The Future Coin

Bitcoin

$32,149.35

BTC -8.06%

Ethereum

$1,219.76

ETH -8.46%

XRP

$0.28

XRP -5.07%

Litecoin

$134.41

LTC -8.32%

EOS

$2.62

EOS -4.82%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Blockchain News

Alibaba Claims Patented Cross-Chain System Is Better Than Cosmos

by The Future Coin
June 1, 2020
in Blockchain News
0
Alibaba Claims Patented Cross-Chain System Is Better Than Cosmos
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Alibaba says its “unified domain name scheme” would simplify and improve communication between blockchains.

In a patent granted by the U.S. Patent Office last Tuesday, the e-commerce giant said its domain name system could enable cross-chain communications that are more simple and seamless than on existing interoperability solutions, specifically naming blockchain interoperability project Cosmos.

Alibaba says that assigning universally recognizable domain names to blockchains, or parts of a blockchain, could enable better identification and interaction with others in a broader network, in much the same way that entities recognize and communicate with one another using domain names, such as “.com” or “.org.”

The problem with existing systems, suggests the patent, is they can become clunky and cumbersome. Cosmos, for example, requires that each blockchain retains separate identifications for each and every link it holds with another blockchain. These can’t be reused and that means the ID system only has “a local scope.”

But Alibaba says, in its simpler system, blockchains only need one domain name – a unified blockchain domain name (UBCDN) – recognizable and valid in any and all communication it has with other chains. It also means it can communicate with other systems without having to hold onto an ever-expanding address book of specific identifications.

“[U]nlike existing cross-chain implementations such as COSMOS … the UBCDN can be used and is recognizable globally by all blockchain instances in the unified blockchain network, despite how many relay chains [network links] are included in the unified blockchain network,” reads the patent.

Alibaba has filed a raft of blockchain-related patents on a wide-ranging number of use cases. In December 2019, it won a patent that would make consortium networks – private systems operated and controlled by a handful of select entities – faster and safer to use.

A patent doesn’t necessarily mean a company will move ahead with implementation. As such it isn’t clear if Alibaba has any active plans to launch its domain name system at any point.

A possible real-world home for Alibaba’s newly patented domain name scheme could be the blockchain platform for its subsidiary Ant Financial, which was unveiled back in November.

In the patent filing, the company says the system was designed with a consortium network in mind. It also includes a feature enabling human-readable names which, the company suggests, could make it easier for entities to more readily identify themselves.

CoinDesk reached out to Alibaba for comment but hadn’t received a response by press time.

Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Source link

EDITOR’S CHOICE

Blockchain Testing Service Market Size and Share 2020

Executive orders on immigration welcomed by Apple and Google

Bitcoin Price Falls as Some Holders Are ‘Starting to Move It’

10 Reasons To Buy Theta Network (THETA) - Altcoin Projects

Argo Blockchain ‘built solid foundation over last 3 years to seize upon current opportunity’

BlackRock has joined the bitcoin business - the world’s largest asset manager has said two of its funds can now invest in the cryptocurrency | Currency News | Financial and Business News

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 32,311.00
ethereum
Ethereum (ETH) $ 1,222.87
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 16.35
ripple
XRP (XRP) $ 0.278369
cardano
Cardano (ADA) $ 0.339518
litecoin
Litecoin (LTC) $ 134.23
bitcoin-cash
Bitcoin Cash (BCH) $ 442.57
chainlink
Chainlink (LINK) $ 19.99
stellar
Stellar (XLM) $ 0.273990
binancecoin
Binance Coin (BNB) $ 40.56
usd-coin
USD Coin (USDC) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 32,343.00
bitcoin-cash-sv
Bitcoin SV (BSV) $ 184.55
eos
EOS (EOS) $ 2.63
monero
Monero (XMR) $ 138.80
aave
Aave (AAVE) $ 177.23
tron
TRON (TRX) $ 0.028951
vechain
VeChain (VET) $ 0.031169
tezos
Tezos (XTZ) $ 2.63
nem
NEM (XEM) $ 0.221761
havven
Synthetix Network Token (SNX) $ 13.62
cosmos
Cosmos (ATOM) $ 7.92
theta-token
Theta Network (THETA) $ 1.88
uniswap
Uniswap (UNI) $ 8.19
neo
NEO (NEO) $ 24.29
crypto-com-chain
Crypto.com Coin (CRO) $ 0.074810
okb
OKB (OKB) $ 6.12
celsius-degree-token
Celsius Network (CEL) $ 4.13
compound-usd-coin
cUSDC (CUSDC) $ 0.021461
compound-ether
cETH (CETH) $ 24.51
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 1.39
iota
IOTA (MIOTA) $ 0.454659
maker
Maker (MKR) $ 1,246.58
binance-usd
Binance USD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.008566
dash
Dash (DASH) $ 107.96
huobi-token
Huobi Token (HT) $ 5.30
filecoin
Filecoin (FIL) $ 21.86
zcash
Zcash (ZEC) $ 89.38
avalanche-2
Avalanche (AVAX) $ 12.03
yearn-finance
yearn.finance (YFI) $ 30,372.00
kusama
Kusama (KSM) $ 100.21
ethereum-classic
Ethereum Classic (ETC) $ 7.52
cdai
cDAI (CDAI) $ 0.020967
solana
Solana (SOL) $ 3.31
ftx-token
FTX Token (FTT) $ 9.46
sushi
Sushi (SUSHI) $ 6.37
compound-governance-token
Compound (COMP) $ 190.16