Built on Polkadot as a Parachain
Considering transparency, stability, security, and scalability, TriumphX will be built on the Polkadot network as a parachain. Polkadot enables interoperability and scalability by allowing specialized blockchains to communicate with each other in a secure, trust-free environment. Through the parallelized model of Polkadot, TriumphX will be built as a parachain that can compile into WASM and be connected to the Polkadot network.
The Polkadot Relay Chain does not implement smart contracts natively. However, it’s possible for parachains to enable smart contract functionality and then benefit from the security and interoperability features of Polkadot. This is the core reason for building TriumphX as a parachain due to the ability to contain our own runtime logic that benefit from the shared security and the cross-chain messaging provided by the Polkadot Relay Chain. With the high degree of flexibility and customization, TriumphX will be able to customize the chain according to the commercial needs of partners within the network.
TriumphX will be developed using Substrate Core, which grants us the ability to design the entire runtime and implement it from scratch.
Key Components for TriumphX’s Core Functionality
TSCE (TriumphX Smart Contract Extension)
Extended functions are required to use smart contracts on the blockchain for contracts of real-world service. TriumphX provides TSCE (TriumphX Smart Contract Extension), which adds TriumphX’s own extension to the existing Substrate API.
Real-life contracts require a variety of information, such as the coin price of exchanges, stock price, exchange rate, weather information, and a random number generator used in games or lotteries. When retrieving data from outside the blockchain, it is necessary to check the correctness of the information and thoroughly make exceptions when the information is deemed to be incorrect. TSCE implements Oracle functions in a decentralized way.
On the blockchain, it is not always possible to check the execution time of the contract due to resource issues. Thus when a scheduled execution is required, it cannot be implemented only with a smart contract. TSCE, like Oracle, implements the scheduled execution function in a decentralized manner.
TSCE plans to create a library of functions with scalability in mind. In the process, we will also focus on the efforts to prevent hacking.
Machine Learning
Machine learning will play crucial roles in various aspects of TriumphX, such as anomaly detection to spot external attacks, and pricing system to quickly determine the appropriate fee and price.
The TriumphX platform provides decentralized protocol called ‘Kabocha’ that can be easily extended and connected to enable effortless creation of decentralized applications (DApps). This protocol is managed by TSCE and API. The TriumphX platform manages the dependency of API libraries and provides a convenient development environment. Because the Kabocha protocol is designed as an open platform, anyone can connect to TriumphX. Documentation and tutorials for the Kabocha Protocol and all APIs will be released on GitHub in line with the testnet release schedule
The fee for all services on the TriumphX platform is paid with TRIX tokens, so the fee module is included in all services. Overly high fees would make the users uneasy, while too low fees would cause problems in system operation. The TriumphX platform implements machine learning to monitor and determine the optimal fee to create a healthy blockchain community. Fee standards and the charging process will be transparently disclosed in a decentralized way.
A contract itself can be implemented as a smart contract on the blockchain. However, an extended smart contract is required to specify an escrow at the beginning of the contract and release the escrow at the termination of the contract. The TriumphX platform implements such functions using TSCE, enabling users to tokenize their in-game digital items.
TDI service provides high level of privacy and security in handling the information obtained through TDI . Each user that has completed their KYC will receive an NFT into their wallet, identifying their wallets and accounts that are associated with the user for a seamless experience across different blockchain networks.
Proof-of-Ownership (PoO) is a function that electronically proves one’s ownership of their assets, which is essential for online spot trading. It is necessary to cooperate with a publicly trusted organization to implement PoO. Also, the organization that handles PoO is handled must go through a high level of security and audit similar to that of financial institutions. Therefore, it is very challenging for general users to implement the PoO function. On the TriumphX platform, PoO will be implemented in conjunction with credible institutions for each asset.
P2P trading is a method of determining the price between the buyer and seller. For this function, we need an algorithm that accurately and quickly establishes exchanges in which both sides can benefit. The TriumphX platform provides services for all types of multi-chain based P2P transactions.
TriumphX adopts an innovation popularised by Decentralised Finance (DeFi). Through the use of an automated market maker (AMM), we are able to quickly facilitate the trading of NFTs that belong to the same subset (i.e. NFTs that represent the same items). The AMM will require liquidity to be provided by the gamers who will be rewarded in TRIX tokens for the liquidity that is provided for price discovery.
While the spot and fiat trading is fixed, the coin-fiat exchange is determined by the transaction volume, price, and fluctuation of the coin. In the case of minor coins, the small trading volume and the high volatility makes large spread inevitable. However, if the spread becomes too large, customers would not want to trade. The TriumphX platform provides a real-time pricing service using machine learning to solve this problem.
PG requires processing of large volumes of microtransactions of transactions. In this case, stability and speed is the most important factor, since users would not use the system if payment processing is delayed. The slow processing speed and lack of scalability of Bitcoin is arguably one of the core reasons why it has not been adopted as a method of payment. On the TriumphX platform, a stable PG service is implemented using multi-chain.