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News, analysis and announcements about the world's fastest growing and only compliant network for Asset Tokenisation.

Redbelly Network Blogs

Redbelly Network is excited to announce that it has integrated Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain. Redbelly Network is the world’s fastest-growing solution for asset issuers seeking compliant asset tokenisation and has already secured USD$73.8 billion worth of on-chain assets.Fireblocks brings its enterprise-grade digital asset infrastructure, trusted by some of the world’s most renowned financial institutions including ANZ Bank, BNY Mellon and BNP Paribas, to safeguard digital assets from current and evolving threats. Its multi-layer security technology combines the latest breakthroughs in Multi-Party Computation (MPC) cryptography with hardware isolation, delivering the most impenetrable system on the market. The Fireblocks platform offers unparalleled security and ease of use for institutions engaging in digital asset transactions.Redbelly Network is focused on enhancing compliant policies and internal controls for institutions dealing with high-value regulated assets. By integrating Fireblocks, Redbelly Network extends its compliant asset tokenisation solution with Fireblocks’ robust security framework, reinforcing Redbelly’s commitment to providing compliant asset tokenisation at the execution layer, as well as ensuring businesses can take advantage of comprehensive internal control and compliance management. As a result, institutional clients can benefit from secure and compliant access to high-value tokenised structured products across the Redbelly Network.<figure class="image"><img style="aspect-ratio:2400/1350;" src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/Redbelly_X_Fireblocks_announcement_238ea87a89/Redbelly_X_Fireblocks_announcement_238ea87a89.png" width="2400" height="1350"></figure>"We are thrilled to be working with Fireblocks, the market leader in digital asset management, enabling thousands of institutions to compliantly manage digital assets within the Redbelly ecosystem," stated Alan Burt, Chairman of Redbelly Network. "This integration marks an important step towards providing a secure and scalable wallet solution for institutions engaging in asset tokenisation, specifically designed to meet the stringent requirements of regulated markets."Idan Ofrat, Chief Product Officer and Co-founder at Fireblocks, commented, “Fireblocks has consistently led the way in providing the most extensive range of blockchain support on the market. With a growing list of over 80 supported blockchains, Fireblocks enables our customers to securely custody tokens on the latest chains and quickly build innovative services for their customers. By integrating Redbelly Network, Fireblocks provides access to the world's first public and purpose-built real-world asset tokenisation network, with user accountability and identity built at its core.”Fireblocks’ platform accelerates Redbelly Network’s goal of liberating the assets contained within TradFi walled gardens and providing a channel of convergence with the Web3 digital economy.ENDSRedbelly Network&nbsp; Redbelly Network is the world’s first formally verified blockchain, developed at the University of Sydney in collaboration with CSIRO, the Australian National Science Agency.&nbsp; Redbelly enables RWA asset issuers to tokenise and trade compliant on-chain structured products.&nbsp; Redbelly Network integrates full user identity and accountability at the transaction layer, protecting user PII with zero-knowledge proofs (ZKP) and verifiable credentials. This ensures proper licensing, jurisdiction compliance, and eliminates the need for repetitive KYC processes. Compliance is automatically enforced and customizable by asset class and jurisdiction, removing the need for offline registries and paper-based checks.&nbsp; Redbelly enables asset issuers to build digital registries, creating a single source of truth for entire asset classes on-chain and facilitating the creation of new structured financial products from tokenized assets. We work with asset issuers who have established network effects and assets, reducing issuer risk by promoting accountability and ensuring clean liquidity by default.&nbsp; Redbelly Network was granted Patent #12093247 in the United States.&nbsp; <a target="_blank" rel="noopener noreferrer" href="http://www.redbelly.network/">www.redbelly.network</a>&nbsp; &nbsp;

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Redbelly Network Announces Integration with Fireblocks

Redbelly Network Announces Integration with Fireblocks

<figure class="image"><img style="aspect-ratio:3749/2109;" src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/RCP_249_Mainnet_Announcement_e11f007c1b/RCP_249_Mainnet_Announcement_e11f007c1b.jpg" width="3749" height="2109"></figure>Redbelly Network, the only patented, verified and fully compliant blockchain designed for real-world asset (RWA) tokenization, has officially launched its Mainnet.Developed over the past decade with the support of the University of Sydney, CSIRO’s Data 61, and Block8 (a Sydney based Venture Studio), the network is set to redefine tokenization with its unmatched focus on security, scalability, and compliance.A New Era of Accountability and Efficiency Redbelly’s innovative design enables assets to be registered and deployed natively on-chain. With its institutional-grade infrastructure and commitment to accountability, the network offers a clean, compliant environment for tokenized assets and their lifecycle management.Built for Scale and Proven Performance Redbelly’s Mainnet launch follows the success of its Testnet, where over 160,000 unique user accounts and 30 million transactions were completed with zero losses. With near-instant finality, fixed gas fees, and a no-fork guarantee, Redbelly sets a new benchmark for secure and irreversible transactions in the blockchain space.<figure class="image"><img style="aspect-ratio:2160/2160;" src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/RCP_197_Pre_TGE_post_1_f3c3602377/RCP_197_Pre_TGE_post_1_f3c3602377.png" width="2160" height="2160"></figure>Testnet Wallet GrowthThe network is powered by its native $RBNT token, which facilitates secure transactions, network governance, and operational efficiency.Leading the Tokenization Revolution With its Mainnet now live, Redbelly Network is poised to transform industries by enabling secure, compliant, and scalable tokenization solutions. But this is just the beginning.Stay tuned for more exciting updates in the days ahead! Join our socials, tune into the Mainnet AMA today on Discord, and keep an eye on this space as we continue to revolutionize the RWA landscape.If you believe in the potential of RWAs, $RBNT puts you at the heart of the action — don’t just watch, lead the way!

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Redbelly Mainnet is now LIVE!

Redbelly Mainnet is now LIVE!

As Redbelly Network prepares for its highly anticipated Mainnet launch, it’s time to explore what makes this blockchain platform unlike any other.Redbelly isn’t just advancing blockchain technology—it’s redefining how digital assets are tokenized, traded, and secured while bridging the gap between traditional finance and a decentralized future. Designed to address the pain points of speed, compliance, and transparency, Redbelly offers a game-changing, user-friendly approach to tokenization and decentralized finance.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog1_cover_image_63708bb572/blog1_cover_image_63708bb572.webp"></figure> What makes Redbelly Network stand out?&nbsp; 1. Lightning-fast transactions, zero lossForget waiting for slow transaction confirmations. Redbelly Network processes transactions with instant finality, meaning no delays, no pending states, and zero chance of failed payments. With a tested throughput of over 15,000 transactions per second (TPS) under practical conditions, Redbelly is built to handle real-world, high-volume workloads seamlessly.Imagine settling real estate deals or tokenizing large bond issuances on traditional networks, payment delays or confirmation issues could jeopardize the entire process. With Redbelly, cross-border transactions for financial instruments or on-chain trading of tokenized assets are completed instantly, with the reliability of Web2 systems. Whether you're facilitating smart contract-based settlements or managing structured products on-chain, Redbelly ensures every transaction finalizes in real-time, just like a credit card purchase, only smarter and more secure.2. Accountability at every stepIn a world of anonymous blockchains, Redbelly breaks the mould by placing accountability front and centre. All users are verified using digital identities and zero-knowledge proofs (ZKP), ensuring compliance without compromising personal privacy. If a malicious actor tries to manipulate a transaction, Polygraph will catch it in real-time, producing an undeniable proof of fraud that keeps the network secure.With Redbelly, users avoid repetitive KYC checks across multiple platforms. Asset issuers, investors, and users can transact confidently, knowing there are robust security measures and fraud detection mechanisms in place.3. Designed for real-world asset tokenizationRedbelly Network stands as the only fully compliant blockchain designed specifically for asset tokenization, empowering institutions to create digital registries. With Redbelly, issuers can reduce costs, unlock global market access, and offer new levels of efficiency and transparency.CarbonHood, in partnership with Blubird and Redbelly, is spearheading a groundbreaking initiative to tokenize 950 million tons of carbon credits—valued at US$70 billion—through a global digital asset registry. This marks the first step toward bringing 32 billion tons of carbon credits on-chain by 2025, unlocking up to US$2 trillion in value.Similarly, Hutly is collaborating with Redbelly to tokenize US$1.8 billion in rent rolls, transforming real estate asset management. Investors will gain access to fractional ownership and liquidity, opening doors to new financial opportunities that were previously out of reach in traditional markets.By making high-value assets traceable, tradable, and secure, Redbelly Network is driving the future of finance, enabling businesses, institutions, and investors to participate in an open, compliant, and efficient digital economy.4. Effortless compliance and seamless paymentsWith compliance built into its core, Redbelly makes meeting regulatory requirements a breeze. Its integrated payment gateway will allow users to settle transactions in fiat currencies through familiar networks like Visa, Mastercard, and SWIFT, bridging the gap between traditional and digital finance.Instead of relying on cumbersome registries or paper-based compliance checks, Redbelly is working towards automating processes to ensure smooth transactions across jurisdictions. Whether settling in fiat or digital currency, users can transact globally with ease.5. Secure by designRedbelly’s Democratic Byzantine Fault Tolerant (DBFT) consensus algorithm ensures both security and efficiency without the risk of forks. Unlike traditional blockchains, Redbelly prevents double spending and fraud while maintaining network integrity—even under extreme conditions. Its leaderless structure eliminates bottlenecks, allowing for rapid and scalable performance.If a malicious node attempts to disrupt the network, Redbelly’s Polygraph would be able to catch it in the act, producing undeniable proof of fraud. This level of accountability would ensure the safety of your assets and transactions.6. Why Redbelly is the future of financeRedbelly Network isn’t just another blockchain. It’s a network built to empower both individuals and institutions with the tools to transact securely, transparently, and efficiently.From developers building decentralized applications to asset managers exploring new markets, Redbelly creates an environment where everyone can thrive.Unlike other networks that leave users guessing, Redbelly focuses on predictability and transparency. Transaction fees are stable, the user experience matches the simplicity of Web2 platforms, and the network scales effortlessly to meet growing demand.The launch of Redbelly’s Mainnet is just the beginning. With its distinct mix of speed, accountability, and real-world utility, Redbelly is poised to reshape the financial landscape and unlock new opportunities for users everywhere.Stay tuned for upcoming blogs in this series, where we’ll dive deeper into Redbelly's real-life use cases, including how it’s powering sustainable carbon markets, transforming real estate management with tokenization, and unlocking new financial opportunities across industries.

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what sets redbelly network apart

What Sets Redbelly Network Apart

Why use blockchain? Blockchains are useful for many things, and it can be tricky to define them in simple terms without a technical definition. There’s also a risk of oversimplification.How would you answer the question, “What is a database good for?” Let’s give it a go:Database: storing and retrieving data quickly.&nbsp; Distributed Ledger: storing, retrieving and updating an agreed source of truth. Consider this: by definition, centralised systems create data silos. Whereas blockchains are:&nbsp; Shared by default. Data is guaranteed to be accurate and available.&nbsp; Programmable by default. Blockchains don’t use separate APIs.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog30_cover_image_ecde723785/blog30_cover_image_ecde723785.webp"></figure>Better Management of "Digital" Assets One of the fundamental properties of modern computing is that data is straightforward to duplicate. The ability to copy and transmit information with stunningly low cost and high reliability was the very innovation that ushered in the information age. However, this generated a side-effect: when digitising something of value (an asset), the digital representation of the asset can also now be easily copied and transmitted.Here’s an explanation on how to manage digital assets:Consider a ‘digital’ asset to be an entry on a database representing $1 million.And now consider a physical asset being a bar of gold.<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/rbn1_jpg_9df188835e/rbn1_jpg_9df188835e.jpeg" alt="Asset's ability to copy and move"> A natively digital asset (aka “tokenised” asset) converges the best properties of both.NOTE: some in the industry use the word tokenised to mean an asset as a bearer-instrument. We use tokenisation here in the general sense to represent an asset deployed onto a blockchain, thereby giving it the programmable-source-of-truth property we desire.Fundamentally, an asset is a thing of agreed value by a group (network) of entities (companies, people), and such an asset can be represented on a ledger.Better Management of "Digital" Assets <img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/rbn2_20copy_png_2_c8afcd3a64/rbn2_20copy_png_2_c8afcd3a64.png" alt="Better management of assets">Better Management of Shared Processes In the same way, the current state of a process can be tracked and updated with a complete and agreed history of progress. Over time, this will also reveal external bottlenecks that can be targeted for further optimisation.<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/rbn3_20copy_png_dea2c91ed7/rbn3_20copy_png_dea2c91ed7.png" alt="Better management of shared processes">Using blockchain means the information about who owns what things of value is the same for everyone, i.e. the “truth” about the current state of affairs is indisputable.Why use blockchain? The critical insight here is that we can converge a (legal) product with its digital representation rather than having them separate. Take, for example, a new personal loan - the origination of a new financial asset. A distributed ledger can entirely represent the loan, including the terms and conditions, offer and acceptance, and history of repayments. Furthermore, now that this asset is programmable, it can be distributed (shared) with others, making it a trivial matter to bundle a group of such loans and resell them as new securities, with a full look-through back to the underlying asset for the investor, all perfectly synchronised within seconds. These securitised assets can then be traded further down the value chain by extending the ledger, and so it goes.Why use Redbelly? The <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/about-us">Redbelly Network</a> is a revolutionary open ﬁnance platform that embeds distributed ledger technology into the heart of ﬁnancial relationships. With a novel leaderless consensus mechanism, democratic byzantine fault tolerant (DBFT) consensus developed with The University of Sydney and CSIRO’s Data61, we can achieve high performance and guarantee the impossibility of forking and mitigate double spending with near-instant ﬁnality. This eliminates information asymmetry and dramatically increases efficiency, helping to build a fairer ﬁnancial system for all.The Redbelly Network is designed to focus on accountability. Accountability is enforced at a protocol level through a novel mechanism that constructs undeniable proofs of fraud - Polygraph; and at the functional level through an innovative identity layer that ensures all network participants are known.Through standards-based smart contract templates, real-world ﬁnancial relationships are deployed as Ricardian contracts on the Redbelly Network, thereby beneﬁting from reduced information asymmetry, considerable gains in efficiency, low and known transaction costs, as well as the accountability afforded by legal and regulatory enforcement that is required for any real-world ﬁnancial relationship.Using blockchain for an Executive Technology Strategy is crucial. Consensus-based data replication can be beneficial, particularly in managing digital assets, public information, and inter-business workflow. It’s no accident that the term smart contracts invites comparison with more prosaic “legal” contracts (although many in the blockchain space concur that smart contracts are a lot more like dumb programs). The critical difference is that they run autonomously, or in other words, across multiple nodes at the same time independent of any one operator, giving each node complete assurance that the data they see is the same as what their counterparties see.Redbelly has been designed to natively support the deployment of Ricardian contracts where a hash of the full legal agreement is referenced in a smart contract’s code to irrefutably link the real-world relationship (legal contract) with the execution of a subset of its rights and obligations (the smart contract). Templates of high-value financial relationships will aid in the ease of deployment. Our Ricardian contracts benefit from the automation, efficiency and transparency of smart contracts and provide real-world compliance and enforceability. In addition to the Ricardian contract templates, tools will be built to aid the development of novel relationships and programmed dependencies between existing relationships in a concept we call ‘value webs’.Staying RelevantThe benefits and potential have been <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/research">publicly recognised</a>:Paul Brody, Global Blockchain Leader, EY - “Blockchains will do for networks of businesses what ERP did for the single enterprise.”&nbsp;Hon Karen Andrews, Minister for Industry, Science and Innovation - “Blockchain is a technology with real potential to save businesses money and to open new business and export opportunities.”Centralised systems create data silos. Blockchain offers an alternative to APIs for data sharing.Remember, Blockchain enables business relationships to operate at the speed of consensus (mere seconds), which is much faster when you can rely on the information as soon as it appears.Message-based systems (APIs) work by your counterparty hiding information, and you need to trust what you're told.State-based systems (blockchain) work by your counterparty, showing you the information so you can see for yourself.

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why should ceos consider using the blockchain

Why should CEOs consider using the blockchain for their business?

Redbelly Network, the world's first public and purpose-built real-world asset tokenisation network, has announced the launch of both its testnet platform, a significant step towards its mainnet launch later in 2024, and the massive pipeline of assets it is working to move on-chain.Originating from academic research backed by CSIRO and the University of Sydney, Redbelly is the result of more than seven years of dedicated software and infrastructure development. This has been combined with the construction of a network of global partners such as node operators, exchanges and oracles.As interest in its innovative RWA solution has grown rapidly, multiple different tokenisation customers have explored how it solves the KYC, AML and CTF regulations in their own industries. Now these customers have signed contracts to participate in Testnet and bring a total of more than $73.8B USD in assets onto their chain. This would make Redbelly the number 1 global chain in terms of RWA TVL (total value locked) within the next year.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog4_cover_image_76680e9282/blog4_cover_image_76680e9282.webp"></figure>Redbelly has already announced publicly that both private equity and rent roll tokenisation solutions are being built for customers Liquidise and Hutly. Since those announcements, further use cases and commitments from existing customers have been secured, as well as agreements with several major new customers yet to be announced. This gives Redbelly a pipeline of more than 73.8 Billion dollars in assets to be moved onto its chain, more than the current RWA TVL of global networks such as Ethereum.Redbelly’s Executive Chairman Alan Burt says that this is a significant step forward not just for the business but also for tokenisation as a whole.“The growth benefits and operating efficiencies from real world asset tokenization continue to drive massive interest from the world’s most famous asset owners and issuers, as well as from wholesale, sophisticated and retail investors. It’s a trillion dollar opportunity for the right solution.We have built Redbelly from scratch, addressing all of the issues that prevent other networks from providing composable, compliant and open solutions, and the level of interest in our project is a reflection of the quality of what we have built.”Redbelly’s founder and CTO Vincent Gramoli, who spoke about Compliant Asset Tokenisation this month at the Google Cloud Summit, says that Redbelly’s focus on user identity and accountability is its biggest differentiator.“What we have built, and what users can today start to test for themselves, is the world's first public, purpose-built real-world asset tokenisation network. Yes it has multiple layers of market-leading security and yes it’s blazingly fast, but the biggest difference is that it has user accountability and identity built at its core.This means we enable asset owners, issuers and investors to work with their local regulatory frameworks and legal jurisdictions, not against them. We protect our users and their assets.”Plans are in place for tens of thousands of users to be onboarded onto the network over the next few months, as Redbelly’s customers and community get the opportunity to test and validate Redbelly’s exciting new technology. Alan Burt says that this is because it is the first time a compliant solution has been made a reality.“I could not be prouder, this is a huge deal for the team, our customers and the entire world of RWA tokenisation. We are now able to help bring all of the benefits of tokenisation to new markets, new customers, new investors, providing new liquidity and economic opportunity.By giving asset owners and issuers the compliant composability they need to meet their regulatory obligations, it's only by using our network that the global tokenisation vision can finally be realised.”

redbelly launches testnet announces pipeline

Redbelly launches Testnet, announces $73.8B+ pipeline

In the high value and high stakes world of real-world asset tokenisation, identity verification and user accountability are critical to the success of any network or protocol.In our last blog we talked about how verifiable credentials work to combat the risk of forgery and fraud by providing a model for digital identity that replicates physical credentials like passports and driver's licenses in a cryptographically signed digital format.This approach to proving identity and ensuring accountability will form the digital identity model behind our user-access dApp for Testnet and beyond, but we’re not stopping there. Our team has been working to extend the use of Verifiable Credentials beyond identity and into the world of asset-specific licensing for regulatory compliance.If we take financial services products as an example, long-established regulatory frameworks around the world require asset issuers to hold licenses that cover the types of products and services that they offer to customers. Examples of this are the need to hold a national or international banking license for OCC compliance in the USA, the authorisations needed from the Financial Conduct Authority (FCA) in the UK, and licenses such as the Australian Credit Licence issued by ASIC here in Australia.Investors are required to prove their identity but also to complete granular checks to qualify to invest substantial amounts in more complicated or higher risk assets. Whether you are a wholesale, sophisticated or retail investor, according to your license, and who you’re investing for, can dictate much of what and how and how much you can invest.Our unique composable architecture has been custom-built with exactly these challenges in mind. Just as our architectural components are composable around a core technology stack, so too can different verifiable credentials be ‘stacked’ together on Redbelly to create a digital identity that ensures the right users get the right access to the right assets.In the Australian market for example, a wholesale investor could buy tokens in a tokenised commercial property fund without having to provide further proof of their investor status outside of the blockchain transaction. A lending company could provide details of their Australian Credit Licence (ACL) and Australian Financial Services Licence (AFSL) when issuing a tokenised RMBS fund in order to raise further capital.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog5_cover_image_78109d8ae6/blog5_cover_image_78109d8ae6.webp"></figure>This ‘stacking’ approach works in the same way for all asset issuers needing to complete anti-money laundering (AML) and counter-terrorism financing (CTF) checks. As elements of the critical Know-Your-Customer (KYC) regime that businesses rely on heavily for legal compliance, these checks can be performed on customers using their provided stacked identity credentials, saving time, money and reducing risk.Ultimately, the impact of using this stacking of verifiable credentials as our model of digital identity enables Redbelly to provide a solution that works for both asset issuers and investors, because it can be extended into multiple different types of asset class, while incorporating compliance with regulations. It’s compatible both with the past and with the future, and it means the ability to create and sustain trustworthy markets full of known, licensed and accountable users. Only Redbelly is custom-built to enable these markets.Testnet is right around the corner, and the best way to prepare is to get your passport ready to be used to obtain Redbelly Access Credentials. We’ll be publishing step by step guides on how to access our network soon.

what are the different types of verifiable credentials and how can they be stacked

What are the different types of Verifiable Credentials and how can they be stacked?

As we have discussed <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/blog/identity-the-foundation-of-accountability-for-applications-in-distributed-systems">previously</a>, a strong foundation of digital identity forms the basis for effective accountability in distributed systems. We also made the case that accountability is necessary to bridge the potential of blockchain and distributed ledger technology to the needs of assets in licensed markets, i.e. “real world” assets.In this article, I will discuss verifiable credentials as a model for digital identity. Verifiable credentials are cryptographically signed pieces of digital information that can be used to represent the information found in physical credentials such as passports, driver’s licences, and national identity documents (or any other arbitrary credential) in the digital world. These credentials, when aggregated, begin to form a picture of an individual’s digital identity online.Most models of verifiable credentials adhere to the <a target="_blank" rel="noopener noreferrer" href="https://www.w3.org/TR/vc-data-model-2.0/">W3C standard</a>, which aims to define a specific, standardised data model that can be used for interoperable digital identity.How do verifiable credentials work? There are three key entities with important roles in a verifiable credential data model for digital identity:Issuer - the entity issuing the credentialHolder - the entity holding the credential and whose information is contained thereinVerifier - the entity looking to verify the legitimacy of the credential<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/How_20do_20verifiable_20credentials_20work_min_min_2af8d4a723/How_20do_20verifiable_20credentials_20work_min_min_2af8d4a723.jpg" alt="How do verifiable credentials work-min-min">At a high level, the Issuer will typically create the credential containing the relevant personal information about the Holder, sign it using a cryptographic key, and issue the credential directly to the Holder. The Issuer will also often write some data to a verifiable data registry that can serve as an independent mediator of identifiers, verifiable credential schemas, revocation registries, issuer public keys, etc. Often more than one type of verifiable data registry is used in such a digital identity ecosystem.Verifiers, such as businesses, can then request Holders to provide some data relating to their digital identity. For example, a business can request proof that the Holder meets specific eligibility criteria for the business’s product or service. The Holder can generate verifiable presentations and share them with the Verifier to make claims - i.e. to prove they possess verifiable credentials within their broader digital identity with specific characteristics.The Verifier can then use the contents of the verifiable credentials, along with referencing the verifiable data registry (if required), to independently verify the authenticity and integrity of the claim about the Holder’s digital identity.The Benefits and Potential of Verifiable Credentials Verifiable credentials provide many benefits over and above their physical counterparts. Firstly, verifiable credentials utilise cryptographic signature schemes, which often make them more trustworthy and tamper-evident than physical documents.Secondly, because of their digital nature, verifiable credentials and verifiable presentations can be sent and received extremely quickly and easily across the internet. This makes them much more convenient, flexible, and dynamic than their physical counterparts, enabling better user experiences when trying to establish trust between counterparties at a distance.With a strong foundation of being able to securely, flexibly, and dynamically share the information previously confined to physical documents in convenient ways, verifiable credential-based models of digital identity have the potential to revolutionise the way we handle personal data.In these models, the credentials sit with the Holder in a decentralised fashion, and, depending on the specifics of the implementation, can dramatically improve the degree of control, ownership, and agency of the data that makes up our digital identity.Furthermore, these models can dramatically reduce cost, inefficiency, and risk associated with businesses having to identify individuals and other businesses. The user’s digital identity can be used over and over again instead of needing to conduct repeated manual and costly point-in-time checks to verify the validity of a particular document when, for example, a user signs up for a new product or service.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog23_cover_image_db5a336188/blog23_cover_image_db5a336188.webp" alt="verifiable credentials"></figure>Drawbacks of Verifiable Credential Data ModelsDespite these advantages, there are drawbacks to models of digital identity built on the use of verifiable credentials. The same characteristics that make verifiable credentials convenient, flexible, as well as dynamic, create challenges in a digital identity context, specifically related to privacy.As the <a target="_blank" rel="noopener noreferrer" href="https://www.w3.org/TR/vc-data-model-2.0/">W3C </a>outline,“The persistence of digital information, and the ease with which disparate sources of digital data can be collected and correlated, comprise a privacy concern that the use of verifiable and easily machine-readable credentials threatens to make worse.”Despite these challenges, advances in privacy enhancing-technologies such as zero knowledge-proofs and other novel cryptographic signature schemes are proving to be a promising means to tackle some of these challenges with verifiable credentials and digital identity.Additionally, it is important to note that just because a given credential is verifiable, it does not guarantee the veracity or truth of the contents of that credential. There exists a significant trust vector between the Verifier and the Issuer. Notably, this trust vector is also present in the current analogue system of physical credentials and is a prerequisite for any future verifiable credential-based digital identity alternative.There is a world of possibility when it comes to combining a verifiable credentials-based digital identity data layer with a secure, scalable, and accountable blockchain such as Redbelly Network. In future articles, we will dive deeper into Redbelly Network’s verifiable credential based digital identity layer and explain how it can be used to solve problems of cost, inefficiency, and risk in our economy.&nbsp;About the Author: Matt is the Head of Product at Redbelly Network. He is passionate about leveraging distributed ledger technologies to scale the impact of solutions to solve super wicked problems. Matt has been working in startups and product management for more than 7 years turning product ideas into reality. He has a background in physics, philosophy, climate science and renewable energy.

verifiable credentials as a model for digital identity

Verifiable Credentials as a Model for Digital Identity

The recent Optus data breach illustrates the honeypot effect resulting from the “hyper” centralisation of personal data.By storing the personal information of millions of Australian customers in one place, on one local area network or within a single data centre, this company became the target of malicious hackers hoping to access valuable datasets by simply intruding into their system. The phenomenon is not new but has intensified in recent years. For example, Apple experienced a data breach in 2015, Alibaba and Facebook in 2019 and Linkedin in 2021. This is an important problem given that these personal data could allow anyone who gets them to impersonate a customer when interacting with private or even public services.<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog29_cover_image_b9026f0f40/blog29_cover_image_b9026f0f40.webp" alt="Secure Protocol">The Redbelly Network SolutionRedbelly Network operates in a regulated environment where users have credentials based on their personal information that allows them to access some financial services. The access to personal information should both be reliably stored and remain private. To this end, Redbelly combines a decentralised solution, which avoids the honeypot problem, with a verifiable secret-sharing scheme, which guarantees any user can retrieve their personal credentials from the networks. Redbelly removes the technical barriers that for years undermined mainstream blockchain adoption so you can build on a stable platform you trust.DecentralisationThe solution to the honeypot problem is decentralisation. The user splits their secret information into chunks, such that each chunk taken individually does not reveal the secret. By distributing these chunks at different places/institutions, the only way for a hacker to learn the secret would be to hack all these places and retrieve enough chunks to solve the puzzle that leads to the secret. The cost the hacker has to pay to retrieve the secret becomes suddenly prohibitive: the hacker has to hack many places, and if few of them resist—say because they use a different OS/software that does not inherit the expected vulnerability—then all their efforts would be wasted. Hence, distributing the chunks reduces the attractiveness of hacking the secret.A Simple Mathematical ExampleFor example, think about the secret that can be expressed mathematically as an equation, say y = 2x − 1, representing the set of points (x, y) located on a straight line as depicted in Figure 1. We can select three points located on this line whose coordinates (x, y) satisfy the equation, say (1, 1),(2, 3),(3, 5). One can verify that any of these points, say (2, 3), is on the line because x = 2 and y = 3 satisfy the equation y = 2x − 1 = 2(2) − 1 = 4 − 1 = 3. These points play the role of the chunks of the secret. If you have only one point, then this point does not tell you much about the secret since there are an infinite number of possible secrets that have this chunk. This is directly implied by the fact that an infinite number of lines cross a single point.Retrieving Private DataThis decentralisation technique solves the honeypot problem. However, the owner of the secret may also want to retrieve its secret later on. This is typically needed when a user wants to prove to a new service provider that they have the credentials to access this service. If some chunks are inaccessible (e.g., the node hosting this chunk is unreliable), then the user will not be able to reconstruct the secret. We know since 1980, thanks to Pease, Shostak and Lamport that n nodes communicating over the internet cannot agree on the same value if n/3 or more of them are malicious. Fortunately, Redbelly is resilience optimal, this means that n of its governors will agree on the same block as long as less than n/3 of them are malicious. So let us see how one can retrieve the secret in the same model.For the sake of simplicity, consider a very small network with only n=4 governors. Each user splits their secret into 4 chunks and distributes them to the 4 governors. As Redbelly is resilience optimal, it tolerates the presence of 1 malicious governor among the 4. It turns out that this single malicious governor cannot retrieve the secret: as we said above, a single point does not reveal much about the secret. The user cannot expect the malicious governor to give back the chunk, which is not a problem. The good news is that the user simply needs 2 points to retrieve the secret because any pair of distinct points is sufficient to retrieve their unique straight-line equation. So in the worst case, the user simply has to contact 3 governors to retrieve the secret.Verifiable Secret SharingMore generally, the user can request the chunks hosted by 2ƒ+1 governors by authenticating themselves to an identity provider where ƒ is the number of malicious (or faulty) governors. As 2ƒ+1 among these 2ƒ+1 governors are correct (neither malicious nor faulty), the user will be guaranteed to retrieve at least ƒ+1 chunks, which is sufficient to retrieve the secret. To access a service, the user simply has to prove that they have the necessary credentials without the service provider storing the secret. But how did Redbelly generalise this solution to the large networks in which it operates? The solution is called verifiable secret sharing: The simple example with the line can now be made arbitrarily more complex with polynomials. In particular, if we use a polynomial of degree ƒ as the secret, then we would need to retrieve ƒ+1 points to find the secret via polynomial interpolation, and no coalition retrieving ƒ points would be able to retrieve the secret.To summarise, Redbelly Blockchain combines its inherent decentralisation property with a verifiable secret-sharing scheme in order to safely store and retrieve the personal information of its users while mitigating the risk of data breaches.Redbelly Blockchain results from more than

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how redbelly avoids data breaches

How Redbelly Avoids Data Breaches

Our financial system is too opaque, inefficient, and inaccessible and does not do enough to prioritise people. As we’ve discussed in previous articles, DLT can help solve our current financial system's opaqueness, inefficiency and inaccessibility.This is done by breaking down silos; the automation and disintermediation of manual, inefficient and thus expensive processes; and by providing access to certain kinds of financial products and services previously reserved for a select few.Blockchain technology, particularly its application to decentralised finance (DeFi), has demonstrated a degree of innovation we rarely see in finance. From decentralised exchanges that provide a non-custodial, 24/7 availability, cheap source of liquidity, to peer-to-peer borrowing and lending protocols, DeFi has shown us a glimpse of the potential of implementing finance as code.<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog28_cover_image_f3d00d0c85/blog28_cover_image_f3d00d0c85.webp" alt="The next frontier">“Code as law” is flawed thinking; it lacks accountability.Yet, in spite of this demonstrated potential, there are limits to how far we can (or should) push this principle. We should not look, for example, to replace entire legal contracts with smart contract code - <a target="_blank" rel="noopener noreferrer" href="https://www.artificiallawyer.com/2021/09/27/law-isnt-code-and-thats-a-good-thing/">code should never replace the law</a>. Code would be a blunt instrument to implement the essential subjective and non-precise notions core to ensure accountability in our legal and regulatory systems. Examples include intentionality, accidental action, or accounting for unexpected events.Absolute outcomes work well for certain applications and business logic, and code certainly has a lot of value in improving the efficiency of existing processes. Still, fundamentally humans are not machines, and when legal agreements involve human beings, there will be a need to account for non-precise concepts, actions, intentions and circumstances.Current blockchain technologies have no native accountability. Despite the transparency that the technology affords, the pseudonymity of network participants and the focus on applications that maximise censorship resistance make most blockchain technologies incompatible with the accountability required to facilitate real-world financial products and services. Whilst censorship-resistant technologies certainly have their place, the recent <a target="_blank" rel="noopener noreferrer" href="https://cryptoslate.com/op-ed-is-ethereum-now-under-u-s-control-99-of-latest-relay-blocks-are-censoring-the-network/">OFAC sanctions of Tornado Cash-linked addresses on Ethereum</a> may have demonstrated the ineffectiveness of this pursuit at all costs.The ability to hold people accountable for their actions, whilst certainly imperfect, is a core strength of the legal and regulatory systems which underpin confidence in regulated markets. We should therefore be looking to preserve and enhance these strengths. By marrying them with the strengths of blockchain and DeFi we can drive value creation in the existing financial system. Essentially, having the backstop of the rule of law should be seen as the desired strength, not something to be worked around or avoided.Untapped ValueFurthermore, the vast majority of value exists in the regulated “real world”. Global stock and bond markets have a market capitalisation well in excess of USD$100 trillion, whereas the cryptocurrency market currently has a market capitalisation of just under USD$1 trillion. Financial products and services are regulated precisely because they have significant value. They pose both systemic risk to economies and personal risk to participants in those markets and, ultimately, all of us. Given this, there is a vast amount of untapped value to be unlocked using blockchain and distributed ledger technology to improve the transparency, efficiency, and accessibility of regulated financial products and services. We’ve demonstrated the potential of the technology; now, we must look to apply this potential to the places where the value sits to solve the real problems that exist there. This is the next frontier for the blockchain sector.<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/rbn2_8b5e01b270/rbn2_8b5e01b270.webp" alt="rbn2">Bridging the GapThe question, then, is how might we bridge the gap between what public blockchains and DeFi can do and what assets in regulated markets need?Most financial products or services require some combination of the following processes to be performed to facilitate their value proposition, ensure compliance, and mitigate risk:Identification: ensuring that counterparties are known to one another, and each meets their respective eligibility and offering requirements.&nbsp; Performance: how the rights and obligations of each counterparty, which are defined in a contract, are met.&nbsp; Pooling &amp; Issuance: how groups of assets are pooled together into different tranches of risk and subsequently issued as securities to investors that give them the right to future cash flow of the underlying pool of assets defined by the terms of the security.&nbsp; Trading: how holders of securities can access liquidity for optionality over their position.At Redbelly, we aim to leverage our innovative technology to build products and tools that increase transparency, efficiency, and accessibility. We aim to commoditise and open-source them and then incentivise their adoption. This will form, we believe, the foundations of the bridge.ConclusionThere remain many challenges to overcome, including but not limited to: user experience challenges for both individuals and enterprises; appropriately balancing transparency with privacy; different degrees of standardisation across various financial products and services; compliance with regulations not designed with future technological compatibility in mind; and many more.But by starting from a basis of accountability, a fundamental belief that actors should be able to be held accountable for their actions in any well-functioning financial system, The <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/whitepaper">Redbelly Network</a> is well placed to become the accountable blockchain for the “real world”. From this basis of accountability, we can hope to improve the transparency, efficiency, and accessibility of regulated financial products and services.In future articles, we’ll explore the identification, performance, pooling &amp; issuance, and trading processes work and how The Redbelly Network plans to implement products and tools to help solve real-world problems.

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accountability blockchains next frontier

Accountability, blockchain’s next frontier

Redbelly recently engaged Blockchain experts <a target="_blank" rel="noopener noreferrer" href="https://www.hashlock.com.au/">Hashlock </a>and <a target="_blank" rel="noopener noreferrer" href="https://tesserent.com/">Tesserent </a>to perform expert validation and testing of our Blockchain.Hashlock ResultsThe first report is the independent audit by blockchain and smart contract security auditing experts <a target="_blank" rel="noopener noreferrer" href="https://www.hashlock.com.au/">Hashlock</a>, focusing on a penetration test of our network and a smart contract code level audit. Results were summarised as follows:"After our audit and analysis, we found the code follows simple logic, with correct and detailed ordering.Smart Contracts: Hashlock found: 20 High severity vulnerabilities, 16 Medium severity vulnerabilities, 28 Low severity vulnerabilitiesLayer 1 Network: Hashlock found: 5 High severity vulnerabilities, 12 Medium severity vulnerabilities, 45 Low severity vulnerabilitiesAll issues identified have since been resolved, actioned, or acknowledged and then re-reviewed. All issues uncovered during automated and manual analysis were meticulously reviewed and fixed."The full report is now available <a target="_blank" rel="noopener noreferrer" href="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Pdf/Hashlock_20_Revised_20_Smart_20_Contract_20_Audit_Apr_202024_97703eccfe/Hashlock_20_Revised_20_Smart_20_Contract_20_Audit_Apr_202024_97703eccfe.pdf">here</a><figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog8_cover_image_669b027e76/blog8_cover_image_669b027e76.webp"></figure>Tesserent ResultsThe second is the infrastructure assessment by blockchain security experts <a target="_blank" rel="noopener noreferrer" href="https://tesserent.com/">Tesserent </a>assessing our network against globally recognised <a target="_blank" rel="noopener noreferrer" href="https://www.cisecurity.org/">CIS </a>Benchmarks for Internet Security, reviewing our current architecture and extant security posture in detail. Results were summarised as:"Tesserent conducted a thorough security review of the cloud nodes with evidence&nbsp; collected through a variety of mechanisms. Both GCP and AWS environment were&nbsp; assessed.Findings: 1 High Risk, 3 Medium Risks, 7 Low &nbsp;After the presentation of the assessment report, Redbelly initiated remedial activities, addressing the identified high-risk issues, and providing evidence of resolution back to Tesserent.Medium and Low risks unrelated to the configuration of the golden images will be remediated in accordance with Redbelly's risk management practices."The full report is now available <a target="_blank" rel="noopener noreferrer" href="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Pdf/Redbelly_20_Network_20_20_Security_20_Architecture_20_Review_20_20_February_202024_20_V1_0_5f4b730d17/Redbelly_20_Network_20_20_Security_20_Architecture_20_Review_20_20_February_202024_20_V1_0_5f4b730d17.pdf">here</a>

tesserent and hashlock security audit results announced

Tesserent and Hashlock Security Audit Results Announced

The lack of accountability in the blockchain is now a thing of the past. With researchers from Australia, France, Singapore and Switzerland, Professor Gramoli, CTO of the Redbelly Network, designed an automated way of generating proofs of fraud on the fly within a blockchain network.This was done through a series of innovations published in top scientific conferences of distributed computing and security between 2019 and 2022. Some of these scientific articles received the Best Paper Award of the conference, in which they were published among hundreds of submissions. This demonstrates a vital interest of the scientific community for accountability.Why Accountability MattersIn classic blockchains, most attacks go unpunished. This is a direct consequence of their inherent forking design. For example, a double spending attack occurs when the blockchain forks into multiple branches containing conflicting transactions. Of course, these conflicts are problematic, so classic blockchains would simply erase some of these branches to guarantee that the blockchain converges towards a chain again. As a result, if an attacker successfully double spends, then the very same transactions causing the double spending will vanish. This makes it hard to detect double spending, let alone identify the attacker responsible for a double spending attack.Among double spending attacks detected, Bitcoin Gold lost US$18M in 2018, and Ethereum Classic lost US$6M in 2020, so we know the risk is significant. The problem is that there is no built-in mechanism to guarantee that one can identify the attacker responsible for the attack. If one could instead guarantee that any misbehaving participant would be detected and punished, then there would be a natural incentive for every participant to behave. The sole existence of an accountability mechanism in the blockchain protocol could be sufficient as a threat to make the blockchain safer. <img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog27_cover_image_ce7235ebe2/blog27_cover_image_ce7235ebe2.webp" alt="What is blockchain accountability">Research Achievements in AccountabilityStarting in 2019, Civit, Gilbert and Gramoli <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/research">defined </a>the notion of accountable consensus. The definition of the accountable consensus problem is to solve the consensus problem or to guarantee that if an attacker manages to double spend, then this attacker will get caught. Although it might seem simple, this is a powerful incentive for any rational participant to behave. They proposed a solution to this problem that was proved correct and shown practically in a large scale environment. The idea is an accountable consensus protocol that requires participants to sign the key messages that let participants converge to a consensus. Since double spending is the expression of a disagreement, these signed messages can be cross-checked to identify the cause of the disagreement. As their sender signs them, it becomes easy to identify the sender who has sent conflicting messages. This idea was published in the proceedings of the 34th International Symposium on Distributed Computing (DISC) in 2020, and a more extended version was published in the IEEE 41st International Conference on Distributed Computing Systems (ICDCS) in 2021 [1].In more recent work, Ranchal Pedrosa and Gramoli showed how this technique could be integrated in the first version of the Red Belly Blockchain to automatically generate some undeniable proofs of fraud and exclude the guilty participants from the participants executing the consensus protocol. They proposed a protocol called TRAP [2], and showed that one could leverage rewards to incentivise participants to play the role of undercover cops, pretending to join a coalition of participants simply to punish these guilty participants. The idea went further and forced consensus participants to deposit some stake that would be given back to the victim of double spending should they be proven guilty. This brought the security of blockchains to a new level. TRAP has been published in the proceedings of the 17th ACM ASIA Conference on Computer and Communications Security (AsiaCCS) in 2022.In 2022, Gilbert, Gramoli, Guerraoui, Komatovic, Milosevic and Seredinschi demonstrated in their publication entitled "Crime and Punishment in Distributed Byzantine Decision Tasks" [3] that accountability could be introduced in other decision tasks beyond consensus. And the same year, some of these authors proposed an optimal but simple way to make any consensus protocol accountable in a publication entitled "As easy as ABC: Optimal (A)ccountable (B)yzantine (C)onsensus is easy!" [4]. This result offers the possibility for any blockchain system to become robust in the face of a coalition attack. Both articles were published at scientific conferences and received the Best Paper Awards out of around 1000 submissions. These awards are evidence that the international scientific community recognises these results as solving major distributed computing problems. Blockchain for High-Value AssetsSecurity is of paramount importance for <a target="_blank" rel="noopener noreferrer" href="https://hs.redbelly.network/about-us">Redbelly Network</a>, as previous posts described how its consensus protocol was formally verified or how its storage solution mitigates data breaches. The notion of accountability is bringing blockchain security to a new level by disincentivising participants to misbehave. Redbelly Network is thus &nbsp;the platform of choice for high-value assets that should be kept from being stolen or lost.&nbsp;<hr>References[1] Polygraph: Accountable byzantine agreement. P Civit, S Gilbert, V Gramoli. IEEE 41st International Conference on Distributed Computing Systems (ICDCS), 2021.[2] TRAP: The Bait of Rational Players to Solve Byzantine Consensus. A. Ranchal Pedrosa, V. Gramoli. 17th ACM ASIA Conference on Computer and Communications Security (AsiaCCS), 2022.[3] Crime and Punishment in Distributed Byzantine Decision Tasks. P. Civit, S. Gilbert, V. Gramoli, R. Guerraoui, J. Komatovic, Z. Milosevic, A. Seredinschi. 42nd IEEE International Conference on Distributed Computing Systems (ICDCS), 2022, Best Paper Award.[4] As easy as ABC: Optimal (A)ccountable (B)yzantine (C)onsensus is easy! P. Civit, S. Gilbert, V. Gramoli, R. Guerraoui, J. Komatovic. 36th IEEE International Parallel &amp; Distributed Processing Symposium (IPDPS), 2022, Best Paper Award.

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what is blockchain accountability and why it matters

What is blockchain accountability, and why it matters?

With the new release of Redbelly Network, blockchain has entered a new era: collaboration. Since its inception, the blockchain protocol has always been built on competition: as only one of the validator nodes could win the lottery by imposing its block to the rest of the system. This competition led to adversarial effects over time. With the number of validators entering the competition increasing, due to the built-in incentives, so did the amount of wasted resources. As a result, performance would never increase with more validators.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog3_cover_image_cb4da29041/blog3_cover_image_cb4da29041.webp"></figure> Back in 2021, the original Redbelly paper was published in the flagship security conference, IEEE S&amp;P [1], to present a collaborative alternative that would allow blockchain to scale. The idea, also called the superblock optimisation, is very simple and was already discussed in an earlier <a target="_blank" rel="noopener noreferrer" href="https://gramoli.github.io/2024/01/19/why-blockchains-were-actually-centralised.html">blog post</a>. In short, what if, instead of having a competition between validators resulting in a single block among thousands of proposed blocks, we could leverage a collaboration among these validators that would then combine all the acceptable blocks into a Superblock? Back then, we already knew that this collaboration was key to achieving scalability. After all it makes sense; if you append a superblock that results from the combination of as many blocks as you have validators, then the number of transactions you can commit per unit of time will grow linearly with the number of validators. In particular, the research prototype of Redbelly Network at the time scaled to one thousand machines spread all over the world, the largest blockchain experiments ever made at the time. Moreover, the performance this blockchain delivered on only 300 nodes was around 660,000 transactions per second.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog3_61cd5b35c2/blog3_61cd5b35c2.png"></figure>Now turning a research prototype into a production system is not an easy task, and one problem we faced was: How can all validators that contribute be rewarded? Traditional blockchains reward only the contributing validator with the fees of the transactions within its block. With the Superblock optimisation, you would then need to reward hundreds if not thousands of validators for their contributions each time there is a new Superblock. It would be unfair for Redbelly not to reward all these validators simply because they are too many. After all they are the ones offering resources to make Redbelly scale where other blockchains would simply become congested. Today, we have finally solved this problem. Under high load, our system batches the large reward distributions as part of consecutive blocks to activate them all at once. More particularly, the blockchain stores in the header of each block how the transaction fees should be distributed to all validators (candidates and governors) of the Redbelly Network. The system then distributes the transaction fees approximately every 1000 seconds (~16 minutes and 40 seconds) by comparing the timestamp of each block to the current time. This way, we get the best of both worlds: Redbelly Network scales well by benefiting from this collaboration but also the transaction fees are rewarded without delaying the creation of new blocks. [1] <a target="_blank" rel="noopener noreferrer" href="https://gramoli.github.io/pubs/redbellyblockchain-oakland21.pdf">Red Belly: A secure, fair and scalable open blockchain</a>. T Crain, C Natoli, V Gramoli. IEEE Symposium on Security and Privacy (S&amp;P), 466-483, 2021.&nbsp;

blockchain has become collaborative

Blockchain has become collaborative

Blockchains differ from traditional accounting ledgers in that they use decentralised technology to ensure transparency, security and immutability.Unlike a traditional banking ledger, typically controlled by a centralised entity, a blockchain is a decentralised ledger system that is maintained on a distributed network of computers called nodes that work together to uphold the system.The decentralised nature of the technology has appealed to a growing decentralised community due to the trust, transparency, empowerment and inclusion it provides, as opposed to traditional centralised systems. Unfortunately, the traditional systems used by financial institutions can be prone to fraud or hacks due to their central point of failure. Blockchain transactions, however, are validated by a network of nodes to achieve consensus.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog16_cover_image_d4d3bebcf1/blog16_cover_image_d4d3bebcf1.webp"></figure>But what happens when these nodes don’t act in the interest of the wider network?The anonymous nature of blockchains offers a layer of security for those rogue participants. Without the notion of accountability, many of these attacks go unpunished. The purpose of accountability is to elevate blockchain security, discouraging participants from engaging in misconduct.If more blockchains built accountability into their underlying consensus mechanism, this would work as a way to identify the nodes responsible for malicious activity, and there would be more suitable options for the tokenisation of Real World Assets. However, there are few blockchains prioritising accountability in such a way as yet.Redbelly Network stands out as the preferred platform for safeguarding high-value assets against theft or loss. Despite its open nature, Redbelly believes in accountability over anonymity, ensuring genuine user interactions by requiring users to be verified with identity credentials. As Easy As ABCMost people in the decentralised community are inherently sceptical of authentication processes that involve securing an off-chain identity that can be verified on-chain. Rightfully so – much of the allure around transacting in Web3 environments is centred around decentralisation. Leaving room for third party services to play a role in this process doesn’t resonate with everyone.A solution to the problem would be an accountable consensus, which would require network participants to sign key messages. These key messages would then be cross-checked. In the event of a double spend attack, which would lead to the chain’s disagreement, the entity behind the action would be easier to identify.Accountable Byzantine Consensus (ABC) is a way to achieve this – instead of treating the base consensus as a “black box,” ABC exposes the network participants that have submitted faulty messages. Research shows that the accountable confirmer does not worsen the communication complexity of the protocol, but rather solves the Byzantine consensus problem.The Multi Trillion Dollar ContextWhat if the goal of the decentralised community of market participants is to build a revolutionary new tokenised class of regulated assets that host trillions of dollars in value? With this audacious goal, the premise of security and accountability at the consensus level is not something that can be ignored.The tokenisation of Real World Assets (RWAs) is a concept that has recently garnered interest from heavy-weight institutional players like Blackrock, Goldman Sachs and Morgan Stanley, who have shown an appetite for exploring this market.But if there’s one thing that sceptics of this new world of Web3 have a right to be concerned about, it’s the security of blockchains. The concern lies in the threat that those users that ensure the validity of the chain may also misuse their power. This threat cannot be understated in the context of storing high value regulated assets, where there can be no single point of failure or else trust is destroyed.Accountability at the consensus level is an effective way to ensure that all network participants work in the blockchain’s favour. As a result the risk of a coalition attack is vastly reduced.Redbelly vs The Rest Existing systems of accountability in many of the popular blockchain networks rely on ‘zero trust’. Zero trust is where participants are by nature inclined to act in their own interests but without proving their identity.Bitcoin, for instance, does not require identifying information of its users. In the early days, this led to the leading digital asset earning a reputation for being the dark web’s so-called ‘go-to currency for trading illicit goods’. Today, as the digital asset market has evolved into something far bigger with wider use cases and adoption, the pseudo-anonymous nature of Bitcoin is problematic for a different reason. The lack of accountability.The Redbelly Network offers a solution by enforcing accountability at the protocol level. The blockchain’s consensus mechanism constructs proofs of frauds called “Polygraphs” if network participants attempt to fork the chain, and incorporates an identity layer that ensures all network participants are known.Off-chain digital identity providers ensure that users are who they say they are before getting write access to the network. Anyone, as long as they can prove they are a real person and are not impersonating someone else, can get access. Once onboarded, users will be able to acquire and use their own set of verifiable credentials to prove claims about themselves without revealing any personal information to verifiers using a zero knowledge proof based solution.In a way, this might take the glamour out of transacting in a completely anonymous blockchain environment. However, it opens the doors for decentralised markets to facilitate high value financial transactions and host tokenised, regulated assets.A Future-Proof Solution for RWA TokenisationMany traditional blockchains typically emphasise censorship resistance. Whilst most blockchains are concerned with front running or double spend attacks as a standard, there is still much to be done to address these concerns in a way that solves the problem.Redbelly Network is permissionless, and enforces accountability at the protocol level, which is a viable solution when facilitating high value transactions and tokenisation of Real World Assets (RWA). Both institutions and retail investors are alike in the sense that they need a secure, reliable and compliant solution for these complex processes and regulated assets; Redbelly Network is the answer.Many traditional blockchains weren’t constructed with the notion of punishing malicious nodes, and simply weren’t created with the goal of hosting high value financial transactions.Without the important aspect of accountability, many of these traditional blockchains will likely be the subject to regulatory scrutiny. This includes a landscape where ownership, ‘Anti-Money Laundering’, ‘Counter Terrorism Financing’ and ‘Legal Jurisdiction’ laws must be obeyed.Decentralised market participants will soon have to face the glaring reality that the next cycle of real wealth generation in the space won’t be driven by retail investors. Rather wealth generation will be driven by institutions looking to take their regulated, tokenised assets on-chain. Embracing a forward-thinking layer 1 chain that incorporates that crucial element of accountability at the protocol level will be the first step in the right direction.Join us as we pave the way for the future with compliant asset tokenisation, a solution that is built to last.

accountability

Blockchain Accountability: The theory, the promise of Web3 and the gap to the regulatory reality

Supporters and sceptics alike share a common belief that for Web3 to thrive, it must demonstrate its capacity to address practical, real-world challenges. Blockchain, cryptocurrency and Web3 ecosystems have demonstrated their capability to tackle these issues with varying levels of success, because not all blockchains are created equal.To enable mass adoption in the future, Web3 solutions must possess a foundation of trustworthiness, reliability, and crucially, speed.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog18_cover_image_47e67ac87b/blog18_cover_image_47e67ac87b.webp"></figure>The importance of instant finality&nbsp;Finality is the guarantee that cryptocurrency transactions cannot be altered, reversed, or stopped. The two types of finality - ‘Instant Finality’ and ‘Delayed Finality’ - refer to the speed at which transactions are considered irreversible on a blockchain and can be confirmed to all parties. These two versions of finality play a pivotal role in determining the overall customer experience (CX) of a layer 1 blockchain network and whether users trust it. Instant finality provides users with the assurance that their transactions are immediately and irrevocably recorded on the blockchain. This rapid confirmation means confidence for users, eliminating the need to wait for multiple block confirmations that are characteristic of delayed finality systems. The resulting trust is particularly beneficial for businesses aiming to build customer experience centric applications on a layer 1 blockchain. Instant finality significantly enhances CX by minimising transaction confirmation times, allowing users to interact with the blockchain in real-time, resulting in a seamless transaction like those they might experience in the Web2 world. Compare this with traditional public blockchains which require mining for transactions to be finalised through block matching, or voting for a supermajority on the validity of a proposed block. That takes time, sometimes hours. One very famous public blockchain recently stopped finalising blocks at all, twice, earlier this year. Delayed finality is fine for users buying something online of low economic value, or with minimal time constraints. For long-term financial investment in equity in a private business, or for selling a multi-million dollar fractionalised property fund into new global markets, delayed finality is simply unacceptable. When the value of the transaction is high, how can we expect users to sit and wait and see if the transaction has been corrupted, hacked or changed by bad actors?What’s forking got to do with finality?&nbsp;&nbsp;The problem with many traditional blockchains is forking. Forking occurs when the blockchain separates into many routes, creating multiple, conflicting iterations of the transaction history. This causes delays in finality, and makes determining the correct version difficult.A loss or delay in finality can result in security issues like reorgs. Reorgs happen when multiple blocks are generated simultaneously, often due to software glitches or malicious attacks. This situation temporarily creates an alternate version of the blockchain, complicating the process of confirming the success of transactions, while the original blockchain version remains in existence. Delayed finality leads to:Uncertainty in transaction success.&nbsp; Increased risk of double spending during the delay.&nbsp; Slower settlement times for financial transactions.&nbsp; Reduced security and trust in the blockchain network.&nbsp; Disruption of smart contract operations.&nbsp; Eroded user confidence in the blockchain ecosystem.Instant finality reduces the complexity of transaction tracking and reconciliation. Verifying the status of transactions is simple and avoids concern about potential forks, leading to improved user satisfaction and trust in the network.Layer 1 blockchains that offer instant finality achieve this through advanced consensus mechanisms. Redbelly employs the leaderless Democratic Byzantine Fault Tolerant (DBFT) consensus algorithm to prioritise speed and security, ensuring that finalised transactions are immediately added to the blockchain.As a Layer 1 blockchain, Redbelly offers instant finality, with no chance of forking or rollbacks, meaning that a transaction on any blockchain project in the Redbelly ecosystem is finalised within seconds. Once a transaction is confirmed, it will never roll back. This guarantee ensures complete trust and reliability, making it ideal for high-value use cases where there is no room for error and time is of the essence. Failed historical attempts to fix&nbsp;Over the past decade, as the problems of delayed finality have become more apparent, several different ways of solving this problem have been attempted.Some blockchain solutions have tried using intermediary d’Apps or Layer 2 hacks to replace the bottlenecks in the consensus mechanisms which slow down the network. However, that just adds complexity and cost to a process that customers need to be fast, simple and trustworthy.It’s not surprising that traditional public blockchains have struggled to gain significant traction and adoption for use with regulated real world assets. &nbsp;This is partially due to consensus surrounding agreement of nodes and resulting order of transactions on the proposed block.Classic blockchain consensus often involves fierce competition, where participants propose and vie to impose their own blocks on the system. In this competitive approach, only one participant succeeds. This is a waste of resources as only one participant succeeds and others fail.In contrast, Redbelly takes a collaborative path to consensus, with participants combining distinct transaction sets into leaderless superblocks. This method increases transaction commitment per consensus instance, improving scalability and overall performance.Redbelly's consensus is marked by collaboration rather than competition, uniting blocks from various participants into a single superblock appended to the chain at a much faster rate.Moreover, Redbelly's implementation includes sharded verification. Unlike conventional blockchains where nodes typically verify the same transactions, sharded verification distributes computational load among different verifiers. Each transaction signature is verified by at least t+1 and at most 2t+1 verifiers, based on the maximum number of tolerated faults (t). Superblock optimisation and sharded verification together amplify the scalability of Redbelly Network particularly in relation to regulated real world assets.Why Redbelly?&nbsp;Redbelly Network runs on the only formally verified blockchain consensus protocol. Only our consensus has undergone rigorous testing and been formally verified by computer science experts to be secure and reliable.As a single source of truth, Redbelly dramatically reduces the cost impacts of slow processes, meaning you can increase speed and efficiency and reduce cost, without reducing risk.Unlike many other blockchains, which often focus on speculative asset trading and fringe cryptocurrencies, Redbelly Network focuses on real-world, high-value assets in regulated markets. This makes Redbelly Network an ideal choice for businesses, enterprises and blockchain projects requiring a secure, decentralised platform for asset tokenisation.Redbelly not only believes in blockchain’s ability – we have developed solutions that solve real world problems in a compliant way. That’s a big part of what Web3 is about, democracy of access and opportunity, combined with the ownership of our own assets and our own data, and we believe it's a virtuous cause.Redbelly’s Compliant Asset Tokenisation (CAT) solution improves access, liquidity, choice and efficiency. The solution fixes traditional blockchain issues of delayed finality, anonymity, security and slow throughput to create compliant block space for on-chain tokenisation of high value assets. That’s why we’re going to become the leading blockchain for the next generation of Web3 applications and other blockchain projects.

finality

Instant vs Delayed Finality and its effect on user trust

Blockchain technology has come a long way since its inception in 2009. As the technology has evolved, so too have the demands of businesses and developers looking to leverage the power of blockchain in various use cases and blockchain projects. However, with so many different blockchain platforms available, it can take time to determine which one is best suited to a particular blockchain project. This blog will explore why <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/">Redbelly Network</a> is a groundbreaking option for developers and ecosystem partners looking to build blockchain projects or to incorporate decentralisation in existing applications for transparency, immutability and enabling users to have self-custody of assets.1. Fast and Highly Scalable One of the critical features of Redbelly Network is its high-speed transaction processing capabilities. Diablo benchmarking has seen Redbelly Network outperform Algorand, Avalanche, Diem, Quorum and Solana on real workloads. Redbelly Network is highly scalable and ensures that users never have to wait for their transactions to complete on any blockchain project in the Redbelly ecosystem, even during high-demand periods. The speed is faster than many existing payment networks, making Redbelly Network an ideal choice for Web3 developers and businesses looking for fast and reliable transactions in building their blockchain projects.2. Near Instant Finality and No Fork Guarantee Redbelly offers near-instant finality, with no chance of forking or rollbacks, meaning that a transaction on any blockchain project in the Redbelly ecosystem is confirmed within seconds. Once a transaction is confirmed, it will never roll back. This guarantee ensures complete trust and reliability, making it ideal for high-value use cases where there is no room for error and time is of the essence.3. The Only <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/blog/formal-verification">Formally Verified</a> Blockchain Consensus Protocol Redbelly Network uses a consensus protocol that experts in computer science have formally verified. Meaning that the consensus protocol has undergone rigorous testing and is secure as well as reliable. This formal verification is essential for businesses and blockchain projects that require high levels of security and reliability in their applications.4. Predictable and Constant Gas Fee Gas fees are a common pain point for users of blockchain projects on Ethereum and other blockchains, as they can vary widely depending on network demand. With Redbelly Network, gas fees are predictable and constant (calculated in USD and not in native tokens), meaning that users, developers and businesses never need to worry about paying more when the network is in demand. This assures users, developers and businesses that their transaction costs will remain constant and predictable, making it easier to budget when planning for blockchain projects.<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog24_cover_image_316aad4380/blog24_cover_image_316aad4380.webp" alt="Why Build Blockchain Projects On Redbelly">5. EVM Compatible Redbelly Network is EVM compatible, meaning developers do not need to learn a new language to build on the Redbelly Network and can use Solidity and other Ethereum focused tools as well. This makes adding support for the Redbelly Network ecosystem to existing applications, blockchain projects and platforms that are seeking a multichain strategy, easy.6. Native Key Recovery Support Redbelly Network offers native key recovery support, which ensures that users can recover their keys in the event of a loss or theft. This feature provides added security for users and blockchain projects and makes it an attractive option for businesses that require high levels of security and protection for their assets.7. Native User Identity RequirementRedbelly Network has a native user identity requirement, ensuring that all network users are known and compliant. This feature provides added security and ensures that high-value applications and blockchain projects can be built on the network, bringing decentralisation to real-world use cases.8. Focused on Real-World, High-Value Use CasesUnlike many other blockchains, which often focus on speculative trading and cryptocurrencies, Redbelly Network focuses on real-world, high-value assets in regulated markets. This makes Redbelly Network an ideal choice for businesses, enterprises and blockchain projects requiring a secure, decentralised platform for asset management, as well as trading and settlement services. Tokenisation of such assets will now be possible while making sure all required compliances are in place, making Redbelly Network the trusted blockchain for real world asset tokenisation.In conclusion, Redbelly Network is the World’s ONLY Public Purpose-Built Real-World Asset Tokenisation Network. It is ideally suited for real-world high-value assets in regulated markets. As such, it is a perfect platform for developers and ecosystem partners who want to build decentralised applications and blockchain projects that are fast, secure and compliant. With its verified consensus mechanism, native key recovery support, user identity requirement and EVM compatibility, Redbelly Network is poised to become the leading blockchain for the next generation of Web3 applications and other blockchain projects.Submit an application to our Community Grants Program if you are passionate about Redbelly, and have innovative ideas for projects geared toward Real World Asset tokenisation or that could make a positive impact on society and contribute to our Ecosystem.

build your blockchain project on redbelly network

Why Build Your Blockchain Project On Redbelly Network?

At <a target="_blank" rel="noopener noreferrer" href="https://hs.redbelly.network/about-us">Redbelly</a>, we fundamentally believe that our financial system has increasingly become organised in centralised, unfair ways that embeds information asymmetry. As we’ve discussed <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/blog/identity-the-foundation-of-accountability-for-applications-in-distributed-systems">previously</a>, in order to maximise the impact that Distributed Ledger Technology (DLT) can have on addressing these issues, we need to ‘bridge’ the gap which exists between what public blockchains and DeFi can do, and what assets in regulated markets need.In this post, I argue that the foundation of this bridge is effective accountability built on identification and that to successfully build this foundation, we need to embed identity into the core infrastructure of the network itself.Being able to identify, or have confidence in knowing who you’re transacting with is crucial in order for any group of transacting parties to hold each other accountable for their actions. When considering the sheer number and scale of cases of fraud and stolen assets that continue to pervade the blockchain sector, the need for genuine accountability should be clear, particularly when considering the industry wide desire for mainstream adoption of the technology. This is especially true when bearing in mind the untapped markets of real-world assets which are generally defined by their ties to a backstop of a legal system in a particular jurisdiction. For the legal system to be able to operate effectively, it needs to be able to identify individuals and other entities in order to hold them accountable.As governments and regulatory bodies begin to look at not only digitally native assets, but the infrastructure that they sit on as well, it is going to be increasingly important for the long term viability of that infrastructure to be able to allow for the identification of network participants if they want to host use cases that will ultimately and inevitably fall under the purview of regulators.By being able to link real world identities with a digital identity used to transact, a DLT system can more easily facilitate regulatory compliance for its participants as well as help protect against fraud and other malicious activity that may otherwise occur on the network. This is particularly important in cases where assets of significant, real world value are being exchanged.In short, if you want to play inside the rules (however flawed they may sometimes be), you’re going to have to be able to be identified.<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog26_cover_image_859e9c27ba/blog26_cover_image_859e9c27ba.webp" alt="Identity">These ideas raise important questions regarding the need to balance transparency and privacy when identifying yourself to counterparties. The ability for DLT to distribute custody to the edges of the network combined with the revolutionary advances in zero-knowledge cryptography and the establishment of verifiable credential schemas makes it possible to prove things to other network participants without having to reveal the contents of that information.Currently, the ability to leverage these technological advances in the context of transacting on a blockchain with a known counterparty is severely limited. Often, it is only able to be done by combining a disparate series of ad-hoc, layer 2 solutions. Inevitably, these solutions add cost and friction to the application building process by requiring a bespoke token to operate. It is worth noting, too, that for each application on a particular network to access the benefits of these technologies (i.e. identifying participants to facilitate regulatory compliance and ensure accountability), they each have to spend the time and cost to integrate and operate each layer 2 solution.Fundamentally, this is why <a target="_blank" rel="noopener noreferrer" href="https://hs.redbelly.network/about-us">Redbelly Network</a> is embedding digital identity directly into the heart of its infrastructure. This means that the basis for accountability is built directly into Redbelly’s layer 1 and therefore, by default, the ability to identify network participants is available to all use cases rendering them more readily able to facilitate regulatory compliance.In addition, by baking digital identity into the heart of our layer 1, we reduce the marginal cost of establishing and using that digital identity drastically towards zero because the infrastructure is shared amongst all network participants in an analogous way to how typical public blockchain systems allow network participants to share the compute and storage costs of programming and executing logic on a distributed state machine.No longer does every application built on the network have to pay to onboard users to a siloed and bespoke digital identity system. They can leverage a user’s established digital identity at a fraction of the cost.<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/Blog_201_20_Image_20_B_19659ac148/Blog_201_20_Image_20_B_19659ac148.webp" alt="Blog 1 Image B"> In future posts, we’ll dive into Redbelly’s approach to digital identity in more detail before ultimately exploring the other foundations of our ‘bridge’; performance, pooling and issuance, and trading.About the Author: Matt is the Head of Product at Redbelly Network. He is passionate about leveraging distributed ledger technologies to scale the impact of solutions to solve super wicked problems. Matt has been working in startups and product management for more than 7 years turning product ideas into reality. He has a background in physics, philosophy, climate science and renewable energy.

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identity the foundation of accountability for applications in distributed systems

Identity: Foundation of accountability for apps in distributed systems

In October 2022, after a thorough peer review process, the long version of the 'Holistic Verification of Blockchain Consensus' was accepted at the International Symposium on Distributed Computing (DISC 2022) in Augusta, Georgia. DISC is an international forum on the theory, design, analysis, implementation and application of distributed systems and networks. This scientific article was co-authored by our Founder and CTO Professor Vincent Gramoli and Redbelly Network made the official announcement via our social channels at the same time.The article summarises how the Democratic BFT consensus, at the heart of <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/">Redbelly Network</a>, has been the first blockchain consensus to be fully formally verified. Demonstrating the interest of the scientific community in reducing the human errors in distributed algorithms at the heart of blockchain technologies through the use of machine checked proofs.<a target="_blank" rel="canonical">Prof Vincent Gramoli</a> talks specifically around the consensus protocol and how Redbelly Network uniquely solves the problem.<img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog25_cover_image_b28040b600/blog25_cover_image_b28040b600.webp" alt="Blog_Formalverification">To implement a secure blockchain, one has to find a solution to make sure a distributed set of computers agree on a unique block at a given index of the chain. Such a solution is called a consensus protocol and the research community has been designing several consensus protocols for the last four decades for various applications. To our knowledge, prior to our work[1] no consensus protocols for blockchain applications had ever been fully verified.The consensus problem consists of having multiple machines agreeing on a unique value or block. It is well known that solving the consensus problem is necessary in order to implement a blockchain. This is because the blockchain is an append-only ledger implemented in a distributed fashion that must guarantee that assets are not double spent. Many blockchains were designed without strictly solving the consensus problem. Hackers manage to fool different sets of correct participants that conflicting transactions were committed in these blockchains. This led to double spending attacks against Bitcoin in 2014 [2], Bitcoin Gold in 2018[3] and Ethereum Classic in 2020[4], just to cite a few that have been reported publicly. Our recommendations[5] on similar attacks against Ethereum have been, at least, partially addressed.Other blockchains were designed on top of Byzantine fault tolerant consensus protocols that were manually proven correct by scientists. As these protocols tend to be extremely complex, further scrutinising the protocols and their manual proofs revealed some flaws contradicting that such protocols were truly solving consensus. This was the case of the Tendermint consensus protocol, the Ripple consensus protocol, HoneyBadger BFT, and Istanbul BFT (IBFT) impacting the robustness of the Tendermint blockchain, Cosmos, Quorum, xRapid[6]. Some patches have been proposed to fix these issues, however as far as we know the resulting protocols have never been formally verified.Formal verification is the mathematical process of using a machine to verify that a proof is correct, hence minimising the error-prone human tasks. It requires scientists to first specify the protocol and the consensus problem in a language understandable by a computer and then ask the computer whether the problem is solved in all possible executions of the protocol. The reason why no blockchain protocols have been formally verified as far as we know, is likely due to the complexities of these protocols. Exploring all possible executions of the protocol with any number of distributed machines and any portion of hackers colluding with each other would require too much computational power than what is currently available.To solve this approach, we focused on the binary consensus protocol at the heart of Redbelly Network. This consisted of replacing the partial synchrony assumption with a fairness assumption, which aimed to prove termination. A parameterized model was used to prove that all executions solve the consensus problem regardless of the size of the system and the coalition of hackers. &nbsp;About the Author: &nbsp;Professor Vincent Gramoli is the founder and CTO of Redbelly Network. He is a researcher in the field of distributed systems and algorithms. His focus is on the design/analysis of distributed systems and algorithms for shared memory, as well as data-centric systems. This includes distributed hash tables, distributed shared memory and transactional memory.Vincent received the 2022 Sydney University’s Dean’s Award for Outstanding Research Advisor. He was also awarded Education Leader of the Year by Blockchain Australia at their 2022 Blockies Awards.Vincent has received the Best Paper Awards of ICDCS 2021, IPDPS 2022 and ICDCS 2022. He received a Future Fellowship from the Australian Research Council and leads the Concurrent Systems <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/research">Research </a>Group at the University of Sydney.In the past, Vincent has been affiliated with INRIA, Cornell, CSIRO and EPFL. He received his PhD from Université de Rennes and his Habilitation from UPMC Sorbonne University. He served as Program Committee Chair of International Scientific Conferences (NETYS’13, FAB’21, Tokenomics’21, OPODIS’21). &nbsp;He co-wrote a book on Consistent Distributed Storage published by Morgan &amp; Claypool and a book on Blockchain Scalability published by Springer. His Blockchain Scalability MOOC on Coursera is taken by thousands of students.&nbsp;<hr>References[1] &nbsp;<a target="_blank" rel="noopener noreferrer" href="https://gramoli.github.io/pubs/DISC22-holistic-verification.pdf">Holistic Verification of Blockchain Consensus</a> N. Bertrand, V. Gramoli, M. Lazić, I. Konnov, P. Tholoniat, J. Widder. 36th International Symposium on Distributed Computing (DISC), 2022. BA published in the proceedings of the ACM Symposium on Distributed Computing (PODC), 2022.[2] <a target="_blank" rel="noopener noreferrer" href="https://www.zdnet.com/article/hacker-hijacks-isps-steals-83000-from-bitcoin-mining-pools/">Hacker Hijacks ISPs- Steals $83,000 from Bitcoin Mining Pools</a> https://www.zdnet.com/article/hacker-hijacks-isps-steals-83000-from-bitcoin-mining-pools/[3] <a target="_blank" rel="noopener noreferrer" href="https://news.bitcoin.com/bitcoin-gold-hacked-for-18-million/">Bitcoin Gold Hacked for $18 Million</a> https://news.bitcoin.com/bitcoin-gold-hacked-for-18-million/[4] &nbsp;<a target="_blank" rel="noopener noreferrer" href="https://news.bitcoin.com/5-6-million-stolen-as-etc-team-finally-acknowledge-the-51-attack-on-network/">$5.6M Double Spent: ETC Team Finally Acknowledges the 51% Attack On Network</a>https://news.bitcoin.com/5-6-million-stolen-as-etc-team-finally-acknowledge-the-51-attack-on-network/[5] <a target="_blank" rel="noopener noreferrer" href="https://gramoli.github.io/pubs/Clone-PoA-NDSS.pdf">The attack of the clones against proof-of-authority</a>. P Ekparinya, V Gramoli, G Jourjon. 27th Annual Network and Distributed System Security Symposium (NDSS), 2020. Community Ethereum Development Conference, 2019.[6] Formal Verification of Blockchain Byzantine Fault Tolerance Pierre Tholoniathttps://arxiv.org/pdf/1909.07453.pdf&nbsp;

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formal verification

Redbelly Network - Formal Verification

Learn about the Democratic Byzantine Fault Tolerance (DBFT) consensus algorithm, and running a node with Redbelly Network’s DevNet with ID.Redbelly Network is renowned for its Compliant Asset Tokenisation (CAT) solution. Devnet with ID went live in October 2023, the next phase of the Redbelly Roadmap which allows participants to begin building on the Redbelly Network ecosystem. Additionally the launch of DevNet with ID has fostered continued ecosystem and community growth as we move towards the imminent Testnet and Mainnet releases.Redbelly Network will bring a distinctive advantage by implementing Accountability through Receptor. Through the innovative Receptor protocol, all network participants are required to prove they are who they say they are, ensuring they can be held accountable. Redbelly ensures peak performance via its growing network of governor nodes alongside supplementary candidate nodes.Node operators play a pivotal role in enhancing network security and decentralisation while reaping rewards and incentives through staking for their valuable contributions of &nbsp;processing transactions and keeping the network secure.DevNet with ID becomes reality for Redbelly Network community<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog15_cover_image_2c7b256a1e/blog15_cover_image_2c7b256a1e.webp" alt="DevNet with ID becomes reality for Redbelly Network community"></figure>Network reconfiguration&nbsp;Redbelly's optimal performance is achieved with a validator set of up to 200 governor nodes. As a security measure and to allow greater decentralisation, additional nodes are included in the network. Thus, nodes are split into two groups: candidates and governors. Governors are classified as nodes who are currently participating in consensus whereas candidates are nodes that are awaiting to be rotated into the group of governors.Periodically, the group of governors is reshuffled randomly to ensure a consistent rotation of consensus participants. Every two weeks, the network will automatically replace the network tolerance of Byzantine nodes from the set of governors with randomly selected candidates.Regardless of whether a node is presently a governor or a candidate, the node will maintain state. However, as governor nodes participate in consensus and candidate nodes do not, governor nodes will receive twice the gas fees relative to candidate nodes. There is no difference in signup bonus or staking rewards for candidates and governors.Identity and participation on the networkRedbelly is purpose built for compliant asset tokenisation. As such, accountability is one of the foundations of the network that has been built directly into the protocol.Network accessTo ensure a baseline of accountability, all network participants MUST prove they are who they say they are before gaining access. This process is facilitated by Receptor, Redbelly's native identity protocol.ReceptorRedbelly's native identity protocol, Receptor, facilitates identity verification on the network, enabling both users and businesses to prove claims about their identity through verifiable credentials.User accessBefore users can self-enable their accounts with write access to the network, they must claim an access credential from a network accredited issuer.Business participationTo reduce the risks associated with the impersonation or misrepresentation of businesses which can mislead customers, business verification is available on the network. Like users, organisations can be verified to ensure that other network parties can be confident that they're interacting with licensed entities, official representatives and official smart contracts on chain.Running a nodeNode Operators contribute the networking, compute, and storage resources necessary to process transactions and update the state of the network. To do this, each node runs an instance of the DBFT consensus and SEVM processes. Their core responsibility is to run a node that maintains a copy of the blockchain's ledger, validates and records transactions, and contributes to the network's security and decentralisation by participating in DBFT consensus. In return, nodes are compensated through incentives, staking rewards, and transaction fees.Why run a node? Becoming a Redbelly Node Operator allows you to participate in our innovative and disruptive network that is revolutionising the adoption of blockchain technology as we know it through compliant asset tokenisation.Network governanceGovernor nodes are responsible for running the consensus and ensuring that the network can decide on new blocks to be appended to the blockchain.Built into the protocol are mechanisms for monitoring the activity of governor nodes during consensus rounds to ensure an optimal number of governor nodes are active.Whenever a governor node misses more than the threshold number of consensus rounds, a voting process automatically occurs between the group of governors. The voting process is used to verify the node is inactive for a majority of the network.The process is as follows:The governor node initiating the request requests other governor nodes to verify that the node is inactive for the majority of the network.&nbsp;&nbsp;The governors all sign their messages and pass them to the requesting governor node.&nbsp;The requesting governor node then raises a request with a specific smart contract that decides whether to replace the node with a candidate node.&nbsp;If the node is found to be inactive, the governor node is replaced with a randomly selected candidate node.&nbsp;&nbsp;An inactive governor node can be in one of three states:&nbsp;Chilling: In a window size of 100 consensus rounds, if the node misses less than 50 rounds, the node is classified as chilling.&nbsp;&nbsp;Jailed: In a window size of 100 consensus rounds, if the node misses more than 50 rounds, the node is classified as jailed. It is removed from the set of governors and 20% of its stake is slashed. To get out of jail the node operator can either prove their inactivity was not intentional within 21 days after being jailed, or wait for 4 weeks and top up their slashed coins.&nbsp;Tombstoned: If a node is jailed four times without proving their inactivity was not intentional, the node is classified as tombstoned. Once tombstoned, the node cannot automatically rejoin the network and the entirety of their staked balance will be slashed.&nbsp;&nbsp;Users can learn all about Redbelly’s Devnet and get instructions on how to access via <a target="_blank" rel="noopener noreferrer" href="https://vine.redbelly.network/?_gl=1*1qh77x7*_ga*MTY4ODU2Mjk4Mi4xNzMwMDkxNjY5*_ga_27D48P03L5*MTczMDg4NTQ0OC4xNS4xLjE3MzA4ODg0NTYuMC4wLjA.">https://vine.redbelly.network/</a>

devnet

DevNet with ID becomes reality for Redbelly Network community

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In the domain of blockchain technology, talk often revolves around the dichotomy of decentralisation versus regulation. While both options held individual merit in the early days, as the digital landscape evolves, the scales tip in favour of a more regulated blockchain environment for a multitude of reasons. Here’s why we believe regulation is crucial for blockchain and Web3.The birthright of blockchain: anonymityThe initial allure of blockchain technology, for many, was its promise of true anonymity. It was seen as a digital Wild West - a place where users could undertake transactions and activities shielded from the prying eyes of governments, banks and corporations.Cryptocurrencies promised financial freedom without intermediaries, and decentralised applications (DApps) emerged as the new frontier for unbridled innovation.However, with the influx of nefarious activities the dark side of anonymity has cast a shadow on the technology's inherent benefits.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog20_cover_image_e9056b0ec9/blog20_cover_image_e9056b0ec9.webp"></figure>Now that the tech is maturing, so is the need for discussions around anonymity vs. regulation. For blockchain to gain mainstream adoption, the average user – not just the tech-savvy – must feel secure. Regulatory frameworks provide this much-needed safety net.Regulation: ensuring safety and trustIt's clear that the pendulum must swing towards regulation. But why is this so essential, and what benefits can regulated blockchains bring to the decentralised world?Redbelly believes that regulation can mould the blockchain ecosystem into a safer, more robust and globally harmonious environment. Here’s why:Protection for all: As the Web3 ecosystem grows, the need for a safe and trustworthy environment becomes paramount. Regulation ensures protection against fraud, malicious activities, bad actors and unfair market practices.&nbsp;Stability and longevity: The absence of regulation can lead to uncertainties and existential threats to specific projects. Regulatory oversight can provide a level of stability to the ecosystem, attracting institutional investors and large-scale enterprises.&nbsp;Enhancing interoperability: As the Web3 landscape becomes more complex, the integration between different blockchains and legacy systems is crucial. A regulated environment encourages standardised practices, making it easier for various systems to work in tandem and ensuring smoother cross-chain operations.&nbsp;International collaboration: The decentralised nature of blockchain transcends borders. To foster international cooperation and prevent jurisdictional chaos, regulation becomes indispensable. It can pave the way for universally accepted standards and practices, enabling a globally coherent Web3 environment.Regulation is changing – and we are ready for it. Redbelly’s solution is designed to meet current and future global regulation.Keeping data safeOne of blockchain's key features is its immutable nature, meaning once data is stored, it cannot be altered or deleted. This is problematic for personal data because if it's found to be inaccurate, outdated or no longer relevant, updating or removing it becomes impossible. This conflicts with rights like the ‘right to be forgotten’ established by rulings such as the General Data Protection Regulation (GDPR).Though blockchains are secure, they are not invincible. In case of a breach, personal data exposed can never be withdrawn or made private again due to immutability.Another issue is size and scalability. Storing extensive personal data on-chain can bloat the blockchain, causing scalability issues. It becomes more resource-intensive, slowing down transaction speeds and increasing costs.Advocating for regulation doesn't imply discarding privacy. Users must retain control over their personal data, but with a level of transparency that prevents illicit activities. Zero-knowledge proofs and other cryptographic innovations can allow users to verify transactions without revealing the details, striking a balance between privacy and regulatory compliance.Regulations protect consumers’ privacy. Redbelly’s blockchain uses trustworthy technology and ensures accountability with every user verified and known.A middle ground: privacy with accountabilityAs members of the blockchain community, developers, and consumers it's crucial that we don't view regulation as an encroachment on the technology's foundational principles. Instead, let's view it as an evolution — a necessary step to achieve the widespread adoption and trust required for the Web3 space.We want you to engage with the Redbelly community and participate in discussions about shaping regulatory frameworks. Remember, the aim isn’t just innovation; it's responsible and sustainable innovation.Regulation is the future of blockchain, and our recently announced Compliant Asset Tokenisation solution is designed specifically for assets in regulated markets. By focusing on the dual foundations of composability and accountability, Redbelly puts trustworthy technology at the heart of its Compliant Asset Tokenisation solution.Find out more about <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/asset-tokenisation">Redbelly Network’s</a> Compliant Asset Tokenisation solution, and join the <a target="_blank" rel="noopener noreferrer" href="https://discord.com/invite/sxwBgwmdq6">community</a>.

anonymity vs. regulation the blockchain balancing act

Anonymity vs. Regulation: The blockchain balancing act

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At Redbelly we believe that any web3 network or platform used for tokenisation and trading of high value real world assets must have accountability and trust built into its core. Whilst digital identity verification requirements still vary across the web3 sphere, we have deliberately chosen to build a network that requires all participants to be identified in order to gain access.This is because we believe that any network that does not help to close the gap between an anonymous ‘zero trust’ position and the legal and regulatory realities that face all holders and issuers of licensed real world assets, simply isn’t fit for purpose.We believe that the collaborative model that underpins the ‘Verifiable Credentials’ model is the best way to ensure that all users remain accountable and all assets remain safe on our network. To achieve this, we are adopting version 2.0 of the W3C’s Verifiable Credentials Data Model, which is a secure, decentralised and scalable identity protocol that is rising in adoption and usage across the world.Put simply, a physical identity credential such as a passport, driving license or ID card can be represented in the digital world as a cryptographically signed Verifiable Credential. The issuer of that credential confirms its veracity and issues a matching digital credential to the Holder. They can then store that credential in their wallet and present it to a Verifier when they need to prove their identity as, for example, part of an onboarding process for read and write access to a blockchain network or dApp. With a verifiable data registry as a central source of truth, all parties work collaboratively to confirm the user’s identity and enable the right users to get access to the right network.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog7_cover_image_f49c1519cc/blog7_cover_image_f49c1519cc.webp"></figure>Redbelly is unique because we combine this approach to the identity verification of users with the capability of our blockchain’s consensus protocol to generate an undeniable proof of fraud when someone tries to misbehave on the network. This means that if someone commits an illegal act, such as attempting to double spend, the combination of an undeniable proof with access only being granted through Verifiable Credentials and known identity, means we have a market leading model for enforcing accountability. This helps keep users and assets safe on Redbelly.As we complete the final steps towards the launch of our Testnet, our teams have built and tested our access dApp, which uses this Verifiable Credentials model to verify and identify network users, collaborating with the world’s best decentralised identifiers (DIDs) as Verifiers.Over the next few weeks, we’ll be publishing a series of articles examining how different types of Verifiable Credentials, including identity and also licensing credentials, can also be ‘stacked’ to quickly and easily establish digital identity and accountability on the Redbelly network, providing a composable model for each real world asset class that protects users and assets, and meets the needs of regulators.Testnet is coming soon, and the best way to prepare for it is to get your physical identity credentials ready to be used to issue and present digital Verifiable Credentials. We’ll be publishing step by step guides on how to use them to access our network.

what are verifiable credentials and what role do they play on the redbelly network

What are Verifiable Credentials and what role do they play on the Redbelly Network?

Redbelly Network is thrilled to announce that we recently opened our Community Grant Program. &nbsp;We are inviting our community members, innovators and developers to submit an application for their blockchain project. Whether that blockchain project has already been built, if it is in development or still in the very early stages of planning.If you're a passionate builder seeking to shape the future of decentralised applications, look no further – the Redbelly Network Community Grant Program could be the gateway to unleashing your full potential and making your mark in the ever-expanding landscape of blockchain technology and the Redbelly Network Ecosystem.Who should apply ? The Community Grant Program is open to all members of our community who have a blockchain project idea that they would like to build on Redbelly. We welcome applications from individuals, corporate, government agencies, startups, non-profit organisations, and other entities that have a vision for how they can leverage Redbelly Network to create positive change in the world.We are looking for projects that are innovative and have the potential to create significant impact in their respective fields. Applications that are proposing a new, or existing, platform that will support Compliant Asset Tokenisation, Real World and High Value Assets in regulated markets will be evaluated and weighted according to our philosophy, vision and goals.This is an open application process and has no deadlines. However, available grants are limited. Please note that applying for a grant does not guarantee approval or allocation. You can submit multiple applications for different projects however, we encourage you to focus on only your best project idea.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog22_cover_image_24f8f2a596/blog22_cover_image_24f8f2a596.webp" alt="Community Grant Header"></figure>What are we looking for ? Considerations will be given to applications that will grow the developing Redbelly ecosystem with solutions that enhance our Infrastructure, bring network effect to our platform or solve problems that are in line with our philosophy, we have outlined some examples below:Compliant Asset Tokenisation&nbsp;Real World Assets&nbsp;Central Bank Digital Currencies&nbsp;Developer Toolkits&nbsp;Education and Academic Research Tools&nbsp;Explorers and WalletsBelow are examples of some use cases that we believe would benefit from Redbelly Network’s technology. It should be noted that this list is not exhaustive, but examples of the use cases we would like to explore through this Community Grant Program.Financial Services (TradFi, Defi)&nbsp;CBDC’s&nbsp;Enabling Infrastructure&nbsp;Digital Identity Solutions&nbsp;Legal &nbsp;AI &nbsp;Redbelly will evaluate each project and application individually. The selection criteria will vary depending on whether the project is new, in progress or existing. Our team will be looking for projects that support our underlying philosophy. We are looking for teams that are able to execute on their strategy and support regulation and accountability, helping to enable our vision of on-chain tokenisation.Applying for a grant is simple. All you need to do is fill out our online application form, which includes some basic information about you and your project. We encourage you to include materials such as a Pitch Deck, Token Economics Report or high level presentation that will provide weight to your application. A panel interview process will be scheduled for shortlisted applications only.There are multiple grant and incentive opportunities open to our community. Some relate to social good platforms, some for innovative and new platforms that support our vision and goals and some for existing platforms looking to adopt a multichain strategy.It should be noted that all Redbelly Grants will be paid in the Redbelly Native Coin (RBNT) and standard rules and conditions apply. All grants awarded will be based upon final selection from the Grant Committee.At Redbelly, we believe that our Layer 1 blockchain technology has the potential to change the world, and we want to support those who share our vision. We are committed to developing a collaborative and inclusive blockchain community, and we believe that our Community Grant Program is one way we can make a difference.For more details on Redbelly Network and our Community Grant Program please visit our Website <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/">redbelly.network</a> &nbsp;&nbsp;About the Author: Leighlah Ashmore, Head of Partnerships &amp; Community. Leighlah has worked in Information and Technology for more than 25 years, most recently focusing on Web3 and Blockchain development in the last 4 years. She currently heads up the Partnership &amp; Community team and is leading the charge on our Ecosystem development.&nbsp;

redbelly network community grants program

Redbelly Network Community Grants Program

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Blockchain security refers to the critical measures implemented to safeguard networks and users against a spectrum of threats posed by malicious actors.This includes hacking, fraud, front running and unauthorised access. These measures are implemented with the primary objective of mitigating the risks of malicious attacks, such as theft. One of the fundamental aspects of Redbelly Network, which strongly distinguishes this network from the rest, lies in its resistance to forking and intrusion attacks.For users of blockchain, security serves as the linchpin for trust and the integrity of the network. A secure blockchain guarantees the immutability and protection of transactions, shielding them from tampering and potential threats. This level of security is pivotal in upholding user trust within a decentralised environment, where traditional oversight is absent.Redbelly Network partnered with Hashlock in May 2023 to conduct a critical audit, to ensure the security of the network. Hashlock is Australia's leading blockchain security and smart contract auditing firm.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog14_cover_image_7870e93e00/blog14_cover_image_7870e93e00.webp"></figure><a target="_blank" rel="noopener noreferrer" href="https://www.hashlock.com.au/">Hashlock </a>has reviewed the Redbelly formal verification. This paper reveals a significant advancement in blockchain security. It details Redbelly's architecture and protocols, rigorously tested through mathematical proofs for theoretical soundness and practical security resilience. This level of formal verification, uncommon in many blockchains, underscores Redbelly's robust, secure foundation and commitment to addressing potential vulnerabilities comprehensively.“It is great to see a blockchain [Redbelly Network] that is built from the ground up, with formal verification in mind.” says Jock Haslam, Director at Hashlock. &nbsp;Traditional blockchains often face security issues, such as a vulnerability to 51% attacks and smart contract flaws. However, Hashlock's analysis indicates that Redbelly Network stands out in its resilience against these common pitfalls, owed to its unique consensus mechanism and smart contract architecture, enhancing its overall security. Formal verification and manual auditingFormal verification and manual auditing are synergistic in securing a blockchain. Hashlock's approach to auditing Redbelly’s smart contracts involves identifying issues and hack scenario’s with core infrastructure and smart contracts. Unresolved, these vulnerabilities could lead to significant security breaches. Formal verification, on one hand, is used to mathematically prove certain theses and areas of trust, and is extremely accurate and useful at doing so. Auditing, on the other hand, is used to catch edge case attack scenarios and bugs.“We like that Hashlock takes a holistic approach in their smart contract auditing,” says Professor Vincent Gramoli, CTO of Redbelly Network. “They looked deeply at the research work conducted at Redbelly Network, and the smart contracts. We have to create a more secure and regulated environment for regulated markets. I don’t know of any other blockchain that has formally verified its consensus. We are the first”In September 2023, Redbelly Network <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/asset-tokenisation">announced its Compliant Asset Tokenisation solution</a>, a world-first technological solution that enables democratised access, boosts liquidity, choice and efficiency for regulated asset markets and investors throughout the world. Traditional blockchain issues of delayed finality, anonymity, security holes and limited throughput have not only been addressed by Redbelly Network, but solved. This solution creates compliant block space for on-chain tokenisation of high-value, regulated, real world assets.<a target="_blank" rel="noopener noreferrer" href="https://www.hashlock.com.au/">Hashlock </a>aids Redbelly in providing a robust compliance-ready solution through comprehensive vulnerability assessments and ensuring that the protocols and smart contracts meet and exceed security standards. This approach ensures Redbelly's adaptability to regulatory changes, making it a secure and compliant option for users and enterprises.Redbelly Network looks forward to continuing this robust partnership with Hashlock, and the important work of further-optimising a cutting edge solution for regulated markets and network users.With an imminent mainnet launch fast approaching, Redbelly Network invites readers to join our valued community &nbsp;to keep up to date with the latest news and announcements. Stay tuned, because our community will play a pivotal role in helping us create a more secure future.You can join our <a target="_blank" rel="noopener noreferrer" href="https://discord.com/invite/sxwBgwmdq6">Discord here</a> or <a target="_blank" rel="noopener noreferrer" href="https://twitter.com/redbellynetwork">follow us on X</a>.

security

Security: The Cornerstone of Trust and Network Integrity, in partnership with Hashlock

Redbelly Network is proud to announce a revolutionary new way of tokenising high value assets in regulated markets through its Compliant Asset Tokenisation (CAT) solution.By focusing on the dual foundations of composability and accountability to ensure responsibility in distributed systems, Redbelly puts trustworthy technology at the heart of its Compliant Asset Tokenisation solution.Using world-first technology, the Compliant Asset Tokenisation solution enables democratised access, boosts liquidity, choice and efficiency for regulated asset markets and investors throughout the world. Traditional blockchain issues of delayed finality, anonymity, security holes and limited throughput have been solved, creating compliant block space for on-chain tokenisation of high value regulated assets.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog21_cover_image_285af62caa/blog21_cover_image_285af62caa.webp"></figure>“Compliant Asset Tokenisation allows companies to build markets around both real world and digital assets, providing more growth, less cost and less risk than traditional blockchain solutions,” says Warren Billington, CEO of Redbelly Network.Compliant Asset Tokenisation has the potential to enable the tokenisation of $100T+ in assets in global capital markets, providing equitable global access for people and businesses, says Prof. Vincent Gramoli, CTO of Redbelly Network.“The ultimate goal of a decentralised global financial network that supports the digitisation of these assets through tokenisation and trading has not yet been sustainably achieved – there hasn’t been a suitable blockchain solution, until now. That’s why we’re so excited about Compliant Asset Tokenisation,” says Prof. Gramoli.Redbelly’s Executive Chairman Alan Burt said the solution was ground-breaking.“Our Compliant Asset Tokenisation solution uses Web3 technology to solve practical real-world problems, in a compliant way, for a multi-trillion-dollar market – it’s a huge deal,” he says.Why is this blockchain project different?Compliant Asset Tokenisation is designed to meet current and future global regulation, and removes the barriers of risks and compliance, common problems on traditional blockchains. It can be proved out alongside existing systems and is secure, scalable and fast.Underpinning Redbelly’s Compliant Asset Tokenisation is:Finality - Instant transaction execution with zero loss through forking&nbsp; Accountability - ID through verified credentials and Zero-Knowledge Proof&nbsp; Security - Resistance to forking and intrusion attacks vs. other layer 1s.&nbsp; Throughput - max TPS of 660,000 in lab testing, committing 100% of transactions to chain.&nbsp; Compliant Composability - Compliance programmed at the transaction execution layer, providing governance control and flexibility across different asset classes.&nbsp;Redbelly Network’s blockchain provides high levels of data quality and can act as an auditable single source of truth. EVM compatibility with known fees, it is is also suitable for multi-chain strategies.It outperforms traditional blockchains on real-world use cases and workloads in Diablo benchmarking. It is open, fast, cost effective and natively compatible with assets in regulated markets.Redbelly is the bridge between today’s regulated economy and tomorrow’s web3 economy.“We believe that web3 can solve real world problems and that Compliant Asset Tokenisation is the best way of doing this. Allowing equitable access to new asset markets is good for web3 and good for the world,” says Warren Billington.This is an amazing time to be part of the Redbelly Network community. Join us to be first in the know.<a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/asset-tokenisation">Find out more about Redbelly's Compliant Asset Tokenisation Solution (C.A.T.)</a><a target="_blank" rel="noopener noreferrer" href="https://hs.redbelly.network/">Watch videos explaining C.A.T. with Vincent Gramoli and Warren Billington</a>

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solving a trillion dollar problem with a ground breaking australian solution

A ground-breaking Australian solution to a trillion-dollar problem

Compliance and blockchain are two words you don’t often hear in the same sentence, and when you do, they usually don't have a positive message attached. In 2023, we saw more regulators around the world clamp down on blockchain protocols, pointing to the risk of these networks being used to facilitate money laundering and illicit financial flows. The U.S. Senate is considering a bipartisan <a target="_blank" rel="noopener noreferrer" href="https://www.congress.gov/bill/118th-congress/senate-bill/2355/text?s=3&amp;r=1">bill </a>that will require Decentralised Finance (DeFi) protocols to impose bank-like controls on their users. This will make the protocols subject to the same Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements as centralised Traditional Finance (TradFi) institutions. If passed, the regulations would pose a significant threat to existing DeFi use cases and the groups that build front-end interfaces for smart contract platforms. Regulators' direction aside, at Redbelly we believe that integrating compliant infrastructure at a protocol level is crucial for Web3 solutions serving future users. Compliance is an imperative not just for specific use cases, but for Web3 technology’s legitimacy as a whole. It is a critical component of what is ultimately the most important aspect and driver of Web3 adoption: the ability for users to trust these platforms when trading valuable assets. Day by day, it’s evident that the users looking for these compliant solutions are not only retail users. Rather, appetite is growing from DeFi businesses, emerging markets and institutional investors looking for a compliant way to tokenise Real World Assets (RWAs) on the blockchain.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog12_cover_image_f4cd2469d0/blog12_cover_image_f4cd2469d0.webp"></figure> Redbelly Is Both A Composable And Compliant SolutionBlockchains work independently through their self-executing smart contracts, to execute functions without reliance on third parties. When it comes to financial transactions in this environment, however, the way these networks interact with each other becomes especially important. Composability is an important mechanism that allows these systems to be flexible and interoperable. Using smart contracts for high-value financial transactions will deliver benefits from automation, efficiency and transparency, and given the common rails used by all smart contracts on the blockchain provide many opportunities for plugging multiple solutions together to create new value. What’s unique to Redbelly, however, is the additional provision of infrastructure to meet compliance requirements at the protocol level. This provides shared rails for real world compliance and enforceability to all use cases deployed on the network. Critically, as part of Redbelly Network, the contracts remain part of a public, open chain that can onboard users and scale across the globe quickly and easily. As an open, public chain, only Redbelly provides the best of both worlds, because accountability and identity are provided through Verifiable Credentials (VCs). This is combined with Zero-Knowledge Proofs (ZKP), providing an ideal balance of identity and Personal Identifiable Information (PII) protection at the network layer. This kind of accountability is normally only provided by private, closed chains which lack the composability businesses need to build their own compliant solutions. Redbelly is different to its competitors because it combines this public, open chain composability with the ability for businesses to build the compliance required. This includes the compliance required for each and every asset class or use case at the transaction level. Redbelly Returns Power Over Governance Back To The UserComposability is vital to the world of DeFi. It gives developers the ability to combine aspects of different protocols and can quickly innovate new financial products, increasing market efficiency and liquidity, while minimising idle assets. A company might want to prohibit premature liquidation or unwanted speculation. Alternatively a company may want to showcase how one particular asset has unique and different attributes in a way that is visible to everyone involved. Smart contracts on the blockchain could function in a way that sets up tokens associated with dividends and features new ways to collateralise assets.With so many different opportunities and possibilities, how can any blockchain hope to provide cookie-cutter compliance solutions without being reductive and limiting the development of new ideas? In reality, many blockchains can’t. That’s why Redbelly is the only public infrastructure upon which a business can configure its own contracts and ensure they match their underlying legal and compliance rules, in exactly the way that they see fit.This level of control both at build and over the lifecycle of the contracts mean businesses can retain direct control over their compliance and risk management approach. &nbsp;Businesses retain full governance control at all times, making Redbelly a solution that can work arm in arm with Risk and Compliance teams across industries and sectors. This makes everyone’s lives easier when building new asset-class based solutions in a responsible way. Only Redbelly Enables Companies To Extend KYC Compliance Into ‘Always-On Identity’Redbelly Network also accommodates much more than just compliance with Know Your Customer (KYC), AML and CTF requirements. The network provides a way for businesses to use its infrastructure to code and control the way that their compliance is addressed. Simultaneously, Redbelly integrates and maintains current and accurate user information which goes beyond these regulatory standards.When a business can program KYC compliance and extend its knowledge of the user with critical information, its ability to operate efficiently and protect its assets and customers increases exponentially. This can include integrating licensing criteria, current and active user qualifications, policy adherence criteria, as well as assess fit with jurisdictional requirements and investor classifications.Moving from only ensuring KYC compliance to this level of information on a user enables an entirely new paradigm. This paradigm is one where a business has the ability to maintain a broad and ‘live’ set of verified credentials on its users over time. This is a monumental shift from the ‘point-in-time’ compliance checks of the Web2 world, where in today’s world billions of dollars are swallowed up in wasted time and effort fighting fraud, finding bad actors and compensating customers.The establishment of this type of ‘Always-On’ identity service will therefore be a game-changer for Web3. The huge leap forward it brings to compliance, risk management and protections against fraud, and their flow on impacts to operating efficiency, cost reduction and consumer protection cannot be underestimated. Hundreds of billions of dollars of value can be released globally when this type of solution is applied to global asset markets. It’s good for business, good for customers, good for Web3, and good for the world.Only Redbelly combines the best of the private, closed chains’ accountability and identity benefits with the composability and adaptability of the public, open chains. As the world’s only public purpose-built RWA tokenisation network, the opportunities for businesses to create and capture market value in a compliant way are endless.Stay up-to-date with the latest announcements on RWA tokenisation from RedbellyJoin our <a target="_blank" rel="noopener noreferrer" href="https://discord.com/invite/sxwBgwmdq6">Discord here</a> or <a target="_blank" rel="noopener noreferrer" href="https://twitter.com/redbellynetwork">follow us on X</a>

How Redbelly Delivers Compliant Composability For RWA Tokenisation

Stablecoins are cryptocurrencies that have their value pegged to fiat currencies, that have reshaped the ecosystem of digital assets as we know it today. Unlike cryptocurrencies that can be fairly volatile by nature, stablecoins can be used as stores of values or units of account. This is particularly useful when deploying capital on-chain through DeFi protocols, making them a yield-farmer’s go-to asset for securing collateral.Apart from the obvious benefits to those who dabble in the world of decentralised finance, stablecoins also play an important role for the everyday user looking for a way to quickly convert their fiat currency into crypto, and vice versa, serving as an important on-ramp.However, for institutions, the newest class of crypto investors, stablecoins form a crucial component of their investment strategy. These firms have long been looking for an efficient way to transfer funds, manage liquidity risk and tap opportunity in the digital asset industry. For them, a stablecoin represents a gateway into the realm of blockchain-based assets, being the closest thing to a digital version of cash.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog19_cover_image_40794e818b/blog19_cover_image_40794e818b.webp"></figure>The Stablecoin Conversation In AustraliaThe interest in stablecoins in Australia is evident, with two major Australian banks launching their own AUD-pegged digital assets. In March 2022, ANZ partnered with crypto custodian Fireblocks to mint a stablecoin for the Victor Smorgon Group. The latter transferred stablecoins to trade on Melbourne-based exchange Zerocap – a transaction that took 30 minutes compared to the usual 24 to 48 hours for a fiat transfer of similar size.Earlier this year, National Australia Bank (NAB) created a stablecoin pegged to the AUD, testing it in a cross-border transaction on the Ethereum blockchain.“Bringing multi-currency stablecoins to market demonstrates NAB’s focus on simplifying international banking protocols to increase speed and transparency while lowering costs and reducing complexity for customers,” said NAB Executive General Manager, Markets, Drew Bradford, at the time.Australian fintech firm Novatti, which participated in the RBA’s limited-scale central bank digital currency (CBDC) project, also brought its own stablecoin to the market dubbed Australian Digital Dollar (AUDD). It was designed to create an instant connection that allowsinternational institutions to receive and pay in AUDD without the need for an AUD-denominated bank account.“Despite the growing acceptance and usage of US dollar stablecoins, a significant gap exists between domestic and international liquidity for Australia,” said Novatti.A December report from the RBA on stablecoins concluded that while these assets have the potential to enhance the efficiency and functionality of payments, they carry associated risks that depend on their inherent design and links to the traditional finance system.While regulators across the world are working out how best to include these assets in the system, the firm’s that have had the most success with launching their own stablecoins include ones that are issued by a regulated custodian.PayPal’s Stablecoin ForayPayPal USD or “PYUSD" is a stablecoin pegged to the value of the U.S. dollar that operates on the Ethereum blockchain. PYUSD is issued by the Paxos Trust Company, a firm regulated by the New York State Department of Financial Services (NYDFS), and its reserves are 100% backed by U.S. dollar deposits, short term U.S. Treasuries and similar cash equivalents.PayPal's move into the stablecoin space has caught the attention of both crypto-native industry watchers and traditional financial institutions, with both camps acknowledging the significance of a major payments provider launching its own U.S. dollar-pegged stablecoin.For the initiated, PayPal’s move could signal an impending wave of adoption, and a potential on-ramp into the realm of digital assets for the firm’s 435 million active accounts. For the financial firms holding out on their own blockchain initiatives amid heightened regulatory scrutiny, it means potentially losing a first-mover advantage to a major player.What The Market ThinksInterestingly, Circle and Tether, the issuers of the two largest stablecoins by market cap have supported the newest entrant. Circle CEO Jeremy Allaire said he hopes that PayPal makes stablecoins a more important part of how their ecosystem interacts with the rest of the world, in line with Circle’s vision for stablecoins to become the interoperability layer for the broader financial system.Tether CTO Paolo Ardoino told The Block that the development would be “positive for the crypto industry in general” and could possibly erode revenues for payments that have been fueling Mastercard and Visa.Still, a month after its launch, users are hardly lining up to acquire PYUSD and use it for transactions. Data from Etherscan shows that there are just around 522 holders of the stablecoin, and barely a fraction of the 44 million tokens in existence have been circulated since the launch.The Stablecoin Landscape Going ForwardWhile PYUSD may be off to a slow start, things might be very different for the stablecoin landscape if (and more likely, when) the adoption does come. After all, this is the first time a traditional financial institution has brought a stablecoin to the masses, and with decades of running a payments network, is in a position to work closely with regulators.With a market cap of $125 billion, it’s safe to say stablecoins have proven themselves to be one of the cornerstones of today’s crypto ecosystem. Even so, the perceived risks associated with anything to do with crypto has left many companies and individuals unsure about a shift to blockchain-based transactions, regardless of how much cheaper, faster and safer they may be.Enter PayPal, a $67 billion-dollar company, that will soon make its Ethereum-based stablecoin available on Venmo. Aside from the credibility and ease of access this brings, PayPal also has the ability to transition its backend infrastructure to the blockchain, while its front-end interface remains largely the same. In this way, the everyday user can transact with stablecoins in a way that is distinctly similar to their current experience.Research from Bernstein foresees the stablecoin market growing to $2.8 trillion over the next five years, and expects the growth to be led by “regulated, onshore stablecoins.” The firm believes that major global financial and consumer platforms will issue co-branded stablecoins to power value exchange on their own platforms.Regulatory ImplicationsPerhaps, the most important aspect of this development, is the fact that naysayers who thought that a tokenised form of currency would never be a legitimate part of the economy may now be forced to grapple with the reality that stablecoins are here to stay.A payments giant venturing into the stablecoin space is one thing in itself, but it’s hard to imagine regulators advising against doing business with a firm like PayPal. Instead, &nbsp;anti-stablecoin regulators may be forced to ask themselves how to put forth a legislative framework that welcomes innovation, now that traditional financial institutions are testing the waters.Dr. Tony Richards, the Chair of the CBDC steering committee and former head of payments at the RBA, conceded that it is too early make a call on central bank digital currencies being the way forward to enable the trend of tokenisation, given the fact that AUD-regulated stablecoins and tokenised deposits haven’t been fully explored.If anything, the launch of PYUSD will be an eye opener for policymakers to look into experimenting with tokenised digital assets, now that PayPal has demonstrated that stablecoins can be done with all the necessary consumer protections in place.Matt Hale, Redbelly's Head of Product, believes that stablecoins will have a key role to play in legitimising web3 business models and technology."Stablecoins and CBDCs will serve as key pillars of the convergence of traditional finance and decentralised finance through compliant asset tokenisation, helping to forge a path where the strengths of the past meets the potential of the future."

stablecoins the bridge between fiat and crypto

Stablecoins: The Bridge Between Fiat and Crypto

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AUSTRALIA, 22 February 2024$1.8B USD of tokenised Rent Rolls are coming to the Redbelly Network in 2024.The Australian residential real estate market has been valued at over $10T, but in the past few decades little progress has been made applying technology to the core legal contracts that underpin this massive asset class. Real estate trust transactions from property sales, and rental property portfolio management have remained largely paper based, stuck in real estate agency filing cabinets and providing a ripe opportunity for technology-driven disruption.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog10_cover_image_6f76eb60e8/blog10_cover_image_6f76eb60e8.webp"></figure>Hutly, founded by Jeremy Hastings in 2017, has a mission to transact real estate as a digital asset. This revolutionises the way in which real estate data and transactions leverage technology, increasing efficiency, providing a single source of truth and transparency over the rich data that these contracts contain, and helping to protect all parties against fraud, theft and data loss. Hastings is clear on the massive opportunity facing the market:‘Hutly’s mission is to help everyone have a safe, stable and certain home. That means enabling property to be traded as a digital asset, where all parties’ personal and business data can be safely stored and used to reduce the cost and risk of high value transactions. It’s a win-win for everyone involved.’When it comes to rental management portfolios known as ‘rent rolls’ the opportunity to apply Compliant Asset Tokenisation to rental authority contracts is significant. As a tradeable asset class worth billions of dollars in Australia alone, rent roll portfolio valuations and liquidity depend heavily on the accuracy and validity of the information within the individual contracts.'Real estate contracts are little nuggets of gold’ says Hastings. ‘They contain 73 data points and form the basis of the value of the rent roll books. It’s time for them to come out of the filing cabinet and into the digital world.’Hutly’s initial research into distributed ledger technology led them to try Ethereum’s blockchain as a solution, but the limitations of the platform for this use case soon became an issue.'The bigger problem with Ethereum and other blockchains is that in real estate you have to know the party you’re doing business with, they have to be known for everyone to comply with regulations. On top of this we just can’t operate in a cost effective way with large fluctuations in gas prices.’ says Hastings.Redbelly Network provides Hutly with solutions to all these problems, with accountability at the core via its innovative Zero-Knowledge-Proof enabled identity layer, and the finality, security, speed and composability that Hutly needed to build a more fit-for-purpose solution. Added to this, Hastings says that Redbelly’s fixed gas fees give Hutly a predictable cost base to use in their expansion plans.‘We chose Redbelly to tokenise more than US$1.8B of rent rolls because everyone on the network is a fully verified, trusted party, there’s no transaction losses, and that’s what we need to remain compliant. Legally and in terms of the value of the transactions, it’s a better solution for us. We needed a blockchain that was fast and cost effective, and Redbelly ticks those boxes. Tokenisation on Redbelly enables these rent rolls to be traded as real world assets in real time.’As the partnership grows, Hastings says he has been delighted with the experience of working with the Redbelly team.My experience of the Redbelly team has been fantastic, not only do they have a really impressive brains trust, they’ve found ways to solve real world problems with blockchain technology that nobody else has.’And rent rolls are just the first step. Hutly processes over 1 million real estate agreements each year across sales, rental and commercial. This equates to over A$18 billion of rental value in executed contracts every year. The Redbelly and Hutly partnership is focused on converting this volume to moving money via Hutly Pay, the automation of trust accounting to protect all parties’ interests against theft and fraud, solving one of the biggest problems in the real estate industry.Redbelly’s Founder and CTO Vincent Gramoli believes that Hutly has perfect use cases for the technology he and the team have built.Compliant Asset Tokenisation of asset classes like these is exactly what we’ve built Redbelly Network to help our customers achieve. We’re pushing the boundaries of the global real-world asset tokenisation category and bringing billions of dollars of TVL to the market.’

hutly partners with redbelly network to tokenise 1.8b usd in rent rolls

Hutly partners with Redbelly Network to tokenise $1.8B USD in Rent Rolls

Redbelly Network, the world’s first Compliant Asset Tokenisation (C.A.T.) solution, has partnered with the Digital Finance Co-operative Research Centre (DFCRC).The partnership was announced during an industry event held by the DFCRC at the University of Wollongong Sydney Business School, where a panel, including Redbelly Founder Vincent Gramoli, discussed compliance in a tokenised world.Redbelly’s compliance-first tokenisation solution brings the best of both worlds to the market, being built on top of a public and open layer 1 blockchain, but also designed specifically for regulated assets and their regulatory frameworks. All users on the network are verified and known using standardised approaches to Verified Credentials and incorporating Zero-Knowledge Proof (ZKP). This means Redbelly is uniquely positioned to help businesses accommodate both current and forthcoming regulations around tokenisation.&nbsp;<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog17_cover_image_798d955d06/blog17_cover_image_798d955d06.webp"></figure>The announcement of the partnership with the DFCRC comes as the Real-World Asset (RWA) tokenisation sector experiences very strong growth. The total value of assets locked (TVL) in the RWA category has already passed the $6B USD level in 2023, on track for 5000% growth in the last year, towards what Boston Consulting Group has predicted will be a $16T+ USD market by 2030.Redbelly Network Chair Alan Burt said the partnership had potential for major economic impact “Our Compliant Asset Tokenisation solution uses Web3 technology to solve real-world problems in a compliant way for a multi-trillion-dollar market – it’s a huge deal.” &nbsp;“We are very excited to work with the DFCRC. Australia has always been a proving ground for technology-driven innovation and we plan to be a major player in Real World Asset tokenisation. ”As focus on the regulation of Web3 technology increases, and its application to what the market is calling ‘Finance 3.0’ grows in complexity, speculation has increased exponentially. In recent weeks, figures from the Reserve Bank of Australia and a consultation paper from Treasury have started to provide details to industry bodies on what regulatory frameworks could look like in Australia.Dr. Andreas Furche, CEO of the Digital Finance Cooperative Research Centre (DFCRC), welcomed the new collaboration: "We welcome Redbelly as a member and partner of the DFCRC as we work together to push Australia to the forefront of digital finance. Together, we'll research tokenisation solutions that are good for businesses, customers, and the entire economy, while staying true to Australia's strong regulatory standards.”Vincent Gramoli, CTO and founder of Redbelly, underscored the broader market implications: "This partnership is more than innovation; it's about unlocking access to over $100 trillion in global capital markets through compliant, democratised tokenisation solutions. It's a win for the industry and a leap forward for the Web3 ecosystem."For a deeper dive into Redbelly's Compliant Asset Tokenization solution or to engage with the community, visit <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/">www.redbelly.network</a>.About RedbellyRedbelly was born at the University of Sydney and CSIRO where Prof. Vincent Gramoli developed a fork-proof blockchain. Through a rigorous scientific development process, in partnership with CSIRO, Data61, University of Sydney and Block8, Redbelly Network was commercialised in 2021. Redbelly was built to provide certainty in the regulated asset world by offering known participants and real time monitoring. Every user in the Redbelly ecosystem is known and accountable.Redbelly enables the adoption of blockchain technology for the tokenisation of real world, regulated assets because it is the best of both worlds – providing legally enforceable, regulated consumer protections while also being open, faster, and more efficient than other blockchains.About DFCRCThe DFCRC is a 10-year, $180 million research program funded by industry partners, universities and the Australian Government, through the Cooperative Research Centres Program. The DFCRC’s mission is to bring together stakeholders in the finance industry, academia and regulatory sectors to develop and harness the opportunities arising from the next transformation of financial markets – the digitisation of assets that can be traded and exchanged directly and in real-time on digital platforms.MEDIA CONTACTS Redbelly Network | Alex Crompton | 0413 768 665 | pr@redbelly.network DFCRC | Sonia Patman | 0408 187 330 | sonia@dfcrc.com

redbelly network partners with digital finance crc on compliant asset tokenisation research

Redbelly Network partners with Digital Finance CRC on Compliant Asset Tokenisation research

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Transaction throughput is a term ascribed to the number of successful transactions completed on a blockchain per second. In essence, transactions per second or TPS measures the speed of blockchain networks.Not all blockchains have the same throughput, and there’s a reason why – the Blockchain Trilemma. It’s an age-old debate within the community of blockchain developers as to whether to prioritise decentralisation, security, or scalability at the expense of one or two of the others.For a blockchain trying to process more complex transactions, and potentially create a decentralised means of achieving outputs akin to centralised platforms like stock exchanges, speed and scalability is crucial.The trade-off has led to several blockchains claiming to have solved all three elements of the Blockchain Trilemma, but in reality, most have prioritised one element and sacrificed the other two. The optimal threshold is actually use case-dependent and remains a subject of ongoing debate within the Web3 community. Is there really a way to hit all three targets? At Redbelly, we think we’ve found a way. Our TPS benchmark (660,000 TPS under lab conditions) is the result of years of research into the ideal level that should define optimal throughput, with security and decentralisation not being sacrificed in its place.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog13_cover_image_c02706e67c/blog13_cover_image_c02706e67c.webp"></figure>The Diablo BenchmarkThe Distributed Analytical Blockchain benchmark framework, or <a target="_blank" rel="noopener noreferrer" href="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Pdf/Eurosys23_Diablo_c2a3988e36/Eurosys23_Diablo_c2a3988e36.pdf">“Diablo,” was developed by</a> researchers from the University of Sydney and the Swiss Federal Institute of Technology in Lausanne, including <a target="_blank" rel="noopener noreferrer" href="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Pdf/Eurosys23_Diablo_c2a3988e36/Eurosys23_Diablo_c2a3988e36.pdf">Redbelly founder Vincent Gramoli</a>.Under Diablo, scalability was quantified as the ability to allow a large number of unprivileged users to participate in blockchain execution. The results observed across some of the competing and so-called ‘high-performance’ blockchains reveal that peak throughput was far lower than what was initially claimed. They just cannot stand up to the types of loads that a real-world market would require. The reason for this underperformance can be explained by batching many transactions in a single client and running short benchmarks whose requests won’t clog the Mempool (unconfirmed transactions in a blockchain). At Redbelly, we believe that injecting real workloads to test these systems should be the only acceptable benchmark practice, because it flushes out some of these fundamental problems.Sustained Throughput Without Sacrifice <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/blog/finality">The Redbelly blockchain works differently to solve these problems. It prioritises finality </a>in a way that is truly scalable, because the nodes on the Redbelly Network are not based on a leader-based consensus like many other public blockchains. In the cases of those leader-based systems, a leader node makes the final decision on which transactions are included in the next block. Most Proof-of-Work systems, including Bitcoin, are prime examples of this type of consensus mechanism. Unfortunately, these systems are wrought with flaws, including the fact that they are susceptible to many different types of attacks. These networks also raise the question of fairness, seeing as leaders control the order in which transactions are placed, often prioritising the highest bidder. Flaws like these arise when onboarding high value players into Real World Asset (RWA) tokenisation, like major institutions and investors across the globe. These problems defeat the premise of a more democratised access to financial systems for the masses of Decentralised Finance (DeFi). By comparison, Redbelly works differently. All validators in the Redbelly blockchain are collaborative, not competitive; they can make block proposals and create a superblock with no single validator winning the consensus round. In this way, we achieve sustained throughput without losing any transactions.&nbsp; Using the Diabo benchmark suite, Redbelly’s <a target="_blank" rel="noopener noreferrer" href="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Pdf/IPDPS_23_Smart_Redbelly_09724e4cd6/IPDPS_23_Smart_Redbelly_09724e4cd6.pdf">transaction validation and propagation reduction</a> (TVPR) blockchain outperformed several of the supposed ‘high-performance’ public chains under real application workloads. &nbsp;In fact, some of these traditional chains were so slow it’s hard to imagine how they could be a realistic Distributed Ledger Technology (DLT) solution for large businesses. Imagine companies like Uber or an exchange like NASDAQ, where transactions can’t be limited by slow speeds and spiralling costs, and under no circumstances could they ever be lost completely. That would destroy user trust and margins for those businesses, putting them at grave risk of total failure. With our fully EVM (Ethereum Virtual Machine)-compatible network, Redbelly achieved a high throughput even in these transaction-heavy real-world scenarios. Redbelly Network was the only blockchain to successfully execute these types of workloads on a dApp without losing transactions. &nbsp;Redbelly also grows in performance as more nodes join the network. Because nodes collaborate instead of competing, the Redbelly Network gains sustainability and throughput advantage, without succumbing to growing decentralisation or security risks.A Layer 1 for RWAsMost blockchain systems that process millions of transactions each day would be even more congested if it wasn’t for the Layer 2 networks. Layer 2 networks sit on top of the Layer 1 blockchains and bundle transactions together off-chain, acting as a hack to reduce the computation load of the underlying chain. These Layer 2 networks were built to try and solve the scalability problem that plagues many blockchains today. This is not a sustainable solution for blockchains aspiring to process the kind of computation loads that tokenised Real World Assets (RWAs) would demand. It’s a bit like sticking a band-aid on an open wound, without trying to fix the issue that caused the bleeding in the first place. Not to mention the myriad of security and data protection issues faced in taking transactions off the Layer 1 chain and passing them to the Layer 2 and back again. When it comes to high-value regulated assets, all transactions must be committed to the chain. Only a Layer 1 network like Redbelly, built specifically to sustain these high volumes natively, will be capable of delivering the solution required to handle these transactions. The Redbelly Network will be able to support these markets and use cases. Interest is growing around incorporating RWA tokenisation and smart contracts to enable simultaneous settlement, automated clearing, and account transactions for financial institutions. This will be one of the key themes that drive interest in digital assets as we head into the next few years. In 2024, we foresee a deeper integration between crypto and traditional finance centred around tokenising real world assets (RWAs). &nbsp; In a world that will soon see more institutions creating digital representations of commodities, stocks, bonds, and other structured products on the blockchain, a resilient, high-speed, no transaction-loss blockchain is a necessity.That’s why we believe that the Redbelly blockchain will be an integral part of this shift towards the next era of Web3. Join our <a target="_blank" rel="noopener noreferrer" href="https://discord.com/invite/sxwBgwmdq6">Discord here</a> or <a target="_blank" rel="noopener noreferrer" href="https://twitter.com/redbellynetwork">follow us on X</a>.

throughput

Throughput and Solving the Blockchain Trilemma on the Redbelly Network

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AUSTRALIA, 11 January 2024Redbelly Network is proud to announce a pivotal partnership with <a target="_blank" rel="noopener noreferrer" href="https://liquidise.com/">Liquidise</a>, aimed at using tokenisation to transform the unlisted private equity market. <a target="_blank" rel="noopener noreferrer" href="https://liquidise.com/">Liquidise </a>is set to issue tokens for over $800 million in equities on the Redbelly Network, demonstrating a commitment to innovation and expansion. This collaboration leverages <a target="_blank" rel="noopener noreferrer" href="https://liquidise.com/">Liquidise</a>’s robust shareholder management platform and its network of 15,000 investors. It provides many of the benefits of public listing to private companies with the additional unique differentiator of guaranteed liquidity. <a target="_blank" rel="noopener noreferrer" href="https://liquidise.com/">Liquidise </a>eliminates the hassle and expense, whilst streamlining access to capital without the downsides of being listed.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog11_cover_image_cfe75d8fe2/blog11_cover_image_cfe75d8fe2.webp"></figure> What This Means for the Market: ● Tokenisation for $800 million in Equities: The issuance of tokens for over $800m in unlisted equities on the Redbelly Network underscores the practical utility and vast potential of blockchain technology. This move opens avenues for enhanced composability, allowing for innovative financial activities like lending and borrowing against these assets, thereby enhancing their liquidity and functionality.● A Trusted Network: <a target="_blank" rel="noopener noreferrer" href="https://liquidise.com/">Liquidise</a>’s unique investments and secure, licensed liquidity platform are now complemented by Redbelly’s scalable and accountable network. This integration not only facilitates greater access to equity and instant cash settlements, but also introduces a reliable framework for leveraging these assets in broader financial activities. This may include secured lending and flexible borrowing options, thereby enhancing liquidity and utility for owners, investors, and employees.● Broader Access, Greater Possibilities: The partnership significantly widens the scope for investors to tap into the value of private companies. It’s not just about diversifying portfolios; it’s about creating a dynamic environment where these assets can be actively utilised for lending, borrowing, and creating more fluid capital markets, thereby fostering a more inclusive and innovative financial ecosystem. Looking Ahead: As we integrate these assets with Redbelly’s upcoming Mainnet launch, our combined focus will be on ensuring seamless transactions, robust security, and unmatched market access. This significant step not only highlights Redbelly Network’s ability to provide a network of known and trusted participants but also to the transformative power of blockchain in revolutionising Real World Asset trading.Keep an eye on our journey as we pave the way for a more inclusive and efficient financial future. Together, <a target="_blank" rel="noopener noreferrer" href="https://liquidise.com/">Liquidise </a>and Redbelly are setting a new benchmark for what’s possible in the world of Real World Assets.For more information about <a target="_blank" rel="noopener noreferrer" href="https://liquidise.com/">Liquidise</a>, visit <a target="_blank" rel="noopener noreferrer" href="https://liquidise.com/">https://liquidise.com</a>.About Redbelly Network: Redbelly is the world’s only public purpose-built Real-World Asset Tokenisation Network. Open, fast, scalable, cost effective and natively compatible with assets in regulated markets.Redbelly Network was developed by the University of Sydney and CSIRO in 2018 to solve issues that have plagued previous generations of blockchain systems including the environmental impact from significant energy use and double spending. It sets itself apart from all other blockchains with its advanced technology in crypto security mechanisms.Redbelly Network’s Compliant Asset Tokenisation solution serves as a bridge between the regulated economy and the web3 economy, ensuring accountability, scalability, and security. With its formally verified Blockchain protocol and identity verification, Redbelly stands as a pioneer in the blockchain space, offering a solution that combines the best of both worlds — real-world regulation and the efficiency of web3 technology.<a target="_blank" rel="noopener noreferrer" href="https://hs.redbelly.network/">Website </a>|<a target="_blank" rel="noopener noreferrer" href="https://twitter.com/RedbellyNetwork">Twitter </a>|<a target="_blank" rel="noopener noreferrer" href="https://t.me/redbellychat">Telegram </a>|<a target="_blank" rel="noopener noreferrer" href="https://discord.gg/redbelly">Discord </a>| <a target="_blank" rel="noopener noreferrer" href="https://www.linkedin.com/company/redbelly-network">Linkedin</a>For Media enquiries, please contact: Tim Bass, Director and Chief Growth Officer info@redbelly.network

redbelly and liquidise

Redbelly and Liquidise Announce Deal to Tokenise $800M in Unlisted Private Equity

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<a target="_blank" rel="noopener noreferrer" href="https://www.carbonhood.com/">CarbonHood </a>has today announced a world-first project, partnering with Redbelly Network and <a target="_blank" rel="noopener noreferrer" href="https://www.getblubird.com/">Blubird</a>, to tokenize an initial 950 million tons of carbon credits, valued at approximately US$70 billion, and issue them directly from a global digital asset registry. This effort is the first step in a broader plan to bring a 32 billion ton asset book valued at up to US$2 trillion on-chain by the end of 2025.The <a target="_blank" rel="noopener noreferrer" href="https://www.carbonhood.com/">CarbonHood </a>Group, one of the largest and fastest-growing carbon credit companies globally, acts as a creator, verifier, and offset enabler for environmentally conscious companies managing their Net Zero commitments.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog2_cover_image_ca56b58df4/blog2_cover_image_ca56b58df4.webp"></figure>Yani Wolf, Director at <a target="_blank" rel="noopener noreferrer" href="https://www.carbonhood.com/">CarbonHood</a>, explains the company’s vision:“Our mission is to revolutionise trust in the carbon credit market by providing a secure, transparent, and reliable platform for certifying and trading carbon assets. We are committed to the highest standards of verification and integrity, eliminating inefficiencies and introducing regulatory controls to enhance market transparency.”As the business has scaled rapidly, the complexity of managing the total asset book—currently at 32 billion tons of carbon with a market value of $2 trillion—has also increased. With the <a target="_blank" rel="noopener noreferrer" href="https://www.carbonhood.com/">CarbonHood </a>team using 15 separate registries to manage these assets, the associated costs and risks have become more pressing. The team identified the need for an open and composable technology solution that would move the issuance point on-chain, creating a single, transparent source of truth for issuing, verifying, and trading carbon assets.After a global technology review, <a target="_blank" rel="noopener noreferrer" href="https://www.carbonhood.com/">CarbonHood </a>selected Redbelly Network’s Compliant Asset Tokenization for its ability to meet strict requirements. With user identity, accountability, and scalability at its core, Redbelly is the only public blockchain capable of supporting this digital asset registry. Its compliant composability allows for trade enforcement across various regulatory frameworks, making it essential to achieving CarbonHood’s global digital registry goal.Alan Burt, Redbelly’s Executive Chairman, elaborates on the impact of this partnership:“Our fast, secure blockchain network will make this the first project to issue carbon assets directly from a global on-chain registry. Redbelly’s Layer 1 integration of verifiable credentials and accountability, combined with our support for real-world regulations, ensures that CarbonHood can effectively address concerns around validity, compliance, and maintaining asset value.”<a target="_blank" rel="noopener noreferrer" href="https://www.getblubird.com/">Blubird’</a>s blockchain registry will be central to <a target="_blank" rel="noopener noreferrer" href="https://www.carbonhood.com/">CarbonHood</a>’s operations, facilitating the transition from traditional Web 2 registries to a modern, on-chain system. This transformation will enhance market efficiency and integrity, creating a single, trusted source of truth for carbon assets. By leveraging <a target="_blank" rel="noopener noreferrer" href="https://www.getblubird.com/">Blubird</a>'s technology, <a target="_blank" rel="noopener noreferrer" href="https://www.carbonhood.com/">CarbonHood </a>provides a seamless experience for managing and trading <a target="_blank" rel="noopener noreferrer" href="https://www.carbonhood.com/">CarbonHood </a>Credits, further solidifying its leadership in the global carbon trading market.Corey Billington, <a target="_blank" rel="noopener noreferrer" href="https://www.getblubird.com/">Blubird</a>'s Founder and CEO notes:"The Blubird team is excited to mark this pivotal milestone in partnership with CarbonHood and Redbelly Network. By tokenizing carbon credits, we’re driving a transformative shift in how assets are managed and traded within the blockchain ecosystem. Our goal to bring up to $2 trillion in assets on-chain by the end of 2025 is just the beginning of what we can accomplish together."Yani Wolf emphasises the importance of these partnerships and projects for the carbon credit industry and the global environmental movement:“We envision a future where every carbon credit is a trusted representation of real environmental impact, empowering businesses, governments, and individuals to confidently engage in carbon markets and contribute to the global effort to combat climate change. We are excited to be working with such amazing partners as Redbelly Network and Blubird to bring this vision to life.”Media enquiries: pr@redbelly.network

carbonhood redbelly blubird tokenize 70b usd carbon credits

CarbonHood Partners with Redbelly Network and Blubird to Tokenize $70B USD in Carbon Credits

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At Redbelly we believe expert validation and testing is vital to building a network everyone can trust to trade high value regulated assets in the RWA tokenisation ecosystem.Having already completed a <a target="_blank" rel="noopener noreferrer" href="https://www.hashlock.com.au/">Hashlock </a>Smart Contract security audit in March, we are today announcing the successful completion of a <a target="_blank" rel="noopener noreferrer" href="https://tesserent.com/">Tesserent </a>cloud security infrastructure audit, as well as the timeline for the launch of our Testnet program.<a target="_blank" rel="noopener noreferrer" href="https://tesserent.com/">Tesserent </a>conducted the infrastructure assessment by testing our network against globally recognised <a target="_blank" rel="noopener noreferrer" href="https://www.cisecurity.org/">CIS </a>Benchmarks for Internet Security, reviewing our current architecture and extant security posture in detail. The results were compiled and developed into rationalised risk assessments and recommendations for technical remediations, which our team have now completed.Copies of both the Hashlock and Tesserent reports are now available <a target="_blank" rel="noopener noreferrer" href="https://redbelly.network/blog/tesserent-and-hashlock-security-audit-results-announced">here</a><figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog9_cover_image_999d4c5475/blog9_cover_image_999d4c5475.webp"></figure>With the successful completion of these security reviews, the path to Testnet is clear. These are the key phases that will be completed as we approach this milestone.Sprint 1Smart Contract, Infrastructure, Security and Code testing to ensure a reliable, stable and secure network.Smart Contract Audit and Network Testing - Performed by Hashlock - Remediation Completed&nbsp; Infrastructure Testing - Performed by Tesserent - Remediation Completed&nbsp; Internal and External Penetration Testing and Remediation - In Progress&nbsp; Internal and External Secure Code Review and Remediation - In ProgressSprint 2Access dApp testing to ensure secure permission-based accessIDP penetration testing and Remediation - Scheduled&nbsp; RWA issuer bulk account creation, access testing and Remediation - In Progress&nbsp; &nbsp;Sprint 3Readiness and LaunchPlatform readiness testing and delivery into production - from 6/5/24&nbsp; Launch of Testnet Platform - from 31/5/24Future PhasesWe are committed to updating our community every 2 weeks as we run up to Testnet launch and beyond to Mainnet. Stay tuned for more updates on our roadmap as we push through the final sprints of work to bring Redbelly’s unique public and purpose-built solution to the RWA ecosystem.

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redbelly completes tesserent security audit working towards testnet launch on 31/5/24

Redbelly completes Tesserent security audit, working towards Testnet launch on 31 May 2024

We are launching our Testnet on 31 May, what does that mean and what can you expect?Firstly, let’s talk about what a Testnet actually is and why it is an important step in our path to Mainnet.Testnet is our beta version of Mainnet. It is a crucial part of our development lifecycle, providing a sandbox environment to ensure the stability and security of all our services and applications before live deployment. This ensures that any bugs or issues can be identified and resolved prior to Mainnet, keeping our users and their assets safe.Our Testnet will have the latest code base, however, any tokens used or transacted on Testnet do not have real-world value. RBNT will be distributed by Redbelly directly to developers and our partners to be used for testing.<figure class="image"><img src="https://storage.googleapis.com/redbelly-website.firebasestorage.app/Image/blog6_cover_image_c1bb654f18/blog6_cover_image_c1bb654f18.webp"></figure>How do you get access to Testnet?To participate on the Testnet network you will need to join via our Access DApp. &nbsp;This will involve completing an ID verification process, which we will use to perform a full check of your identity, as well as following our legal obligations to ensure that you are not flagged on any Anti Money Laundering (AML) or Counter Terrorism Financing (CTF) registers.We will do these checks using the information you provide from your government issued Passport, and once all checks are completed you will be granted access to the network. It might seem like a high security level for a Testnet, but the advantage is that once they’re issued, you won’t have to generate new verified credentials for access to Mainnet. You will automatically be able to grant yourself access to mainnet once it is launched, meaning you only have to perform these checks once.At this stage, the identification process in our Access DApp can only accept Passport credentials. If you do not have a passport, don’t worry. We are working on broadening the list of accepted credentials as a priority, which will include the ability to accept other Government issued identity documents such as National IDs and Drivers’ licenses.What can you expect to see in Testnet?31 May 2024 Our new code base will be launched and open for testing. User onboarding will begin via our Access DApp.Week 1: w/c 3 June 2024 To ensure that Testnet operates correctly, we will spend most of the first week onboarding our many different types of partners, so that the services essential to our network are up and running for subsequent testing and use by DApps.This will mean onboarding services such as RPC endpoints, Explorers, Indexers, etc and, of course, our customer RWA tokenisation platforms.Week 2: w/c 10 June 2024 This is when the fun starts! We will be launching a real estate game where you will be able to buy different properties, take insurance for your tokens, sell property tokens, and claim insurance amounts when property prices drop due to a disaster (yes, you read that right)! The goal of the game will be to accumulate as much property as you can by buying property tokens and have fun! So go checkout our game and make sure you read our documentation if you get stuck.We will also be launching new and interactive Galxe and Zealy quests which will focus on Testnet activities and there will be many associated rewards.Ongoing:We will be continuously onboarding new partners and launching associated quests to encourage interaction on the network.We will keep the quests engaging and varied to give you a true experience of what RWA are all about. These quests will stimulate usage and transactions, allowing us to stress test our network and reward engagement.What if I don't have a passport?We understand that a number of our community may not have a passport and therefore will be unable to access the Testnet at launch or participate in the first quests. Fear not! We will be keeping all the Galxe quests open until well after we can accept other Government issued identity documents; so everyone will have fair and equal access to the quests before they close.However, Zealy quests will be more focused around social media activities so these will close from time to time. These quests will be designed to foster participation for the larger Community whilst we enable additional Government issued identity documents.Will there be a Bug Bounty during Testnet?Yes. Our Bug Bounty program will reward our community members for reporting security vulnerabilities, in exchange for a number of RBNT tokens based on the severity and impact of the bugs discovered.The full details of our Bug Bounty program will be released shortly.What is happening to Devnet?In the short term, Devnet will continue to run, however ultimately our Devnet will be retired. &nbsp;Exactly when it will be retired will be determined by the success of Testnet.Are Node Operators moving to Testnet?Firstly, we wish to thank each and every one of our Devnet Node Operators for their efforts. We understand Devnet has been running for a while, and we will be rewarding your dedication with Node Operator incentives as outlined in our Node Operator Program. Your hard work and commitment have been invaluable, and we are excited to continue this journey together. &nbsp;For our initial Testnet launch we will only be utilising Redbelly operated nodes; no external nodes will be onboarded for the first phase. However, we will migrate selected Node Operators as candidates over to Testnet to help test the scalability of the network.After onboarding Node Operators as candidates, we will periodically reconfigure the network to promote 49 candidates to governors. These governors will receive RBNT for testing purposes, these will hold no value. The active candidates and governors who contribute to the Testnet's success will transition to the Mainnet, where their RBNT rewards will have real value. Following the Mainnet launch, we will keep increasing the number of candidates and governors on the Mainnet.All existing Node Operators will be contacted and reviewed as part of this process. We will ensure that everyone is kept informed at every stage, providing regular updates and clear communication. It is really important to maintain your node so we can accurately evaluate performance and reliability. Your participation and commitment are vital to the success of our network, and we are grateful for your continued support and collaboration.Will Grants be available?Yes! We are inviting all aspiring developers to apply for a grant and bring their innovative ideas to life with the launch of the Redbelly Testnet. Our grants will be open to everyone, with submissions carefully evaluated to ensure they align with our vision of unlocking the $16 trillion Real World Assets market by 2030.This includes asset issuers, licensed tokenization platforms, and any dApps looking to deploy on a compliant blockchain. Grants will be milestone-based and awarded in RBNT once our mainnet is live.Don’t miss this chance to be part of something groundbreaking!

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