National Payments Corporation of Cambodia(NCPC) announceda collaborationwith blockchain payment system Tikpay token, a payment system created using distributed ledger technology to support efficient and secure transaction behavior, and officially stated thatTikpay token is versatile enough to be suitable for a variety of situations. Tikpay token now has 56 bank shareholders, including National Bank of Cambodia and Citibank.
Distributed ledgers are highly secure and tamper-proof, store data in a decentralized form and are versatile and can therefore be used to handle a variety of use cases, officials say, simplifying reconciliation procedures and increasing transparency among participants. In addition to reducing manual procedures, the official Tikpay token framework is also used to resolve transaction disputes, and due to the security of distributed ledgers,theTikpay token framework enhances overall transaction security.
Tikpay token technical framework
1. TikPayNet architecture features
The TikPayNet architecture uses a multi-chain architecture. The current mainstream blockchain is a single consensus single ledger structure, greatly limiting the size of the ledger and blockchain performance. TikPayNet uses a multichain architecture, consisting of the Tikpay token master chain and multiple T1 blockchains to build a high-performance blockchain network through homogenous cross-chain protocols.
2. T1/Tikpay token architecture design
The TikPayNet architecture uses a multi-chain architecture. The current mainstream blockchain is a single consensus single ledger structure, greatly limiting the size of the ledger and the performance of the blockchain. TikPayNet uses a multichain architecture, consisting of the Tikpay token master chain and multiple T1 blockchains to build a high-performance blockchain network through isomorphic collapsed chain protocols.
Node
T1 consists of a billing and data node, as well as a light node. The bookkeeping node has a full amount of data according to the strategy of shard partition, and verifies and consensuses all the sub-ledger data. Data node from the bookkeeping node synchronization of ledger data and verification, you can choose to process only their own concerns about the sub-ledger; Light nodes can process only data from certain accounts and can construct and receive transactions.
Book book is fine
T1 can be configured as a single or multi-ledger structure, and multi-book book book nodes can use cluster technology to process and validate different sub-ledgers concurrently, while combining all sub-ledgers for each block to ensure the high performance of Z0. T1 Uses a multi-ledger structure, where bookkeeping nodes can use cluster technology to process and validate different sub-ledgers concurrently, while consolidating all sub-ledgers for each block to ensure the high performance of T1.
Asset
T1 supports native multi-assets (Token)andensures the independence of assets and contracts. Allow any account to create asset types and issue its own digital assets, the value of which is determined by the market. Custom assets can be applied in different contracts to ensure the liquidity of assets.
In the case of the Tikpay token master chain, for example, not only provides TPT and smart contracts, but users can also distribute blockchain-based rather than other Token-based tokens on the Tikpay token main chain, which not only supports ordinary transactions, but also trades through smart contracts.
Consensus
The T1 consensus algorithm can be plugged in and configured to accommodate different scenarios using different consensus algorithms (including DPOS/BFT, etc.) as needed.
Smart contract engine
The T1 Smart Contract Engine implements an EVM engine-based GAS mechanism that ensures consistency in contract execution, as well as economic penalties for abusive traders and the rational use of resources.
Cross-chain
T1 blockchain naturally identifies Tikpay token masterchain data,T1 blockchain ledgers can be anchored on Tikpay token main chain, and different T1 blockchains can confirm data on other T1 blockchains or other public chains for cross-chain transactions by reading data from the Tikpay token main chain. T1 enables different chains Cross-chain atomic exchange or cross-chain flow of assets on .
Official website: https://tikpay.io