SEC Social E-Commerce Chain is the world's first public-chain project in Blockchain to promote e-commerce socialization, decentralization, and trust-based relationships. It aims to solve the trust transfer between people on specific commodities. Social e-commerce has developed rapidly in recent years, already accounting for 14%-20% of e-commerce retail. Pinduoduo represented by the“Social + E-commerce”model established in less than 3 years and has launched on NASDAQ with a valuation of US$30 billion. The number of annual active users reached 295 million, and the turnover even exceeded Jingdong.
However, subject to information transfer and the trust mechanism between people, there are still a large number of markets waiting for social e-commerce to activate. Blockchain as a machine for creating trust, SEC Social E-commerce Chain introduces blockchain technology to solve the trust mechanism problem in social e-commerce. Let's take a look at how the SEC use the technological advantages to solve the pain points of social e-commerce development - the trust mechanism.
Blockchain Technology Solves the Problem of Trust Mechanism
In the SEC social chain architecture, the social e-commerce system and the SEC blockchain system are independent, and the two communicate through the SEC gateway. The SEC blockchain system only stores the transaction log data completed transaction issued by the social e-commerce system and shared.
In simple terms, social e-commerce systems such as Pinduoduo, online celebrity store, and content e-commerce platforms are independent of the SEC blockchain system, but the transaction log data of these platforms has completed will be stored on the SEC blockchain system. The transaction record data is mainly: seller address, buyer address, transaction record and transaction status.
The transaction log data block process as follow:
1) The transaction record will be encrypted with the buyer's public key firstly to generate a transaction record ciphertext, which will be stored in the transaction chain of the autonomous domain;
2) These transaction ciphertexts will be encrypted again with the seller's private key and sent to the SEC gateway;
3) The system-level intelligent contract in the SEC gateway decrypts the secondary encrypted transaction ciphertexts with the seller's public key. If they can be decrypted, the authenticity of the transaction record is determined (this record is generated and issued by the seller). and then Complete the verification of the authenticity of the transaction record.
After the verification is completed, the responsible node in the corresponding round-robin package and wind it, and the transaction record winded through this process can only be decrypted and viewed by the relevant sellers and buyers. Other nodes not related to this cannot view the transaction records, they only know that a transaction has occurred, thus ensuring the confidentiality and anonymity of the transaction records on the chain.
Technological Innovation of Social E-commerce Chain
With the empowerment of blockchain technology, the issue of trust is no longer a sociological or philosophical issue, but a mathematical issue. The SEC ensures the project's launching and commercial application through technological breakthroughs in independent innovation. The SEC's innovative technologies are mainly:
1, Double-chain Structure and Autonomous Domain
The SEC social chain adopts a double-chain parallel structure, which is divided into a transaction chain and a Token chain. The transaction chain can be divided into many autonomous domains, each autonomous domain contains one its own transaction chain; the Token chain is an independent main chain. The transaction chain is only used to store the transaction information and the credit value of the corresponding goods; the Token chain is used to record the Token creation, conversion, and Token transfer and record obtained by the user, and to support the intelligent contract system, similar to the main chain of Bitcoin and Ethereum. At the layer of consensus mechanism, the miners of the Token chain and the miners of the trading chain should be the same, or the miners who package the Token chain also have the right to participate in the packaging of the trading chain in the autonomous domain.
The concept of the SEC's autonomous domain comes from the router, mainly to solve the network congestion problem, to achieve intra chain expansion, and to improve the transaction speed of the blockchain. SEC Social E-commerce Chain based on the scene of the social e-commerce industry will be launched, which determine that the number of users and transaction frequency in the future is very large, so improving the throughput of the entire public chain will be a key task of technology research and development.
2, Light Node
The SEC blockchain system network is a third-generation P2P network composed of SEC light nodes and SEC nodes. The SEC light node is generally a mobile phone client, which only connects with the SEC node, and the data is pulled from the SEC community; the SEC node is generally a PC client, which is responsible for connecting other nodes and synchronizing transaction data.
Social e-commerce is powering the rise of the mobile Internet. As a blockchain application in the field of social e-commerce, mobile is also the main application scenario of the SEC social chain. Compared with the PC side, the mobile side has to overcome the limitations of hardware, storage, bandwidth, and high concurrency. The SEC light node technology is designed for the mobile side. Users can link to the SEC blockchain system through the mobile phone client, easy to operate with low threshold, which enhance the user experience.
3, Node Community
In order to meet the maintenance of a large number of transaction chains (such as the transaction packet burst verification chain, the generation of new blocks in each transaction chain), and do not use super nodes to avoid possible centralization problems and super node cost problems, the SEC uses the concept of node community.
The node community is composed of SEC nodes. In essence, the node community implements the function of the super node, solves the double-benefit problem required for the maintenance of a large number of transaction chains and the new block generation problem of the Token chain.
4, Encryption Algorithm
The SEC Social E-commerce Chain uses elliptical encryption in asymmetric encryption. The encryption algorithm is secp256k1, which is the encryption method used by Bitcoin. Ellipse encryption works much more efficiently than the asymmetric encryption RSA algorithm, and can achieve the same level of security strength. The character length used by RSA is about 6 times longer than the elliptical encryption character length. Ellipse encryption greatly reduces the computational load on the entire system. With current technology, the elliptical encryption algorithm can be said to be irreversible.
The SEC social e-commerce chain aims to build a trust-based next-generation e-commerce blockchain system. In the early stage of the project, conducted a large number of research on the social e-commerce industry, and launched the first out-of-chain small program "Youxin Shopping". Also, to reinvent the social e-commerce through the exquisite design and technological innovation of the main chain, and build a new underlying architecture platform based on e-commerce application scenarios.