FUJAN CRYPTO REPORTS
Whitepaper
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Summary
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Ruff is a platform designed to improve commerce by combining the Internet of Things and blockchain technology
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Ruff incorporates a distributed operating system with an open blockchain, using virtual business to business networks and a consensus algorithm to realize better offline solutions for information flow and product sourcing needs
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Ruff, through a combination of edge computing and blockchain applications, enhances usability so as to meet the Internet of Things demand for real-time flexibility
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The key problem that we want to solve is about providing trusted interoperability and paid interoperability between different IoT device systems, and using these devices’ computing power to build an open Ruff ecosystem
Background
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IoT data often requires high consistency and security, which is a problem that no centralized technology can readily solve
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blockchain development currently suffers from lack of infrastructure, high technical threshold, and excessive technical risk
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there are no mature solutions to the scalability problems that are frequently pointed out
Fragmentation
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it still takes a specific mobile app to open each of a growing number of bike sharing models, while in telecommunications you can generally call anyone on any carrier
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the IoT connected things we have around us today like doors, lights, alarms, coffee machines, and all so on are on closed isolated networks
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There is simply not enough homogeneity among IoT connected things for current models to offer the networkability we already enjoy in other ways through computers and mobile devices
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What is needed is the introduction of operating system and middleware concepts, compatibility with the fragmented spectrum IoT hardware devices, and a unified programming interface
Standardization
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Only by constantly standardizing fragmented products will it be possible to unify communication among nodes or create a consensus network among nodes
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even within devices different drivers and different software vendors follow different proprietary protocols, making it difficult for applications to interact
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Ease of use
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As of December 2017, 13,521 engineers worldwide have registered with the Ruff community, with more than half of them purchasing the Ruff board and deploying code
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When there is a standard application layer protocol between nodes, the communication between nodes remains at the abstract level of interactions between devices, such as payments, requests, verifications, and so on
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Unifying standards in the application layer is the most urgent challenge to solve for the Internet of Things
Reliable Interoperability between IoT devices
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The control center operates the device by initiating a control TX with its own signature to the device
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When the control end can not establish a point-to-point connection with the device, the control end can consume tokens and write a "state change" TX or "control command" TX on the chain to operate the target device
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custom control logic can be implemented using the console app built with traditional development language, reducing equipment support contract costs, but also reduce the likelihood of main chain jamming when running contracts
Time sequence data
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Timestamp data can be applied to prevent replay attacks and solve problems caused by concurrent deadlocks
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ERP, MES, WMS and other centralized systems simply cannot ensure consistent product traceability in the production, storage, and circulation processes
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Ruff's edge computing node will synchronize the timestamp as the core data value, thus controlling the business logic within the local area network
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Timestamps will be synchronized across the entire blockchain network, tracing the behavior of all nodes in the network at the same time to make the state of the network restorable at a given point
Consensus Mechanism
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Chain Control
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Lightning chain differential mechanism
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The contract is generally formatted in the terms "If you give me a certain number of tokens, I will allow you to use the following command under certain conditions."
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The Return transaction is confirmed by the master chain after the contract is successfully executed, at which time the user's tokens will be transferred to the control node's account
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After some time, if the user feels that the hardware is not handling the subsequent commands correctly, then he can extract the Review transaction’s previously signed Return transaction, sign his own digital signature, and submit a Review transaction to the master chain, and the negative report will take effect
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If a particular contract gathers numerous such reports, the control app will interactively prompt the user that the contract has a large number of negative reviews
Node Classification
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Due to their power consumption requirements, their computing power is very low, their memory is very small, and the MCU can not exceed 512 kb
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the structure of the Internet of Things is necessarily composed of multiple nodes comprising a network
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There will be one or more applications in this network, and applications will go through the application interface and interact on the blockchain
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Light nodes (executors)
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The application control interface will request network authentication information, and after verifying correct implementation will issue a contract to the user, such as the release of property access rights
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The light node role can be assumed by a simple device without storage capacity, and the cost can be as low as a few dollars
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Full nodes (Recorders)
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Full nodes will be able to record all information, participate in event registration or modify broadcasts, and vote for other nodes
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Due to the consensus algorithm of not using PoW and the low computational burden on the entire node, home smart devices such as a $200 HTPC, high speed routers, and NAS can take on this role
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Representative nodes (Arbiters)
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The nodes with the most votes in every 105 nodes should bear the responsibility of enforcing the rules and packaging blocks
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The representative node can obtain revenue from mining by distributing blocks
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Control nodes (SPV wallet)
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Smart Contract of Things
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For example, offline real estate transactions can executed passed in this way, such as in hotels or sharing economy properties with respect to accessing door locks, rental equipment, the use of switches, and other functions that can be managed by contractual control
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the value generated by the means of production may also be governed by contracts for things such as power generation, mining and manufacturing
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Common Dapp scenarios could be financial leasing, asset securitization, asset pledging, supply chain finance, property registration and real estate transactions, and so on
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Application scenarios
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Property right transfer and rental
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The control end can enable binding to a custom smart contract and thus realize the exchange of rights to use equipment
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When this type of contract is used on the control side, a pre-signature transaction for quality feedback will also be given
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Open Data transactions
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Product, project life cycle management, and upstream and downstream industry chains can share real-time data so as to achieve traceability, quality tracking, capacity forecasting, and distribution functions
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Asset management and securitization
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Assets generating value via transactions can include uses of generators, mining machines, charging piles, shared bicycles, retail equipment, and so on
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Leasing companies use their own professional advantage in the leasing business, and at the completion of the leasing project, the financially leased assets can be transferred out through the trust
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It is therefore essentially a designated purpose trust fund and a financial product that specializes in financial lease claims
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The financial leasing company separates or reorganizes the leasing right of the finance lease item and entrusts it to the trust company to sell to a specific investor in the financial market
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The financial leasing company discounts the receivable rent, eliminates the financing liabilities of the corresponding items on the balance sheet, and achieves off-balance-sheet financing, which not only solves the financing problem of the finance leasing company, but can also use asset lists to achieve the purpose of better adjusting the business asset structure
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The leasing company may consider the issue of products by the trust company as a fixed financing channel, and communicate with the trust company while conducting research on the financing project
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After the completion of the project, the trust products can be issued simultaneously, reducing the occupation time of funds and simultaneously charging fees as needed
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For example, in the cooperation between Ruff and a photovoltaic operation and maintenance company, the production of photovoltaic power can be monitored and securitized in real time
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Evaluation mechanism
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When a contract is completed and the user does not obtain the desired result, the user will be able to submit an individually signed contract transaction to issue negative feedback
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An example could be when a vending machine fails to dispense a beverage a user has paid for with tokens
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RUFF tokens
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The RUFF tokens will be the benchmark for incentives, spending, and trading within the Ruff public chain ecosystem
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Currency mechanism
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Consumers consume tokens during property or data transactions
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Use of equipment rights and data generating transactions will also be settled using tokens
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Any Ruff-based smart contract can claim its own token for settlement
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in the IoT ecolosystem, providers who participate in verification, accounting and other activities within the IoT ecosystem will also use the default RUFF tokens, and consumers will also deploy contracts and consume resources using RUFF tokens
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Privacy and security
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Most of the logic of the application developers is offline, and desensitization of online data is controlled by developers
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In a local application network, once the main application node fails, the application logic will pass to another node and continue for completion, thereby ensuring the consistency of the local application network
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Ruff uses a symmetric key, and the key is not transmitted over the network
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the chain network releases a one-time token based on the timestamp to the application network, which therefore resists replay attacks
About Ruff
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Ruff was founded in 2014 with edge computing at its core and the goal of replacing original embedded operating systems
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Ruff’s community has already grown to encompass the work of tens of thousands of developers, and is the industry's most prevalent IoT operating system
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team members have also been listed for Forbes China’s 2017 30 Under 30 mention and other notable awards and accolades for achievements in business development and marketing
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The First Batch to Join the New Microsoft Accelerator Shanghai
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2016 Tech Crunch Beijing (Innovation Challenge Champion)
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GiTC (Best Technology Innovator Award)
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2016 Microsoft Innovation Summit (Best Investment Award)
Roadmap
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Team
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Roy Li - Founder
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Instructor at Fudan University
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148th best university in the world
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Formal Nokia OVI Team Lead
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158 Developers worked on this and reached over 1 million downloads
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Advisor of TNB, Realchain, AIDOC
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TNB: MiaoA International Timechain (M.I.T) is a precision time-value transmission network which enables the valuation of the time assets belonging to individuals and/or corporations. Partnered with Huobi.
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RealChain identified and managed chaos for the consumer goods market, and for the first time put forward the use of blockchain technology for identification assessment. Partnered with QTUM.
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AIDOC uses medical data and smart doctor AI technology to provide you constant health and wellness insight.
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5 DEVELOPERS ON THIS TEAM, 30 ON THEIR SISTER COMPANY CALLED RUFF OS
Alex Goh – Advisor/Investor
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Managing Director & General Manager for Fosun Group - current
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140 billion dollar company
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Vice President Sales at LeEco – 1 year 3 months
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3.4 billion dollars in yearly revenue
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Sales VP & General Manager and APJ Cosumer manager and inside sales manager at Hewlett-Packard – 5 years 11 months
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General Manager, Sales Director, marketing director for Dell – 7 years 9 months
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Masters from Macquarie University – 234th best school in the world
Kevin Wen - Investor
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Co-Founder, President of Lightinthebox.com – 9 years 1 month
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150 million dollar company
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Team Member for Creative Commons – 2 years 1 month
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604K twitter followers
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Bachelor’s from University of Texas at Austin – 32nd best school in the world
Bian Jiang – Investor
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Baidu Production Director
Huawei Kong – Investor
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Chinese Academy of Sciences – 145th best school in the world
Partners & Backers
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Microsoft China
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Schneider
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5 billion dollar company
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Baidu Cloud
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muRata
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1.3 Trillion dollars in revenue
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Bits Angel
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Worlds first distributed veteran entrepreneur and angel investor group focused on funding the digital currency ecosystem.
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Fenbushi Capital
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NEO
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Bixin
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No information
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Consensus FinTech Group
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3 employees
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AlphaCoin Fund
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No information
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LinkVC
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No information
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INT
Articles
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https://medium.com/@cryptostec/what-is-ruff-chain-5e1413db1a5a?source=search_post---------2
Videos
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https://www.youtube.com/watch?v=QYJhmqUg_SM
CoinCheckUp
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Conclusion
I would give RuffChain a B- rating. Ruffchain is a project working on standardizing IoT communication. If each company has its own language for IoT then the devices wont be able to communicate together, however if everybody goes through Ruff such as going through HTTP then we can have a universal IoT language. The idea is a great, and could be a killer in this space espically if they truly do have over 13K engineers already signed up. Now is this the dream team that we have seen before I would not say so, most of who they added on the team was just individual investors, 1 advisor, and the CEO. This bothers me because I would like to know who else is working on this project because they do mention other amazing developers yet they do not name them. It is said that they have 5 developers working on RuffChain and another 30 working on Ruff OS, yet the people they add to the team section are investors who technically aren’t part of the team. They have some great partners that clearly shows who is willing to participate in this project. My biggest concern is that they have very little attention. No good youtube videos, no posts on the crypto reddit, not a strong reddit following, their just seems to be a lot of missing pieces. Now overall I think there is enough pieces to say you should invest something at this stage if everything they said was true, but I think I would want to see more established project before I make it an A rating.
