- IBAX mainnet online
The IBAX team is pleased to announce that the main network of IBAX, after four years of continuous development, was officially launched on Dec. 25th 2022. To access the main network, simply click on https://scan.ibax.network/. The second round of airdrops will also be starting soon, so stay tuned!
We would like to express our gratitude to those who have supported IBAX. Many of our friends have followed our progress since the launch of the IBAX test version and have provided us with valuable operational and technical suggestions after the first round of airdrop activities. We have also met more friends who have been interested in our progress and have participated in the translation work for IBAX. We are very grateful for your help in growing and improving with IBAX.
In the future, we welcome more users to join the IBAX family and move towards the world of web3 together.
As for the reason why, it took so long to develop, it is a long story. In order to turn an idea into reality, it is necessary to research and find practical solutions, rather than just talk or just practice. On the way from Web2 to Web3, there are many problems to be solved, such as quick and secure user access, practical chain-based DAO governance, ecological Gas fees, and proxy payment functions, to name a few. In addition, in the development of applied programs, product design must also be based on actual display situations. All of this requires the underlying architecture, which is the IBAX Network, to support these types of transactions.
The IBAX team has been working on solving problems such as how to meet the requirements of various applications while also addressing network concurrency issues and ensuring the security and stability of the network for many years.
After four years of hard work, the IBAX main network is finally online and we are excited to share it with everyone. In the future, we will continue to work hard to improve and optimize the IBAX Network and we look forward to your continued support and cooperation. Thank you again for your understanding and support for IBAX.
IBAX public network starts from the business application scenario and real environment, and explores and builds a new consensus mechanism DPOA. IBAX has created its own smart contract language Needle, developed its own IVM virtual machine (like EVM and Move with its own processing logic), developed its own visual development tool Weaver, and created BaaS system and other innovative functions, allowing ordinary people to choose and install the corresponding Dapp according to their own ideas through the BaaS system, and complete an executable interface program with a user-facing interface through drag and drop.
In order to achieve the ultimate fairness of the IBAX network, we have also entrusted the governance of the IBAX network to the program, and the community is jointly governed. The DPOA consensus mechanism of IBAX is elected by the voting of all IBAX members, and the top 101 honorable nodes with voting rights have the right to package and network governance. In the consensus, the continuous packaging of nodes is also excluded to prevent “Byzantine attack”.
IBAX’s Weaver creates a friendly environment for ‘ecosystem partners’ and ‘developers’, and the IBAX network has also created its own programming language called “Needle” responsible for handling logic and writing contract language. Developers can easily create an ecosystem and issue their own coins on Weaver and develop their own products, which is not only convenient for tech-savvy developers, but also for users. This low-threshold infrastructure attracts users and makes it easy for beginners to enter the blockchain world and explore it. We believe this feature will invite more users interested in blockchain to enter the blockchain world and continually expand the team in the blockchain world.
In IBAX, all important parameters have DAO governance configuration, so IBAX is a blockchain underlying network architecture that can truly realize DAO governance. In the future, IBAX will lead the development of DAO governance, making the blockchain network not only have decentralized applications, but also making the ecosystem on the chain more decentralized in terms of governance. The voting process is 100% transparent and all implementation terms of projects on the chain must be voted on before they can be changed. The voting smart contract has been written on the chain and can be called out on the chain to vote, without the possibility of voting off the chain. This avoids the possibility of inconsistency between on-chain and off-chain results causing disagreement, and prevents the creator team from having special governance rights.
Smart contracts have already been written on IBAX, which define the rules of the organization and prohibit anyone from modifying the terms and parameters of on-chain projects without voting, including the project’s creation team, achieving transparent and fair governance on the DAO chain. This feature will attract users with a strong interest in DAO governance to form their own DAO organizations and truly govern through DAO.
In IBAX, strict limits have been placed on the security and permission control of smart contracts. The permissions of smart contracts are specified by the developer, and members of the role added in the smart contract have the authority to use the contract through an authorized call.
In the technical development roadmap and planning of the IBAX network, the team proposed the process of IBAX driving the digital migration from Web2 to Web3, helping the smooth transition of the Web2 ecosystem to Web3. The ownership of digital content created by users is clearly owned by the user and controlled by the user, and the value created is distributed according to the agreements signed between the user and others, all of which can be realized by the IBAX smart contract, which is a characteristic of Web3.
IBAX’s many technical features, such as decentralization, immutability, scalability, and homomorphic encryption, make the ecology of “Web3” more diverse and continually expand the imagination of “Web3”.
In terms of security, the IBAX team has built a rigorous security technology wall to protect your assets.
1. How to avoid a witch attack
It is impossible to attack the IBAX network by forging nodes because the nodes in IBAX need to meet the basic staking conditions in the consensus mechanism and also reach the optimal comprehensive conditions. The nodes verify each other’s identity information, and in each round of block production, only one block proposer will be selected, and proposers with the same proposal will be excluded. If a forged node joins the network and carries out a network attack, the attack behavior will be immediately detected, and the forged node will be treated as a malicious node and will be stopped from providing external services.
2. How to avoid dust attacks
Dust attacks mainly occur in UTXO models and aim to locate identity information through small transfer amounts. However, this is not possible in IBAX because the UTXO change-back mode in IBAX is different from that in Bitcoin, and balance expenditure is assembled on the chain, naturally avoiding dust attacks.
3. Disabling accounts
If an account address reaches the set error number limit for the number of transactions sent within a certain period of time, the account will be prohibited from using the API service for a certain period of time, thereby avoiding sustained attack behavior.
4. Punishing incorrect transactions
Regardless of whether the transaction is successfully or unsuccessfully executed (failed transactions will be rolled back) in the virtual machine, the transaction will be written into the block and incorrect transactions will be punished by deducting GAS fees, increasing the cost of attacks.
5. Smart contracts
In the IBAX network, there is a layer of data isolation between each ecological system, so if there is a problem with a smart contract, it will only affect its own ecosystem and not other ecosystems or the entire IBAX network.
The IBAX team has already taken the lead in the technical practice of most other blockchain network development. A strong development team and experienced excellent consultants from various industries are the foundation of IBAX’s rapid and stable progress.
Joining the IBAX family will expand your imagination of the blockchain world indefinitely!
IBAX mainnet website: https://scan.ibax.network/
