Dec 19 2022
ADIL Chain is a public, permissionless, Ethereum Virtual Machine (EVM) compatible blockchain running on the world’s Proof-of-Stake consensus mechanism. The ADIL Chain blockchain is open to the public, allowing participants from around the world to join in to secure and verify the recorreflectsct accurate state of affairs. ADIL Chain isn’t just a platform for recording transactions. ADIL Chain can execute “smart contracts”–computer programs that directly control asset transfer between parties with objective and fair logic. ADIL Chain has been designed to be compatible with Ethereum, the most popular smart contracting platform. In this introduction, you will be exposed to why blockchains are needed, what they are, and, how ADIL Chain is different.
Interactions between any two or more entities require trust–the ability to rely and act on the commitments of others. Trust can be expensive and volatile, and the “cost of trust” in our society cannot be overstated. However, with modern technology trust no longer has to be provided by individuals or institutions. Instead, trust can be provided by and guaranteed in code. Leveraging public/private key pair cryptography and novel incentivization and punishment schemes, new protocols enable individuals and other entities to trust the reliability of records without relying on third-party overseers. The human factor, prone to unclear expectations and only enforceable through costly and convoluted legal agreements or even just veneers of decency, is removed. Operations are more efficient, reliable, predictable, le and less costly for all parties.
While the power of this new protocol is only beginning to be understood, blockchain has already found traction in the world. Imagine, a global and decentralized system without borders or intermediaries, where contracts are tamper-proof and completion guaranteed by code.
Blockchain fundamentally changes assumptions about ownership, reliability, collaboration, and trust. Whereas the full spectrum of what is possible with blockchain may not yet even be imagined, its potential to reframe and solve many existing problems is already apparent:
- Anti-fraud: The immutable, persistent nature of records on the blockchain enables rapid, inexpensive auditing to take place. This allows for solutions to combat fraud in a simple, straightforward way.
- Crowdfunding: Ample successful projects have already been crowdfunded publicly and anonymously using blockchain. The platform provides intrinsic payment processing and investors can be rewarded with tokenized assets.
- Gaming: Blockchain-powered games, from casual mobile gaming to dice or card games to lotteries and auctions, can all profit from the transparent and cost-saving nature of smart contacts.
- Governance: Both for private and public organizations, blockchains can deploy smart contracts that act as code-based constitutions prescribing actions and performance. These contracts directly collect votes from the stakeholders and execute the winning proposals. Actions to disburse funds or assets can be automated and verified without trust. Public institutions can also benefit from the immutable records of the blockchain by providing greater security, integrity, and transparency to the voting process. These immutable records are readily auditable and impossible to censor.
- Ownership: Owning assets both in the real world and in the digital world is simpler, cheaper, and more trustworthy using blockchain-based solutions.
- Personal Data Ownership: Personal data such as internet browsing history and other digital footprints can be managed better using blockchain-based key-sharing techniques. Digital medical records, for example, can be stored on-chain, with access enabled by private keys. These records are tamper-resistant, secure, and efficient, thereby improving the work of a physician and the quality of care a patient receives.
The truth is, for all of the potentials that blockchain technology has, developers have only just begun to unlock its full potential. New ways to store value, automate processes and ensure that trust–previously an expensive and critical component–is guaranteed at a scintilla of the cost are possible now, but there is still much to be done.
What is a Blockchain?
A blockchain is a series of records, time-stamped and immutable, operated by decentralized servers, also known as nodes. A blockchain protocol defines how a network of nodes communicate and how new blocks (containing signed transactions) are added to the chain. There are, of course, various breeds of protocols–each one deploying its own flavor of performance and incentives. Regardless of the flavor, blockchains share invariants that can be used as foundations for building new economic systems.
Through cryptographic algorithms, data contained within the blockchain is codified and immutable–meaning that it cannot be changed or deleted. The very nature of blockchain is such that any attempt to change an earlier transaction would create a cascading effect through the rest of the chain, breaking consistency.
This feature provides a tamper-proof record that can be used to represent anything from bank balances to the results of a political poll. More advanced protocols, like ADIL Chain, have “ if-this-than-that ” logic trees to enable programs called smart contracts. As mentioned above, these smart contracts can directly control the transfer of assets between parties under specified conditions without an intermediary. The rules of these interactions are set down in code and are followed as though law–hence the common refrain: code is the law.
While some protocols are permissionless, allowing any computer (node) to join their network, others are permissioned, maintaining a vetting mechanism to only allow “approved” computers to participate. However, almost all blockchain protocols exist as open-source software projects. Like ADIL Chain, these protocols are building economic systems. By nature, robust economic systems are those that allow for a free flow of value into and out of the system.
Furthermore, blockchain profits from allowing as many developers and participants as possible to access, review, use and develop its code. That way any consumer, developer, or business can use the protocol, build on the network, and add value to the system by deploying their services on top of it. Open access ensures that the barriers to entry are as low as possible and encourages as many new players and entrants into the field to compete for users–improving the overall value of the system.
A network of computers (nodes) is required to support a blockchain network. This is not because the network requires a massive amount of processing power. Rather, as there are more copies, the blockchain becomes more distributed, robust, and stronger against faults and attacks such as network outages, collusion, or corruption.
Arguably, decentralization is the core value that started the blockchain revolution. It has become increasingly apparent that the centralization of the web by governments and corporations comes at an unavoidable cost of privacy, control, and efficiency. Modern techniques in economics and cryptography enable blockchain to challenge the existing status quo and provide alternatives giving full agency to its users and resilience against censorship, corruption, and failure.
Why ADIL Chain?
ADIL Chain is a technology and mission-driven organization. We would like to share the core beliefs that drive us forward. Blockchain will fundamentally change the way humans interact with technology we are at the opening chapters of a new epoch of human-machine interaction. Blockchain technology will fundamentally change the way that humans interact with technology. The massive for-profit institutions running centralized technology have hit the limits of their transformative potential but blockchain has only just begun. People will increasingly rely on, and trust, decentralized authority and service providers. Individuals are beginning to question the underlying assumption of trust that underline day-to-day interactions with large centralized service providers. As each day goes by, people are beginning to be more and more comfortable putting their trust in code, decentralized services, and authority. Blockchain is built on these fundamental principles and we expect to see massive adoption in the near future. Unrestricted access to the benefits and value created by technology is a universal right. Blockchain has incredible implications towards equality on a global scale. Decentralization and openness are required for equality. Unrestricted access to our platform, and services on it, will benefit great numbers of people around the world who will, in turn, bring their value to the platform. The future is open, decentralized, and transparent. The future is not without its challenges. But we stand at a fantastic moment in history where the future is not written and we have the opportunity to be the scribe for the next chapter. Blockchain technology promises that the future will be more open, more decentralized, and more transparent. This is a future that ADIL Chain believes in and is building towards.
Problem and Solution
As blockchain protocols first came into usage, there were a few significant problems. The first of which has been described as the blockchain trilemma [*1]. It has been the common understanding that a blockchain could not achieve security, decentralization, and scalability all at once–that one of those three would have to be sacrificed in pursuit of the other two. Many blockchains have thus sacrificed scalability, settling for low throughput and slow confirmation speeds. ADIL Chain believes that our consensus protocol is the best of the Proof-of-Stake protocols in that we have resolved the trilemma. The Proof-of-Stake protocol–described in part II of this document–permits an open, permissionless network to achieve over 2,000 transactions per second and one-second confirmation time. As a public permissionless blockchain, our consensus mechanism allows any token holder to become a proposer or a voter and contribute to the security and decentralization of the chain.
[*1] Blockchain Trilemma
As stated above, blockchains can be permissioned or permissionless. That said, ADIL Chain believes strongly that permissionless (open participation for everyone, also known as public) is the best way to maximize the value of the blockchain technology. Another way to look at a blockchain is as an innovative, technology-enabled socioeconomic system. Thus we believe that a permissionless system is the only way to achieve the true benefits of a blockchain. No gatekeeper should be responsible for vetting whether or not individuals should have access to services, benefits, and financial tools enabled by technological progress. In addition, it is easy to reason, as a platform for the transfer of value, that open access is a fundamental tenet to ensure a healthy growth cycle. This system is better protected through a higher level of decentralization. By deploying a permissionless blockchain network, the level of decentralization increases thereby improving the overall security of the network.
Ethereum Virtual Machine Compatibility
ADIL Chain is made to be fully EVM (Ethereum Virtual Machine) compatible. This means that any application, smart contract, or tool built on Ethereum can operate on ADIL Chain. Developers can easily migrate their decentralized apps (DApps) and enjoy an immediate boost in performance, experience, and affordability.
Scalable and Fast Consensus
The ADIL Chain’s blockchain relies on the Proof-of-Stake protocol to drive consensus. Consensus is the process upon which the network agrees on a single canonical and immutable chain of blocks containing user transactions and is the core of any blockchain protocol. The Proof-of-Stake consensus protocol is the most performant, efficient, and simple of its class and has rigorously proven security properties. It is cutting-edge technology that enables our fast and scalable public blockchain. For a detailed explanation of ADIL Chain’s technology.
We have a mechanism for robust committee reconfiguration and proposer switch. What remains is an incentive-compatible Proof-of-Stake (PoS) policy for consensus nodes to be elected. We opt for a simple top-21 voter election scheme that progresses in sessions. Each session lasts 3 hours. In each session, voters submit bids to participate as a consensus node in the next session.
A bid includes the following parameters:
- stake in the amount
- public signing key
- reward address
- desired gas price
- proof of knowledge of signing secret key
At the end of a session, all valid bids are collected and sorted by the stake. The top 21 form the new committee for the next session which will take place once the block is finalized. To limit disk growth and network bandwidth, the gas price is set to the ⅔ ascending median of the desired gas price of the committee such that ⅔ of voters would be happy with the set gas price or a higher one.
For a fully permissionless protocol, we require a fair proposer election policy. We expect any proposer to also function as a voter because a voter’s hardware requirements are a strict subset of the proposers’. To facilitate this, any voter candidate can optionally indicate if they want to be a proposer in their bid. A weighted list of proposers is thus generated from this subset of the committee members. To be a proposer, a consensus node must bid with the following additional fields:
- public URI
- public proposing key
- optional message
For now, proposers are sorted by stake and chosen based on a round-robin policy where in each session a proposer is only allowed to propose a number of blocks proportional to its stake. Thus, every honest well-connected proposer will serve at least once per session. Even a majority consortium of byzantine proposers can only stop liveness or censor transactions for a short duration due to these forced proposer switches. Having at least one well-behaved proposer ensures all valid transactions will be included on the chain eventually.
Rewards and Punishment
This section explains ADIL Chain’s Proof-of-Stake design. At a very high level, we would like a system that achieves the following:
Incentive compatibility: our incentive mechanism should reward honest and high-performance participation. Economically robust to attacks: in the equilibrium state, there is sufficient stake protecting the blockchain, such that the cost of the attack increases proportionally with respect to the economic importance of the currency. Thus honest behavior is ensured through rewards and incentives. Our design incurs a very high cost of attack for any node acting byzantine in an attempt to break consistency. For nodes acting faulty or byzantine in an attempt to break liveness, a smaller penalty is incurred and no rewards are given.
ADIL Chain will subsidize transaction fees with block rewards to incentivize participation. Block rewards are distributed from our existing committee reward pool. No new tokens will be minted and ADIL Chain will relinquish control of the reward pool to the protocol. For distribution, the proposer first takes a share of the rewards and the remaining rewards are distributed to voters who voted in proportion to their stake. The proposer's share is scaled by the number of votes collected so as to incentivize the proposer to include votes from the committee beyond the ⅔ needed for notarization. A voter may only claim their share if they have voted. Unclaimed shares return to the reward pool. ADIL Chain uses 1-second block times in order to adhere to EVM standards. We believe that given the current and near-future use cases of blockchain, 1-second block times are sufficient. Voters thus have 1 second to submit their votes to the active proposer in order to collect rewards.
Staked-in funds are frozen in a smart contract for 24 hours after the voter’s session is finished during which time if evidence of bad behavior is recorded, some portion of the staked-in funds will be slashed. If cryptographic evidence of a voter’s votes on two conflicting proposals is submitted to the chain while their stake is still frozen, 10% of their frozen funds are sent back to the reward pool with a small portion given to the reporter as a reward. The remaining funds are jailed for 1000000 blocks. Jailed funds are not available for the voter to stake in with again. To prevent nothing-at-stake attacks, online nodes also must reject blocks that do not extend from blocks within the freezing period. Given that unintentionally offline nodes will not automatically bid for the next session, ADIL Chain will not slash for failure to vote. There is still a high opportunity cost for non-voting due to rewards only being given to participating voters. If we determine the threat of a liveness attack exceeds the opportunity cost, we will add in a slashing condition for non-voting.
Coin Name: ADIL
Coin Symbol: ADIL
Total supply: 1000000000 ADIL
Blockchain name: ADIL Chain
Consensus algorithm: Proof of Stake
Block size: Max. 2 MB
Average block time: 3 Seconds
Transactions per second: 2000TP
Average gas fee: <＄0.00003
Masternode Support: Yes
Token Release Schedule
|% of Total||Total Allocated||Release Notes|
|Marketing||20||200M||Release on Demand|
|Seed Sale||3||30M||Tokens are locked for 12 months|
|Sale||3||30M||Tokens are locked for 12 months|
|Staking||4||40M||Paid out according to the conditions|
|Liquidity||40||400M||Adjust lock release conditions based on general flow rate|
|Team & Advisor||20||200M||Tokens are locked for 12 months then will be released via a 12 month linear release|
|Partnership||10||100M||Tokens are locked for 12 months then will be released via a 12 month linear release|
Ⅴ. Our Future
We have many ideas to dive into. Below are just some projects we will be looking into in the future:
Release the top 21 validators
The ADIL Chain is managed by a trusted voter, but any ADIL holder will be able to participate as a validator once the network has stabilized.
When validators become accessible to the public, ADIL holders will be able to stake (delegate) ADIL to validators as delegators.
ADIL Chain aims to be a hybrid chain that combines decentralized and centralized blockchain technologies.