Since the creation of Bitcoin by Satoshi Nakamoto in 2009, there has been widespread buzz over the years around its underlying technology, namely Distributed Ledger Technology, DLT (aka blockchain). Recently, blockchain has undergone a massive ‘facelift’ and has rapidly evolved into a groundbreaking innovation capable of solving several of the problems plaguing a lot of industries–and the world at large.
It’s been successfully adopted by almost any industry you can think of; with its use cases spreading across cryptocurrencies and payment services, security, storage, green energy, healthcare, gaming, social media, copyrights and – of course – the ecommerce industry (among others).
According to Jizhe Xu, founder of Newton, “…when technology develops to a certain extent, it must be applied to serve mankind and contribute to society. Otherwise, it’s a bubble, a perfect waste.”
Truly, on a closer look at the blockchain projects launched in 2018, more than two-thirds of these projects have something to offer the world, and this is surely a driving force behind the evolution of blockchain technology.
The Newton project, founded in 2018, was developed with the sole aim of solving the issue of trust in the ecommerce industry. As it stands, the economic model of the industry is semi-automatic. A good example is a shopping transaction, in which a lot of important processes need to be manually verified (e.g. sellers have to confirm shipments, buyers have to confirm receipt of the product and also if they’re satisfied with it. Why do we have to make “stops” along the way? The answer: trust.
Newton aims to create the ideal trustless economy by implementing ‘smart technologies’ namely IoT and AI in conjunction with blockchain technology. With these innovations, the entire economy – not ecommerce alone, now – will change from semi-automatic to a fully-automated and self-evolving system.
Features & Architecture
The Newton blockchain network houses various components all working together to achieve a protocol-based economy that both businesses and end users can directly benefit from, through economic growth.
We’ll do a run-through of some of these components but first, let’s take a look at the project’s blockchain, known as NewChain.
NewChain will have a “main chain and sub-chains” structure, each serving various purposes. The main chain will have largely administrative functions such as account management, Newton token and sub-chain management, network governance etc. The sub-chain will provide support for specific service systems such as the hyper-exchange protocol (HEP), multiple consensus mechanisms and data structures.
The Newton project has a decentralized cloud computing infrastructure, NewNET which consists of a large number of nodes running on an open network. This provides reliable storage services and supports a full SQL database. Due to its decentralized nature, NewNET is able to directly host today’s most widely used web services. Decentralized domain name services are also available.
The NewChain supports quite a number of popular languages (Java, C/C++, TypeScript, Python etc.), all thanks to NewVM’s compatibility with the Webassembly standard. This enables seamless development and deployment of any application on the NewChain. The system provides built-in smart contract templates for the hyper exchange protocol.
NewIoT is a broad term for a category of technologies that includes; blockchain fog computing, communication protocols between IoT devices and gateways and specifications for developing NewChain-compatible IoT devices.
The gateway has powerful computing and storage capabilities with built-in blockchain nodes, supporting multiple Internet accessing methods including; Ethernet/fiber, 3G/4G/5G, NB-IoT, IoT communication protocol such as BLE, Wi-Fi, ZigBee, and more. The IoT devices store the collected information into NewChain through the gateway.
The Newton project aims to introduce a novel community economy which will be run and managed by non-profit organizations and, over time, eliminate the need for centralized intermediary platforms run by traditional, for-profit organizations. The rules of the economy are transparent, fair, and rational. Therefore, every participant in this new economy can contribute and benefit from it.
In addition, the Newton project aims to “find how to use blockchain technology to solve cross-border, cross-organizational, cross-platform business transactions all over the world, so as to reduce unnecessary commercial friction, and make assets, cash, information traceable and flow smoothly.”
High level of security: NewChain uses Ring-LWE anti-quantum encryption algorithm to ensure impenetrable security of all assets in the Newton ecosystem. It also utilizes quick extraction of characteristic asset data and atom hashing in creating a unique ID and authentic right for any digital asset.
The whole process is repeatable, verifiable and fault-tolerant.
dApp development and deployment: the NewChain enables independent developers to create a new sub-chain where they can deploy their dApps, after they have been verified. They would also need to stake a predefined amount of Newton tokens.
Ownership of data: The project utilizes cryptographic key-pair signing to ensure that user data is secure and accessible only through the corresponding private key. They can earn profits from the data and manage their personal credit.
Transparency: Users can securely transfer value across the network without the need for a third party. Information on every completed transaction is made available for everyone to see.
Incentive mechanism: Developers have the ability to release any calculation task to the nodes in the open network. The nodes can then select the corresponding calculation task according to their own (hardware) abilities, then obtain the corresponding incentives after completing the task. Through the elimination of intermediaries using the technology protocols, the transaction costs will be lower and the participants of the transaction such as consumers and service providers will receive rewards.