At the center of xtsCore is xtsChain, an industrial strength distributed ledger based on the delegated proof-of-stake consensus model (DPoS). Originally known as “graphene”, DPoS powers half of the transactions of all blockchains in existence. Also one of the fastest, it can scale beyond VISA transaction or NASDAQ trade volumes. Paired with an audit chain ledger for reporting and metadata storage, xtsChain is one of the most advanced, enterprise-grade blockchain frameworks. The immutability and security provided by a decentralized ecosystem ensures data availability across multiple organizations and industry processes.
xtsChain features an immutable distributed ledger maintained by a decentralized network that is cryptographically secured. xtsChain provides users with the ability to share a ledger, through peer to peer replication, which is updated every time a block of transaction(s) is agreed to be committed.
xtsChain can reduce operational costs and friction, create transaction records that are immutable, and enable transparent ledgers where updates are nearly instantaneous. It may also dramatically change the way workflow and business procedures are designed inside an enterprise and open up new possibilities for innovation and growth.
The xtsChain can be viewed from a business, legal and technical perspective:
- From a business perspective, xtsChain is an exchange network that facilitates transfer of value, assets, or other entities between willing and mutually agreeing participants, ensuring privacy and control of data to stakeholders.
- From a legal perspective, xtsChain ledger transactions are validated, indisputable transactions, which do not require intermediaries or trusted third-party legal verification.
- From a technical perspective, xtsChain is a replicated, distributed ledger of transactions with ledger entries referencing other data stores (for additional information related to ledger transactions). Cryptography is used to ensure that network participants see only the parts of the ledger that are relevant to them, and that transactions are secure, authenticated and verifiable, in the context of permissioned business usage.
Transactions are permanently recorded in append-only blocks to the ledger. All the confirmed and validated transaction blocks are linked from the genesis block to the most current block with each block linked to its previous block using the cryptographic hash of the previous block — hence the name blockchain.
The xtsChain ledger is a historical record of all the transactions that have taken place in the network since the beginning. xtsChain serves as a single source of truth for the entire network.
High-level View of xtsChain
In general, xtsChain consists of a number of nodes, each of which has a local copy of the ledger. The nodes communicate with each other in order to gain agreement on the contents of the ledger and do not require a central authority to coordinate and validate transactions.
The process of gaining this agreement is called consensus. Users of xtsChain-based applications send transaction requests to the blockchain in order to perform the operations the chain is designed to provide. Once a transaction is completed, a record of the transaction is added to one or more of the ledgers and can never be altered or removed. This property of the xtsChain is called immutability.
Cryptography is used to secure the xtsChain itself and the communications between the elements of the blockchain system. It ensures that the xtsChain ledger cannot be altered, except by the addition of new transactions. Cryptography provides integrity of messages from users or between nodes and ensures operations are only performed by authorized entities.
The authority to perform transactions on xtsChain is permissioned. Users must be enrolled in the blockchain before they are allowed to perform transactions. Depending on the user and use case, the enrollment process gives the user credentials that are used to identify the user when he or she performs transactions.
xtsChain includes the ability to use smart contracts. A smart contract is an executable software module installed into the blockchain itself and enforced when pre-defined rules are met. When a user sends a transaction to the blockchain, it can invoke a smart contract module, which then performs functions defined by the code logic within that module. Smart contracts have the ability to read and write to a local data store which is separate from the blockchain itself — and can be updated when transactions occur. The business logic contained in a smart contract creates or performs operations on business data that is contained in this persistent data store.
In the future, xtsChain will support more complex blockchains by allowing differences in the nodes and the ledgers.
Additionally, in the future, xtsChain will support subchains, which can also be thought of as channels. Subchains are logically separate chains that occupy the same physical blockchain. Each subchain may be owned by a different entity and may be accessible to a different set of users. Nodes may be set up so that some nodes participate in certain subchains and not in other subchains. The result of this configuration is that the ledger on some nodes will contain transactions for that subchain while the ledgers on other nodes will not. xtsChain has differnt types of nodes that are assigned specific purposes instead of being wholly identical in their function. This configuration optimizes performance, speeding up xtsChain performance because every node does not have to perform every operation required for a transaction on the chain.