokens and it can be deployed using smart contracts or native tokens. To set up the gateway, operators simply use Bluehelix Chain open-source API to update the public ledger of cross-chain assets.
In addition, operators can develop their own ledger mapping by using the generated private keys to sign and broadcast the transactions on the Bluehelix chain to complete the mapping of a cross-chain ledger. Lastly, operators can conduct a check of the results through the API or block explorer.
By using Bluehelix Chain, third-party public chains and institutional investors can provide better transparency to the market and network.
Based on the history of financial developments, each and every escrow technology was born in a crisis. For example, the United States “Paperwork crisis” in the 1970s promoted the paperless development of securities settlement systems. At present, the currency market is once again in a bleak state. This is a rare opportunity for a decentralized hosting for cross-chain assets platforms to rise.
Undoubtedly, Bluehelix Chain is in an advantageous position. However, there will be unforeseen circumstances before the launch.
BHEX Exchange is the Leading Tech-Driven Cryptocurrency Trading Platform. BHEX can maintain the high performance of millions of transactions concurrently after achieving the security and credibility of decentralization. Bluehelix adopts the model of super-node and global custody and liquidation Blockchain technical framework and has the traditional financial level of business, technology and compliance capabilities. Users’ assets are managed entirely through decentralized Blockchain technology, providing transparent services for crypto assets to individuals and institutions.
BHT is the token issued by the Bluehelix trading platform ecosystem, which carries the core values of the Bluehelix ecosystem, including the Bluehelix trading platform, Bluehelix Cloud, and the decentralized custody and clearing Bluehelix Chain supported by patented Bluehelix blockchain infrastructure technology.
Bluehelix will use 80% of its profit from BHEX Exchange, Bluehelix Cloud, Bluehelix Chain to buyback-to-burn BHT quarterly until its total issuance of 1.05billion
Executive editor： 李萍萍