CSP DAO Project Review: Redbelly
The Australian-made blockchain, Redbelly Network, is the world’s first verified consensus protocol that operates on accountability.
Introduced in December 2021, from the University of Sydney and CSIRO through a rigorous scientific development process, the innovative Layer 1 protocol plunged into the market with the launch of its first use-case in 2022. The Redbelly Network is a product of over fifteen years of peer-reviewed, proven results developed in research institutes among the most distinguished experts in the USA, France, Switzerland and Australia in the field of distributed systems.
The Consensus Protocol has been one of the most vulnerable entry points for successful cyber attacks against blockchain over the years. However, Redbelly Network deploys a unique consensus protocol known as the Democratic Byzantine Consensus Protocol. Through this protocol, Redbelly is guaranteed to be fork-proof, ridding the ecosystem of blockchain’s most persistent fraud loophole. The technology is built to constantly monitor the network to ensure that bad actors are instantly identified and held accountable.
Due to the complex nature of the mathematical representation derived from consensus protocols that require the verification of numerous computing resources, several attempts made to verify blockchain consensus have always been incomplete. To solve these issues, Redbelly Network proposes a holistic approach that breaks down the formal verification process with a model that enables verification with any number of participants.
By leveraging the Redbelly Network, firms can build products and services around real world and digital assets. The network is open, fast, scalable, and uniquely suited to assets in a regulated market. It serves as a bridge between today’s economy and the web3 economy of the future. The project introduces the fusion of the enforceability and social license of regulated markets, as well as the speed and efficiency of blockchain.
Redbelly Network intends to create a blockchain-empowered future, with the support of the Australian government, University of Sydney and CSIRO.
Redbelly Network is eliminating the technical barriers that have constantly hindered mainstream blockchain adoption. Here are some of the unique features:
- No forks — novel leaderless DBFT consensus algorithm
- Proof-of-Fraud — Polygraph
- Known transaction fees
- Real transactions — real currency
HOW THE REDBELLY NETWORK FUNCTIONS
Redbelly Network, is an open ﬁnance platform that eliminates information asymmetry and dramatically increases efficiency, thus helping to build a fairer ﬁnancial system for all.
The Consensus Protocol can operate as both a public and private chain, which makes the chain interoperable with EVM (or any public chain) and consortium chains like crda (or hyperledger).
The Democratic Byzantine Fault Tolerant (DBFT) consensus developed with the University of Sydney and CSIRO’s Data61 enables Redbelly Network to achieve high performance, and guarantee the impossibility of forking, thus reducing double spending with near instant ﬁnality.
Redbelly Network’s accountability is deployed at a protocol level through a revolutionary mechanism that builds undeniable proofs of fraud — Polygraph; and at the functional level through the network off-chain digital identity providers which verifies the identity of all network participants.
Members use their real-world identity to transact on the network and agreements are enforceable by law and compliant with regulation. Redbelly Network allows users to augment legal agreements with smart contract code, allowing specific rights and obligations defined by the agreement to be automated via code.
From using third-party data to underpin agreements, to creating rich data landscapes around individual clients for better user experience, Redbelly Network gives more power to every participant in the value chain.
To facilitate mainstream adoption, the Redbelly Network intends to develop several key products that will focus on creating and deploying Ricardian contracts on chain (Compose), independently viewing and verifying contract execution (Aperture), and interacting with deployed contracts (Wallet).
Core infrastructure upgrades and token generation events — Privacy, ID connect, TGE, Gas upgrades, Peer discovery, Key discovery.
Enabling infrastructure to onboard use cases — Pay connect, Compose, Time component, Wallet.
Scaling infrastructure for mainnet release and token listing — Sharding, Network governance, Token listing, SDK.
FUTURE RELEASES (Ongoing)
Continue to upgrade the network to unlock utility and value — Accountability, Policy engine Oracle infrastructure, Further upgrades.
The Redbelly Network Network is powered by the native Redbelly Network Coin, which has a fixed supply of 10,000,000,000. The coin has various use-cases such as transaction fees, staking, sharding, governance, and rewards and incentives.
THE REDBELLY JOURNEY
Work started on the Redbelly Network blockchain
First experiments and presentations at Facebook Menlo Park, Massachusetts Institute of Technology, and Visa Research Palo Alto
First testnet launch and wallet application released open source
International Patent Filed: PCT/AU2018/050642
AWS-CSIRO Public Release
Publication of the DBFT consensus protocol
Australian Research Council funds the Redbelly Network Blockchain research through the ARC Future Fellowship
Discovery of the Accountable Consensus Protocol
The Australian government includes Redbelly Network Blockchain in its NAtional Blockchain roadmap
Formal verification of the consensus protocol
Publication of Redbelly Network blockchain in the flagship security conference
Block8, CSIRO and University of Sydney create Redbelly Network Network as a joint venture with seed funding
Full support of Solidity Smart contracts in Redbelly Network blockchain allowing to run DeFi applications
Redbelly Network blockchain is deployed on a low-energy Internet of Things (IoT) testnet
Redbelly Network blockchain achieves 100,000 TPS in a national CBDC experiment
Official website: https://www.redbelly.network/