What is Redbelly Network

Source:https://x.com/RedbellyNetwork

Redbelly Network is the world’s first formally verified blockchain system, developed in collaboration with the University of Sydney and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) of Australia, and has obtained US Patent #12093247. The network is committed to addressing multiple issues of traditional blockchain technology, particularly in the tokenization of real-world assets (RWA), transaction compliance, and data privacy protection, providing an innovative solution.

The core features of Redbelly Network lie in its new account system and transparency design, especially the integration of user identity authentication and accountability tracking at the blockchain transaction layer. By using zero-knowledge proofs (ZKPs) and verifiable credentials, Redbelly Network can ensure the compliance and transparency of transactions without revealing users’ personal information. This design eliminates redundant steps in the traditional KYC (Know Your Customer) process while enabling asset issuers to create digital registries on the blockchain, providing support for a unified source of information for asset classes and further driving innovation in asset tokenization and structured financial products.

The technical architecture of Redbelly Network

Source:https://redbelly.network/redbelly-network-whitepaper.pdf

The technical architecture of Redbelly Network consists of multiple layers, the most important features of which are its unique consensus mechanism, decentralized node structure, and optimized blockchain performance.

• DBFT Consensus Protocol: Redbelly adopts the Delegated Byzantine Fault Tolerance (DBFT) consensus protocol. Compared to the competitive consensus mechanism of traditional blockchain, DBFT greatly improves transaction processing speed and network throughput by cooperatively generating superblocks. Redbelly Network can achieve a peak throughput of up to 660,000 transactions per second on 300 nodes, while in a test with 1,000 nodes worldwide, the average transaction latency is only 3 seconds.
• No Fork Design: Unlike traditional blockchains, Redbelly blockchain is designed to avoid forks, ensuring that each new block reaches consensus before being appended to the chain, thus guaranteeing uniqueness and preventing double-spending issues.
• Superblock optimization and shard validation: With the optimized superblock mechanism, Redbelly is able to submit more transactions in a single consensus, thereby improving scalability. In addition, Redbelly has implemented shard validation technology to distribute the computational load to different validator nodes, improving network efficiency.
• Scalable Ethereum Virtual Machine (SEVM): Redbelly also integrates the Scalable Ethereum Virtual Machine (EVM), enabling the network to support multiple smart contracts and decentralized applications (dApps). This mechanism provides security for the diversity of the blockchain ecosystem and supports the integration of privacy protection technologies.

Use cases of Redbelly Network

Redbelly Network supports the tokenization of real-world assets (RWA) and facilitates the trading of compliant on-chain structured financial products through its technical framework. Its unique identity verification mechanism and automatic compliance enforcement make it particularly suitable for asset issuers with established network effects. Here are several key use cases of Redbelly Network:

• Asset Tokenization and Trading: Redbelly Network allows asset issuers to tokenize real-world assets and conduct compliant on-chain trading.
• Digital registry construction: Asset issuers can establish a digital registry, creating a complete and traceable source of asset information, which provides the foundation for the creation of new structured financial products.
• Enhanced Compliance: By automating the execution of compliance requirements, Redbelly Network eliminates the cumbersome paper records and offline verification process in traditional financial systems.

Redbelly Network Ecosystem Construction

Redbelly Network has made multiple innovations in privacy protection, compliance, cross-chain interoperability, and ecological development.

1. Privacy Protection and Compliance of Redbelly Network

Redbelly Network emphasizes innovation in on-chain transactions and user privacy protection. By using zero-knowledge proofs (ZKP) and verifiable credentials, Redbelly ensures the security of user identity information while ensuring compliance without duplicate KYC verification. In addition, Redbelly Network also introduces the ‘Polygraph’ protocol to identify malicious actors in the network when it encounters attacks and to punish them with irrefutable evidence.

2. Redbelly’s cross-chain interoperability and asset bridging

As the blockchain ecosystem continues to evolve, interoperability between different blockchain platforms and assets becomes increasingly important. Redbelly Network enables interoperability with other blockchain assets through cross-chain bridging technology, supporting the transfer of assets between different blockchains. This not only enhances the value of Redbelly Network’s assets, but also injects more application scenarios into its ecosystem.

3. Redbelly Network’s authentication system

Redbelly’s innovative identity verification system allows users to complete identity verification while protecting their privacy by combining zero-knowledge proofs and verifiable credentials. The system consists of three main components:

• Identity Registration: Users register accounts in the Redbelly Identity application and undergo identity verification through digital identity providers.
• Identity Recovery: To solve the problem of users losing their private keys, Redbelly has introduced an identity recovery mechanism, which involves multiple delegates to share the recovery key.
• Multi-user account: Supports the multi-user account function, suitable for the identity management of corporate or trust entities, ensuring compliant financial relationship management.

4. Payment Function of Redbelly Network: Pay Connect

Redbelly Network supports fiat currency settlement through the embedded global payment gateway ‘Pay Connect’. This feature will enable Redbelly to support multiple payment methods, including SWIFT, Visa, and Mastercard payment networks, and will integrate more payment platforms in the future. Users can trigger instant fiat currency transfers through smart contracts, enhancing the efficiency and convenience of cross-border payments.

5. Open Source and Ecological Development of Redbelly Network

To promote the popularization and application of blockchain technology, Redbelly Network focuses on the construction of the ecosystem. The platform supports open-source Ricardian contract templates, making it easy for users to quickly deploy contracts, and provides the Redbelly dApp store, where users can find all decentralized applications built on the Redbelly Network.

The token economics of RBNT

The RBNT token of Redbelly Network is the core of the platform’s operation, with a total supply of 10 billion. As of the time of writing (January 22, 2024), its market value is 100 million US dollars. RBNT is not only a payment and transaction tool in the Redbelly Network ecosystem, but also carries the platform’s governance and incentive mechanisms.

Source:@redbellyblockchain/redbelly-network-building-the-future-of-tokenomics-with-rbnt-4f1e2667d6ab””>@redbellyblockchain/redbelly-network-building-the-future-of-tokenomics-with-rbnt-4f1e2667d6ab"">https://medium.com/@redbellyblockchain/redbelly-network-building-the-future-of-tokenomics-with-rbnt-4f1e2667d6ab

1. Token Distribution for Team and Community

Redbelly Network’s token distribution plan is designed with the long-term development of the ecosystem in mind. The specific allocation is as follows:

• 37.1% Ecosystem and Community: used to incentivize and drive network effects growth, ensuring community activity and participation.
• 3.0% Governance DAO: used to fund decentralized governance activities and promote decentralized management of the network.
• 10.0% Team: used for continuous development and motivation of the team, ensuring that the team grows together with the network.
• 2.0% Academic Cooperation: Collaborating with institutions such as the University of Sydney and CSIRO to promote technological innovation and development.
• 14.9% private placement sales: funds from early investors and supporters used to drive early project development.
• Seed round: provides rewards for contributors in the early stages of the project, accounting for 13.0%.
• 20.0% Reserve: Ensure the funding security needed for future development and support the long-term sustainability of the platform.

1. Application scenarios of tokens

The RBNT token has a wide range of applications. In addition to being used as a payment tool within the platform, it can also be used in the following areas:

• Governance Rights: RBNT token holders can participate in the decentralized governance of Redbelly Network, voting to make significant decisions for the platform.
• Incentive Mechanism: RBNT tokens serve as incentives, rewarding users who engage in asset tokenization, trading, staking, and other operations on the platform.
• Transaction Fee: When trading on the Redbelly Network platform, users need to pay a certain amount of RBNT as a fee.

Redbelly Network has carefully designed the unlocking mechanism for tokens to ensure that the tokens of the team and investors do not affect the stability of the market in the short term. The team’s tokens will be locked for 12 months after TGE (Token Generation Event), and then unlocked linearly for 24 months. This design ensures a close relationship between the team’s success and the long-term growth of the network.

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Summary

Redbelly Network represents a new era of blockchain technology application with its innovative technical architecture, unique consensus mechanism, strong privacy protection features, and comprehensive compliance automation. Whether it’s tokenized trading of real-world assets, cross-chain interoperability, or privacy protection and identity management, Redbelly has shown great potential. As Redbelly Network gradually expands, it will become an important force in the field of future blockchain technology and provide strong support for the digital transformation of the global financial system.