1

Decentralized Financial Infrastructure

with Proactive Deflation

2

Di’rector’y目目

Background ......................................................................................................... 3

IPOB ........................................................................................................................ 6

Currency Issuance System ............................................................................. 16

Mining model ..................................................................................................... 17

Evolution from IPOB to POD ........................................................................ 21

WebAssembly Smart Contract .................................................................... 21

Private Transaction ........................................................................................... 23

Defi DAO .............................................................................................................. 27

Ledger Self-Purification Protocol Depuration ....................................... 30

RoadMap .............................................................................................................. 30

Team ...................................................................................................................... 31

Investment organization ................................................................................ 33

References ........................................................................................................... 33

3

Seekchain: Decentralized Financial Infrastructure

with Proactive Deflation

This paper introduces a decentralized financial infrastructure, Seekchain, which uses

cheaper hard disk resources instead of expensive computing and power resources as the

cost base for its ledger system.

Seekchain transforms distributed, low-cost storage resources into a trusted financial col-

laboration platform using a new consensus mechanism called Incremental Proof Of Burn-

ing. Seekchain not only realized the economic model of active deflation through the IPOB

mechanism, but also continuously stimulated the development of the mining pool commu-

nity through periodic rewards. The number of mining pools will increase sharply while still

being more differentiated. Combined with iterative chain management, Seekchain realized

double decentralization ecologically and technically.

Meanwhile, Seekchain adopts pluggable consensus, which allows the consensus algorithm

to smoothly switch from Proof of Capacity to Proof of Data. Roles such as miners or pools

in the ecosystem can easily convert to storage or retrieve miners at low cost. two-level

Referral incentive system, ledger self-purification protocol, Defi solutions managed by min-

er DAOs, private transactions and other important functional components will also help

achieve higher ecological explosiveness, economic sustainability and commercial use case

applicability, providing better user identity security.

Background

Bitcoin has a market value of several hundred billion dollars, but it also consumes about

4

0.33% of the world’s electricity consumption, which is equivalent to the national electricity

consumption in Australia, and this proportion continues to rise. Similarly, the energy con-

sumption of ETH 1.0 also accounts for 0.03% of the total electricity consumption in the

world. In fact, not only the blockchain technology itself and the community’s consensus

have created a high price for both, but the labor, hardware and energy costs anchored by

itself have also played a pivotal role in the price formation process.

Obviously, there is a cost to achieve consensus among multiple parties. For BTC and

ETH1.0, the cost is mainly electric power and hardware computing power. For equi-

ty-based solutions such as EOS or ETH2.0 Casper, the cost comes from the time cost of

the currency under mortgage. For Filecoin, it will be the cost of storage services with proof

of time and space. In fact, we can think that the resource cost that a distributed ledger so-

lidifies in the multi-party construction process is the ability of its ledger to counter attacks

and tamper-proof. Therefore, at the beginning of constructing a ledger, we may consider

first economically is, which resource is used to carry the consensus.

After the Burst team completed the use of hard disk space resources to replace computing

resources through the POC consensus mechanism, there were a large number of similar

projects in the community. Most of them only changed the economic model, and it was dif-

ficult to provide deep commercial and financial value. With the community influence of the

IPFS protocol and its imagination in the Web 3.0 technology architecture and distributed

commerce gradually grows, a clear path of monetary and decentralized financial devel-

opment is reflected in our vision: based on the hard disk space resources, through space

certification, gradual transition to proof of replication and space-time proof, we can dynam-

ically build a grand decentralized financial infrastructure with the development and maturity

of blockchain technology. The infrastructure named Seekchain, which will address the fol-

lowing issues with blockchain, cryptocurrency and traditional financial industries:

5

Problems Facing Blockchain and Cryptocurrencies:

Type of Issues Description Seekchain Solutions

Core

Centralization of the computing power and mining pool IPOB

Centralization of governance and development Chain governance

Safety at low computing powers Genesis mineral machine sales

Low scalability WASM virtual machine and Layer 2 expansion plan

Peripheral

High energy consumption Adopt low-energy IPOB consensus mechanism

Mining machine abandoned Pluggable consensus allowing IPOB to smoothly switch to IPFS protocol

IntegrityLack of subdivided, complete

solution Defi solution managed by DAO

Experience

Security and simulation of Test network Ledger self-purification protocol

No privacy Private Transactions

Ledger expansion problem Ledger self-purification protocol

6

Problems Facing the Traditional Financial Industry:

Problem Description Seekchain Solutions

Users control their wealth independently

Everyone can create an encrypted account without permission, and have full control over their assets.

Assets cannot be globally operated and invested Globally services and transactions

The existence of the middleman leads to high operating and use costs

The user interacts directly with the contract, Exempting the intermediary from the information agency fee.

Users are deliberately treateddifferently.

Everyone has free and equal access to all financial services.

Worried by the risk of the counterparty The user interacts more directly with the contract.

Lack of necessary transparencyContracts are pre-programmed and executed in the same

way for everyone. The internal work of the contract is fully visible on the distributed ledger

Unnecessary supervision and review Everyone can use all financial facilities

IPOB

The IPOB (Incremental Proof of Buring) consensus mechanism is a superset of POC (Proof

of Capacity). In Seekchain, miners need to perform IPOB workload proofs in order to ob-

tain a certain amount of reliable computing power and a block bonus extraction rate, as

well as obtaining a block reward by performing POC mining.

7

Seekchain hopes to build a more growth-oriented community structure that is more de-

centralized at the mining pool level through IPOB consensus. This mechanism accepts

the inevitable centralization of the mining pool’s adoption of the POW type consensus, but

through the pool level creates an motivated and competitive solution to the centralization

problem that has long plagued the POW and POC consensus.

Basic economic concept

Miner-Management-Contract

Contract deployed on Seekchain to manage the status of miners

Cumulative Number of Coins

It means the number of coins that the miners have cumulatively transferred to the Min-

er-Management-Contract, which cannot be redeemed by anyone. The higher the value,

the higher the extraction rate of miners’ reliable calculation power and the block bonus.

And when the miners burn the SEEK coins, they will have an impact for both. In the Seek-

chain, the miners must at least burn the 500 SEEK to obtain the basic reliable power and

extraction rate to participate in the mining.

Extraction Rate of Block Reward

The proportion of the block reward that the miner can actually obtain for each block and

the block reward full value. Due to the existence of this value, in the real situation, each

block mining is equivalent to permanently burning a part of SEEK coins from the overall

planned circulation of SEEK.

Reliable computing power

If the miner’s cumulative amount of coins is insufficient, then no matter how much power it

8

actually has, the block rewards are calculated only according to the block reward extraction

rate corresponding to the cumulative number of coins. That is, if the miner only performs

the initial coin operation, it may increase the power of the Plot by using more hard disks,

thereby increasing the probability of its block, but the block bonus extraction rate is un-

changed, and its newly incremental computing power cost is usually greater than its new

revenue.

Unit Reliable Computing Power Price

The number of SEEK that miners need to burn to achiev 1T computing power. Generally,

as the number of accumulated coins in a miner increases, the computing power price for

this miner will gradually decrease.

Unit Block Reward Extraction Rate Price

The number of SEEK that need to be melted by the miners for each 1% increase in the

block reward extraction rate. Usually, with the increase in the number of miners accumulat-

ed by the miners, the price of the bonus extraction rate per unit will increase rapidly for this

miner.

Technical concept

Shabal / Sha256 / Curve25519

Shabal, Sha256, and Curve25519 are the primary cryptographic hash functions used by

Seekchain. Shabal is a fairly heavy and slow cryptographic hash function associated with

many other functions such as SHA256. Shabal is the most suitable encryption algorithm for

capacity proof cryptocurrency schemes. It allows the node to store a pre-computed hash

value, and it is still fast enough for smaller real-time verification.

Hash

9

The hash value represents the result of a cryptographic hash function. Unless otherwise

specified, the hash value mentioned in this article is typically 32 bytes.

Plot file

When mining, the mining program reads the pre-calculated Hash values from the disk, and

these values are stored in the disk files, which are Plot files.

Nonce

In a plot file, there are several groups of nonce, one nonce contains 8192 hashes, so a

nonce has a size of 256K bytes, and each nonce has an independent number of 8 bytes.

The number range is 0-18446744073709551615 (2^64).

Scoop

The 8192 Hash values contained in each nonce are placed in 4096 different places, and 2

Hash values are placed in each scoop.

Account ID

When creating a plot file, this file is associated with the miner’s digital account Account ID.

This ID will be used to create a nonce. Different nonces created by different miners are not

the same, although they may use the same nonce number.

Deadline

Deadline is the value used by different miners in the mining process to compete with each

other. This value is calculated based on the nonce on the plot file. When this value is sub-

mitted to the wallet, and the wallet is not received in the deadline time (seconds) Block

broadcasts from other nodes in the network are packaged.

Base Target

10

The Base target is calculated based on the block out of the past 24 blocks. This value is

used to adjust the difficulty of mining. The smaller the value, the harder it is for the miner to

find a small timeline.

Network Difficulty

Network Difficulty, or NetDiff for short, is a value in T that can be used to estimate the total

amount of P disk files for all miners on the network. This value varies with each block rela-

tive to the base target, taking an average of at least the nearest 360 block difficulty values.

Block Generator

When a new block is packaged, the account that needs to be packaged is the block gener-

ator. That is the account corresponding to nonce needed for deadline.

Generation Signature

The generation signature is based on the generation signature and block generator of the

previous block. This value is used to pack a block with a length of 32 bytes.

Block Signature

Block signature is created by the block generator when packing the block. It is the signa-

ture of the block data and the block generator’s private key, Sha256 and Curve25519, and

the length is 64 bytes.

Consensus process

The basic idea of IPOB is to put the calculation in the initialization phase, that is, write the

result of the hash calculation to the hard disk in advance. In the execution stage, the Hash

11

calculation is needed to reduce the POW algorithm by retrieving the data in the hard disk.

A small amount of hash calculations will be used during the execution phase. The sooner

the miners retrieving the required data, the he higher the probability of packing blocks.

Plotting

Miner writes the Plotting file on the local hard disk, and uses the Shabal256 algorithm to

hash with its own public key hash value, and writes the calculated result to the hard disk.

The size of the plotting disk file owned by the miner is equivalent to the computing power

it possesses, and it also represents the competitiveness or probability of the block when it

competes with other miners.

Once P driving, as long as the revenue account is unchanged, there is no need to re-P

drive. Moreover, mining is only a retrieval of local files, does not consume a lot of power,

and does not frequently perform a write operation that reduces the disk life.

Seekchain uses the optimized Plotting 2 scheme to reorder the Scoop data in the plot file

and put the same scoop# data together. When the miner wants to read Scoop 4096, it

reads all the data in order at one time. Therefore, it is more efficient in retrieval and con-

forms to the slow addressing characteristics of mechanical hard disks.

Plotting process and output diagram for each stage:

Public and private key

Create account

Construct Plot �les

P disk

Obtain latest information

Obtain mining tasks

Submit Deadline

Submit work results

Built a new block

Pack blocks

Blockchain extension

Testify block

12

SeedShabal 256

32 byte Hash #8191

8 byte Nonce Nr

8 byte Plotter ID

Seed for �nal HashShabal 256

Final Hash+Start Seed

Hash #0-8191

Seed

Shabal 25632 byte Hash #8190

8 byte Nonce Nr

Hash #8191

8 byte Plotter ID

Scoop #0

Hash #0

Hash#8191

Scoop #4095

Hash #8190

Hash#1

Nonce POC

Generate the �rst Hash with Seed

All previous Hashes are superimposed and itera-

tively calculated as shown in the �gure. When the

seed length is exceeded, only the last 4096 bytes

are taken.

Generate Final Hash, all Hashes been XOR by Final

Hash.Every two among the whole 8192 hashes

will be put into one Scoop

Create Nonce repeatedly and save them to the plot

�le

Mining

The miner gets the latest block information through the wallet and mines. The latest block

information includes the new Generation signature, Base target, and Next Block height.

Before the wallet sends this information, it creates a signature Generation signature by

combining the previous generation signature with the previous block generator and calcu-

lates a new hash through Shabal256. The miner will use the new 32-byte generation sig-

nature and 8-byte block height and put them together as a seed for Shabal256. The result

of the calculation will be a hash value called Generation hash.

After that, the miner will perform a small amount of math on this hash to find out which

13

Scoop number to use when processing the plot file. This is done by using 4096 modulo for

Generation Hash because there are only so many Scoops.

The next step is to read all 64-byte Long scoops for all Nones in all plot files. They are

processed separately by Shabal256 with the new Generation signature, and a new hash

called Target is finally obtained. This Target is now divided by the Base target, and the first

8 bytes of the result are Deadline.

Repeat the above process until each Scoop has been calculated, and from all the calculat-

ed Deadlines, find the Deadline that represents the shortest time and the smallest value.

This deadline represents the length of time the system has to wait since the last block was

generated until you generated the next block.

If no one generates the next block within this length of time, the current miner gets a right

to make a block.

The following program describes how the miner submits the mining result Nonce, imple-

mented in the Rust language.

14

Forging

Because Seekchain is based on Parity development, which is the client end of ETH. And

it supports Turing-complete smart contracts, so the block size limit depends on the block’s

Gas limit, which can reach up to 8M. At the same time, the size of the Data that each ex-

change can carry is also limited.

The wallet will first obtain all unconfirmed transactions received from the user or the net-

work and attempt to accommodate as many packaged transactions as possible until one

of the limits is reached, or until all transactions have been processed. The wallet will verify

every transaction it reads, such as whether the transaction has a valid signature, whether it

has the correct timestamp, and so on. At the same time, the wallet will also summarize all

transaction quantities and processing fees. The block will only contain the transaction ID

for each transaction and a Sha256 hash of all transactions contained, and the transaction

will be stored separately. In addition to this, the block will contain a collection of many dif-

ferent values.

Longest Chain Rule

When the miners are mining, since the hash value is random, and the delay of the network,

there are two miners who can dig out the block at the same time. When this happens, if

they record together, there will be the bifurcation of the blockchain.

Seekchain uses the bifurcation selection rules of the longest chain. When there is a bifur-

cation in the network, the miner will choose the longer one to mine on it. Mining all miners

on the longest chain is beneficial to maintaining the uniqueness of the blockchain.

15

Genesis Block

The Genesis Block will contain a series of economic and technical parameter configura-

tions for Seekchain.

Genesis Mining Machine and Startup Safety

The Genesis mining machine is designed to quickly build a stable and secure IPOB net-

work. Since Seekchain is still essentially a cryptocurrency supported by computing power,

the security of the network depends on the computing power carried in the network. There-

fore, Seekchain needs to provide a high storage capacity that is sufficient to resist 51% at-

tacks at the beginning of the book.

The Genesis mining machine does not have a special advantage compared to its own built

mining machine. It can only be regarded as a more suitable way for the POC industry to

sell the token. The entire Seekchain network is still highly open and decentralized.

16

Currency Issuance System

Currency Issuance

The name of the token is SEEK. The total amount is 970 million. And the development

team pre-excavates 37 million in the Genesis Block.

SEEK’s output is halved every four years.

Assuming that the block time is 30 seconds, the block reward full value is set to 800 SEEK.

In fact, due to the existence of the block reward extraction rate, this reward will not be fully

issued.

Distribution Plan

Therefore, the overall output or destruction of SEEK is as follows:

• Pre-mined 37 million by development team

• SEEK that did mined according to the extraction rate of the block miner,

• SEEK burned permanently according to (1- block miner’s extraction rate)

The mined SEEK will be distributed like this:

1. 83% to the miner

2. 10% to development team

3. 7% to the miners’ two-tire referrals, will be burned when there is no referrals

Assuming the block full value is W and the miner extraction rate is e, when the miner digs

up a block, the block rewards are distributed as follows:

1. The miner receives a reward for the portion of his extraction rate, assuming that this

part is awarded R= e*W*83%.

17

2. e*W*10% by development team.

3. If a miner enters the network in a two-level recommended way, the direct recom-

mender can get an e*W*5% direct recommendation award, and the indirect recom-

mender can get an e*W*2% indirect recommendation reward. If there is no recom-

mender, this part does not produce.

4. The remaining permanent burnout that has not been dug up, that is, the amount of

SEEK destroyed per piece.

• a. at least W * (1-e)

• b. Up to W * (1-e) + e*W*7%

Take the block reward of 800 SEEK, and a miner with a two-level recommended net ac-

cess rate of 20%, when it digs out a block:

1. The miner gets 132.8 SEEK

2. Team gets 16 SEEK

3. Direct recommender gets 8 SEEK

4. Indirect recommender gets 3.2 SEEK

5. Burned out 640 SEEK

If the miner enters the network by himself, there are:

1. The miner gets 132.8 SEEK

2. Team gets 16 SEEK

3. Burned out 651.2 SEEK

Mining model

In Seekchain, miners can earn SEEK benefits in four ways.

18

Capacity miningSeekchain will use the ladder rate to determine the relationship between the number of

miners burning SEEK and its reliable power P (Power), the block bonus extraction rate

O (Output) price.5% of the SEEK burned by miners will be used as community incentive

budget to support community operating.The ladder rate model will be automatically and

periodically corrected based on the calculation of the power of the entire network.

Account reliable computing control

The purpose of the program is to control the online computing power of this account by the

level of an account or the number of coins. The process is as follows:

Mining App (submit Nonce)

1.Request mining info

9.Broadcast the block

5.Return the mining info of the next block or Error when there is no legal nonce

4.Calculate and cache the legal nonce scale of the miner

7.Submit the smallest nonce

2.Request miner’s grade info

11.Return the miner’s grade

3.Get miner’s grade info

10.Get the miner’s grade

Wallet ( Generate & Verify blocks)

Miner Contract (Host Miner Grade info)

Wallet

( Generate & Verify blocks)

13.Calculate the deadline based on nonce, verify the timestamp

12.Check if the nonce is or is not legal based on the miner’s grade

8.Wait and generate block if the block is legalr

6.Traversing the plot file and calculate deadlines based on the nonces

19

Seekchain will limit the legal nonce value range when the account is producing blocks. As-

suming the net computing power allowed by an account, that is, the P disk space is C, then

the nonce cap of an account is calculated as:

Nonce cap = 4C*1E3*1E3

That is, if the reliability of a junior miner entering the network is 8T, the legal nonce interval

is:

{1~32000000}

Account reliability calculation and burning rate change

The level can be upgraded by the coin-burning miners, and the miner level is positively

correlated with the extraction rate and maximum capacity.

Number of miners burning coins = currency coin base required for the next level * (current total power / initial total power)

The current acquisition logic of the total power is:

1. Read the average difficulty level of the previous difficulty adjustment period (24

blocks).

2. Calculate the total power of the chain based on the difficulty value.

3. Write this power calculation value to the block header of the next price adjustment

period (3000 blocks adjust the price once).

4. Whenever the miner registers, the contract will read the total power field of the block,

20

and the size of this field will determine the miner’s burning price.When the block time

Deadling is set to 4 min, the adjustment time corresponding to 3000 blocks is about

1 day.

Pool Mining

Here we first explain the two ways of miner mining in reality: independent mining and pool

mining.

Independent mining means that the result submitted by the miners is to compete directly

with the results submitted by other independent miners and pools in the entire network.

When winning, all blocks will be awarded. Pool mining is the result of submitting the results

to the mining pool. After the mining pool has harvested the minimum deadline values ob-

tained by other miners in the mining pool, it compares with the results submitted by other

independent miners and pools in the network. If it wins, the mining pool will centrally dis-

tribute the rewards to miners involved in mining according to their own distribution mecha-

nism.

Referral Mining

Recommending other miners to mine can additionally unlock a portion of the other exca-

vated block as a reward, which is only adjusted once when the first block reward is halved:

1. Initially, the direct recommendation reward is 5% and the indirect recommendation

reward is 2%.

2. After the adjustment, the direct recommendation reward is 3%, and the indirect rec-

ommendation reward is 1%.

Ecological Mining

For miners, there are some innovative mining methods:

21

1. Only the miners have the right to become members of the committee of the decen-

tralized financial autonomous organization and enjoy the revenue share of the orga-

nization.

2. Only miners have the right to become market makers of decentralized exchanges

and enjoy transaction fee sharing

3. Only miners have the right to establish a private trading league, and benefit from sell

it or manage it.

Evolution from IPOB to POD

The IPOB consensus has created a crypto-economic infrastructure which is lower-cost and

hardware-equitable. But more strictly speaking, in this process, the meaning of hard disk

resources has not really been developed, and the ability of the hard disk to store data itself

requires a new consensus to fully explore: the data proves that POD (Proof of data) is a

truly meaningful proof of workload, while it including two ways to prove storage, copy certif-

icate and space-time certificate of IPFS protocol. Based on a pluggable consensus mecha-

nism, once the POD consensus is economically proven, miners in Seekchain can upgrade

to storage miners and search miners without any hardware upgrades.

WebAssembly Smart Contract

Virtual machine is the operating environment of a smart contract in a node. Sending a le-

gitimate transaction to the blockchain network to invoke the contract will trigger the virtual

machine of each node to execute the contract code and record the execution result. The

22

consensus mechanism requires everyone to calculate the same result. If the calculation of

the load contract is different from one node to another, they will not reach a consensus.

WebAssembly, or WASM for short, is a new technology for running portable programs in

a safe and effective manner. With WASM technology, developers do not need to learn the

new Solidity language. They only need to follow certain deterministic programming speci-

fications to use the usual Go, Pyhton, Nodejs, Rust and other mature editing languages to

quickly start building decentralized applications in Seekchain. Secondly, , the WebAssem-

bly contract will compile the relatively inefficient and cumbersome EVM virtual machine into

bytecode execution, which is more efficient. At the same time, you can also reuse some

IDEs, compilers, etc. that are now mature in engineering.

Seekchain will provide the WASM contract development debugging tool catalyst, which

runs in the browser. Users do not have to build blockchain nodes by themselves during

the development of the test contract, and there is no need to install complex contract code

compilation environment. The Catalyst tool integrates the development, compilation, de-

ployment, and contract interface testing of WASM contracts, that facilitate developers to

develop and test contracts.

Seekchain also provides a common standard TOKEN contract that allows developers to

quickly build their own TOKEN contracts. Smart contracts provide better support for com-

plex protocols and services in the ecosystem:

1. Support richer chain management

2. Support for multi-signal upgrade contracts

3. Support the ledger self-purification protocol

4. Support private groups and private transactions on the chain

5. Support the construction of a series of shared security and liquidity decentralized fi-

nancial solutions

23

Private Transaction

The status of transactions and contracts on the public chain is usually publicly readable

and does not provide the function of trade secret protection, while institutions or groups

have the needs to create private transactions on the public chain. The Seekchain node is

built on ETH’s Parity wallet and supports some accounts to build private contracts in an

open network that only allow the licensor to view and manage its state. This is similar to a

simplified federated chain approach, but whether it is creation, management or usage, the

league proprietary trading solutions are much lighter.

Only miners who meet certain conditions can create such alliance contracts and configure

nodes and trading rules in the league. The miner can charge through the transfers of con-

tracts, or set a custom fee rule to charge the account that uses the league transaction ser-

vice.

Key Concepts

Public Contract: A specially crafted smart contract deployed on Seekchain that includes

private contracts. The public contract stores the cryptocurrency code and state variables of

the private contract.

League Private Contract: A smart contract stored in a public contract. The status and code

of the private contract is not publicly readable, and only the specific account can read or

modify the status and code of the private contract, which was specified during the deploy-

ment of the public contract.

Master Certifier and Certifier List: The master certifier is an account that can allow private

contract status changes. The certifier list is specified by the miner as the master certifier

24

during the deployment of the public contract, and any account can be placed into the certi-

fier list.

League Private Transactions: A specially crafted message containing cryptocurrency data

and a modified private contract status. It requires all or custom scale and weighted verifier

signatures to apply the changes.

Public Transaction: A regular transaction call to a public contract whose resulting changes

are stored in a private contract.

Secret Store

A secret store service that creates and manages keys for a node, which is associated with

a public contract. This key is used to encrypt the state of the private contract and any mes-

sages exchanged between the nodes, such as collecting the verifier’s signature. It speci-

fies the exact Secret Store URL for each Parity node participating in the private transaction

system. A license contract can be used to describe which account can access which con-

tract’s key. Specifically, a secret store can implement:

1. Distributed elliptic curve key pair generation - The key is generated by multiple parties

using a special encryption protocol, so:

• The private key part is still unknown to each party;

• The public key part can be calculated on each side and can be safely exposed to

external entities;

• Each party holds a “share” of the private key;

• Any party on the t+1 side can join to recover the private part of the key;

• Less than the t+1 party’s subsets cannot recover the private part of the key;

2. Distributed Key Storage - Private key sharing is stored separately by each party and is

25

never exposed to the other party or external entity;

3. Threshold retrieval based on blockchain permissions - All operations that require a pri-

vate key, at least t+1 requires the parties to agree to the “authority contract” status.

Transaction Process

In the following example: Nodes A and C can access the keys of the private contract, but

Node B cannot. Node C is in the system’s certifier list.

Parity node(A) Secret Store

Parity node(B)

Parity node(C)Validator

Public contract deployed at

address 0xABC:

-Validators: C-Encrypted

state

Permissioning contract in Regis-

try:-A,C have access to key

associated with 0xABC

Modify,View,Verify

(encrypted messages)

Get Key

Private Transactions Solutuion Overview

是非成败转头空，青山

We use a simple private contract as an example:

Contract Test1 { bytes32 public x; function setX(bytes32 _x) { x = _x; } }

In order to call the setX’s deployed private contract method, the user needs to:

1.Write a regular transaction that calls the corresponding method of the contract, in this

case, it’s SetX(42):

Curldata’{“method”:”parity_composeTransaction”,”params”:[{“from”:”0xcf9e2287227c-

5cc5978e7bdbbdaf293fe4992a24”, “to”:”0x52f5f1b8c785ab1c0e892b4c46b080fde9ad-

992b”,”data”:”0xbc64b76d2a00000000000000000000000000000000000000000000000

000000000000000”}],”id”:1,”jsonrpc”:”2.0”}’ -H “Content-Type: application/json” -X POST

26

localhost:8549

2.Sign the transaction.

3.Send the signed transaction using the private_sendTransactionAPI method:

curl --data ‘{“method”:”private_sendTransaction”,”params”:[“0xf88407...1137”],”id”:1,”json-

rpc”:”2.0” }’ -H “Content-Type: application/json” -X POST localhost:8549

Where 0xbc64b76d2a...00000000 corresponds to calling SetX() with any argument 42.

0xf88407...1137 is the hash address of the previously created signed transaction.

Consecutive Process

Private Transactions Flow

blockchain

Create private trans-action in order

modify state in pri-vate contract

(1)

(0) Deployed public contract with validators-Associated with con-tract's address keys in secret store

Sender Validator

Collect signatures and create public

transaction

(3)

Decrypt and execute

(2)

Message with data for modi�cation(encrypted)

Message with signed private state

Public transaction

27

Defi DAO

Defi DAO - Dcententralize Autonomous Oganization For Dentralized Finance.

Seekchain is committed to providing decentralized solutions of shared security and mobili-

ty that can rapidly expand the business ecosystem. The development, product design, and

application advancement of these solutions will be driven by decentralized organizations,

each supporting a subdivided decentralized solution.

It needs to be clear that, only miners have the right to apply to become members of these

DAO autonomous organizations.

Chain Governance

To implement this mechanism, Seekchain provides some easy-to-use management tools

for the management of the Dao organization, such as deploying the Coops Decentralized

Autonomous Organization protocol in capacity, which is an iterative, easy-to-use chain

governance framework. Miners working as the member of committee can achieve day-to-

day affairs such as membership management, account rights management, organizational

financial management, tasks and bounty management through this framework. The tasks

of chain governance will usually include technology upgrades, product releases, problem

fixes, and more. The way of governance mainly includes protocol or contract realization.

In Defi DAO, the process of governance will be as follows:

1. Continuous communication, discover problems and submit requirements

2. Continuous communication, decision making and program formation process

3. Develop contract, accept and complete deployment

The objects that participate in governance are:

28

1. Holders can submit comments or suggestions for bounty, or vote for the legitimacy

of certain members

2. The miner, who becomes a member of the committee, votes for daily business and

can get a share of the solution service charge.

3. Community opinion leaders, responsible for collecting opinions and submitting de-

mand proposals, can get daily compensation based on performance

4. Developers, responsible for the development of contracts and on-chain deployment,

can get bounty

Decentralized Finance

Decentralized finance is the key area of Seekchain’s expansion. Seekchain will lay out

solutions based on the decentralized financial prototype that the community has formed

spontaneously.

Seekchain’s decentralized financial solutions and autonomous organizations will include

29

but are not limited to:

P2P Payment

Payment is one of the most important financial infrastructures. The Seekchain ledger built

on the IPOB consensus mechanism supports the construction of a lightning network that

can support millions of transactions per second in real business scenarios.

Asset Chaining and Shareholding

In reality, assets lack liquidity and do not achieve a good global real-time configuration and

trading. After the assets are chained, global users are allowed to achieve p2p investment

with investors trading globally anytime and anywhere. The asset-chaining and share-shar-

ing process relies on the oracles described below.

Full Standard Token Decentralized Exchange

The tradable type of cryptocurrency, including the non-homogeneous ERC721 standard

token and the homogeneous ERC20 standard token, will be able to obtain liquidity in the

Seekchain decentralized exchange, which can be provided by a contract with pricing pow-

er. It can also be provided by the counterparty. It is important to point out that only miners

have the right to receive a fee-sharing reward by becoming a market-dealer of the decen-

tralized exchange.

Mortgage Mortgage digital assets can be used to mortgage loans after they are issued. If the mort-

gagee does not repay, the mortgaged assets will be transferred to the loan service provid-

er.

Prophet and Forecasting Market

The prophet and forecasting market allow the identified smart contracts to react to the

uncertain external world. It is the only way for smart contracts to interact with the outside

30

world and is the interface between the blockchain and the real world for data interaction.

Ledger Self-Purification Protocol Depuration

All contracts deployed in the Seekchain will have some flags that will indicate whether the

contract is a formal contract or a test contract. In the case of a test contract, the deployer

can set a delete rule for it. For example, when the block height reaches a certain height,

the contract and its related data will become invalid.

This purification mechanism has two extremely important roles. First of all, it provides

developers with an excellent development experience, and also solves the difficulties of

building a secure test network in the power-chain blockchain, implementing that the formal

network is the test network. Second, the self-purification protocol can help to prevent the

book data from expanding too quickly and reducing junk data.

RoadMap

Seekchain is a fast-evolving infrastructure that will not only be reflected in products and

solutions, but also in terms of user volume and user enthusiasm. Considering the rapid

changes in technology in the blockchain, Seekchain will also be dynamically revised as

time goes by. Overall, the road map of Seekchain consists of two parts, which are divided

according to the consensus mechanism of the main network: IPOB and POD.

IPOB Stage

• 2019 – 09 Seekchain test network, test bounty plan

31

• 2019 - 09 Genesis pool project

• 2019 - 10 Launch main network

• 2019 - 10 The first phase of the long-term pool bounty project

• 2019 - 12 Release Defi DAO solutions, miners can elect to be committee members

• 2019 - 12 Private transaction, miners can create private transaction league

• 2020 - 01 Release decentralized exchange, miners can apply to be market makers

• 2020 - 02 Deploy the ledger self-purification protocol

• 2020 - 03 Launch the Eco Developers Conference, deploy the application market

• 2020 - 05 Host various technology and marketing activities such as Meetup and

Hackathon worldwide

POD Evolutionary Stage

• 2020 - 01 Deploy lightning payment network

• 2020 - 09 Open storage market and retrieve market test contract sets

• 2020 - 11 Release new node client for switching to POD consensus

Team

Mr.Jin

32

After graduating from China University of Political Science and Law and completing the

study of economics and international law, Mr jin returned to South Korea and began to

work as the head of operations for Caesars world, a state-owned institution under the Min-

istry of Economic Affairs of the Republic of Korea. After that, Mr jin entered the traditional

gold trade, traditional Commodity cross-border trade and other fields.

At the beginning of 2017, Mr jin entered the field of cryptocurrency, and the first bitcoin

hedging transaction started, and through the establishment of capital channels and math-

ematical models, he obtained high returns. In February 2018, Mr. Yu co-founded the new

DApp0-Mono based on the EOS network, which received more than 10 million US dollars

of venture capital, and more than 500,000 users were active in the early days of operation.

Now, as the CEO of Seek Chain, Mr jin is officially responsible for his daily operations and

strategic planning. At present, the project has received more than one million dollars of an-

gel investment from Korean VC institutions under the efforts of the team.

Mr.Jun

Graduated from the Seoul National University , majored in Department of Computer Sci-

ence, Seoul National University, referred to as Seoul University, is located in Seoul, South

Korea. Former UN Secretary-General Ban Ki-moon and several South Korean presidents

were graduated from Seoul National University.

Mr Jun is currently working as a CTO for Seek Chain. He has many years of experience in

data mining and software architecture design and development. Especially for distributed

data processing systems, cryptography. At the same time, he is familiar with the develop-

33

ment of the programmatic trading industry, there is an in-depth study on the construction of

quantitative transaction-related systems and quantitative trading strategies.

Investment organization

References

BTC Data：https://digiconomist.net/bitcoin-energy-consumption#assumptions

Proof of space：https://eprint.iacr.org/2013/796.pdf

Burst wiki ：https://burstwiki.org/en/burst-wiki/

Parity wiki：https://wiki.parity.io/Parity-Ethereum

Proof of burn：https://en.bitcoin.it/wiki/Proof_of_burn