Coinprism has revealed its new open source distributed ledger – Openchain. This new blockchain-like technology launches with a number of options, including a web-based wallet (for transactions and admin features), a test instance, deployment instructions and a forum.
Openchain was noted by Coinprism as having instant confirmation of transactions, no mining fees and extremely high scalability. The instant transaction confirmation comes from the method of transactions chaining with one another, rather than being grouped into blocks – a transaction-chain rather than blockchain.
Flavien Charlon, CEO and Founder of Coinprism, notes this in the Openchain documentation
Openchain falls under the umbrella of Blockchain technology. However, if we take the term “block chain” literally, Openchain is not a “block chain”, but a close cousin. A block chain is a data structure that orders blocks of transactions and links them cryptographically through hashing.
Openchain doesn’t use the concept of blocks. Transactions are directly chained with one another, and they are no longer grouped in blocks. Having to group transactions in blocks introduces a delay. Even if some systems manage to reduce the block time to just a few seconds, a few seconds is still a long time for latency-sensitive applications, such as trading. In Openchain, transactions are linked to the chain as soon as they are submitted to the network. As a result, Openchain is able to offer real-time confirmations.
This means that a more appropriate term for Openchain is a “transaction chain” rather than a “block chain”.
The system uses Patritioned Consensus and is secured through digital signatures. However, instead of using a string of random characters, users have aliases assigned to them.
Openchain can also be utilized as a sidechain. A pegging module can be used that will act as a bridge between an Openchain instance and a blockchain like Bitcoin. When Bitcoins are sent to a specific address, a proxy for those coins will be created on the Openchain instance. Later on, these proxy tokens can be redeemed to unlock the Bitcoins on the main chain. This setup creates a 2-way peg between Bitcoin and the Openchain instance.
Other features of Openchain include the ability to assign multiple levels of control and a hierarchical account system which can be used by companies or groups to allow a variety of permissions and rights to different users, which includes the option to have administrators of a system approving members.
For users who lose their private keys there is the option to report their loss to their company admin who can generate a new key. Fraudulent transactions from compromised accounts can also be dealt with by administrators by submitting counter-transactions when unlicensed trades are detected.
Coding for the platform has also built in the ability for multiple instances of Openchain to be replicated from each other with validator and observer nodes. The source code of Openchain is available on GitHub and documentation on the project website.
Charlon wrote the Open Assets Protocol in 2013, which permits storing and transferring of custom, non-native digital assets – called colored coins – on the Bitcoin blockchain. Coinprism released the first colored coins wallet.