Innovation Factory proudly announces the launch of their most awaited Blockchain Technology: BFIC Mainnet. BFIC Mainnet is a third-generation blockchain technology that will soon be available to the general public after successful final test runs. It is a real-time platform for establishing and administering decentralized financial services. The transaction and data storage costs are extremely low and assets can easily be tokenized to circulate in Ethereum or other networks. BFIC Mainnet is designed to embrace the features of Bitcoin, Ethereum, and Tron.
Second-generation blockchain technology has been successful in the past. It has housed many famous cryptocurrencies for example Ethereum. But it still suffered from some fundamental issues such as scalability, eco-development, and interoperability. As the cryptocurrencies gained popularity worldwide the traffic on the blockchains increased as well. This resulted in unexpected delays while executing transactions which are not good for the financial system. It also increased the transaction cost, especially for developing countries. Keeping all these crucial factors in mind, the creators of BFIC Mainnet were adamant to resolve these issues once and for all. Hence, for the first time in the history of cryptocurrency, a triple-layered blockchain infrastructure will be introduced. Each layer has its unique functionality and aids in the successful running of the layer above it.
All applications that operate on top of BFIC are included in this layer. The code is written in DApps (Distributed Applications), digital wallets, or smart contracts, and it communicates with the other tiers using RPCs (Remote Procedure Calls). The BFIC Virtual Machine (SVM) runs code across the network on nodes. On top of the BFIC platform, developers can build their applications. For creating key pairs, BFIC wallet addresses employ Bitcoin’s secp256k1 elliptic curve with the ECDSA method. On BFIC, smart contracts are programmable code contracts based on the Ethereum and Tron frameworks. Smart contracts developed in Solidity are currently supported. These contain conditions, which are a type of BFIC network computation that has an impact on the blockchain when executed.
The core layer is responsible for the network’s consensus process and a unique Delegated Proof-of-Stake (dPoS) to meet the network’s demands. This is called BFIC Consensus Mechanism (SXCM). Using a delegated payment protocol (dPoS) reduces energy consumption while also improving efficiency and transaction speeds. Blocks are verified and uploaded to the blockchain at this stratum. Client software applications can access servers that provide blockchain information via an API provided by the Blockchain Explorer nodes. As part of the CORE layer, several servers are available. These are web servers that run a database that contains blockchain information. The BFIC Virtual Machine, or SVM, is another CORE layer component. When a node on the network executes code, it uses an instance of the SVM. For each unit of computation processed on the BFIC platform, a price is levied.
TCP/IP (Internet) is used in the platform’s supporting layer. The nodes and storage devices also save a copy of the blockchain data here. Any modifications made to the blockchain state by the APPLICATION and approved by CONSENSUS are propagated throughout the network. The blockchain itself is based on memory that is shared across the network. As part of the consensus mechanism, all nodes can communicate and discover each other through the network and execute their respective duties. When a node goes down, the remainder of the network is unaffected. The BFIC platform was designed to be fault-tolerant and decentralized.