Learn about the Seven chain Platform

Seven chain is a decentralized payments-focused platform powered underneath by the fast and low-cost Seven chain blockchain.

In this section, you will be able to learn more about:

  • the vision and strategy behind the platform and its main components

  • how the Seven chain blockchain works, its native SVC token and its governance and development

  • how Seven chain is connected to other major chains

Seven chain contains below

1. Seven chain Overview: vision, strategy and platform components

Seven chain is a decentralized blockchain-powered platform and technology stack whose goal is to enable genuine mass adoption of crypto payments and decentralized finance (DeFi).

The project was launched in 2019 by a team formerly involved in building the Colu project aimed at bringing local currencies to the blockchain.

The Problem

The currently existing financial system falls way short of the objective of providing the people globally with access to fast, frictionless payments, attractive financial services and passive income opportunities.

This is especially relevant for the developing countries. Hundreds of millions of people there lack access even to the basic banking services, let alone access to more advanced financial opportunities. They also often have to transact using highly unstable fiat currencies, prone to episodes of sudden profound devaluation.

At the same time, even in the poorest countries, the pace of mobile phone adoption has been staggering. In sub-Saharan Africa, more people have access to mobile phones than to clean drinking water.

In addition to this, the rise of blockchain technology and cryptocurrencies has finally created the possibility for potentially anyone on the planet to send and receive funds without the permission of any entity, using currencies that cannot be manipulated.

What the crypto industry still lacks

However, while we are observing a lot of activity in the crypto space (especially in the crypto asset markets, and the DeFi and NFT sectors), genuine mass adoption of crypto payments and DeFi is still not there.

The currently available products and tools, with their complicated and disparate UX, are mostly geared towards sophisticated crypto users with significant financial means.

How we go about it

Our approach to bringing crypto payments and DeFi to the masses primarily consists in empowering other projects, businesses, organizations and communities to adopt crypto payments and decentralized finance (DeFi).

This is achieved by providing clients with convenient, mobile-first tools for creating and managing token-powered environments, as well as for onboarding users to those and enabling them to interact.

Platform Components

The Seven chain platform has three main components:

1) The Seven chain blockchain. The EVM-compatible public blockchain is the decentralized, permissionless backbone of the Seven chain platform and ecosystem.

2) The mobile-centric open-source technology stack designed to help businesses and developers plug crypto payments into real-world use cases. This toolkit has subsumed into the new Sevenchain Charge API platform.

3) A set of reference decentralized finance (DeFi) products and tools. The goal of these is to pave the way for the initial adoption of the platform.

2. The Seven chain Blockchain

Network Overview and Key Metrics

Seven chain is the decentralized EVM-compatible public blockchain that powers the Seven chain platform and ecosystem. It is fully compatible with Ethereum meaning that any smart contract that can be deployed on the latter can also run on top of Seven chain .

The Seven chain blockchain uses a variant of delegated Proof of Stake (dPoS) for achieving consensus. The consensus is secured by a significant number of independent validators, only one of which is run by the Seven chain core team.

Validators are also responsible for the most important type of governance on Seven chain , namely, adopting the network protocol changes via Seven chain Improvement Proposals (FIPs).

The native token of the network is called SVC. New SVC tokens are issued with every added block and are also use to pay for gas, just like ETH on Ethereum.

The Seven chain blockchain is designed to ensure fast block confirmation times and a low cost of transactions. The average block interval on Seven chain is around 5 seconds, and it currently costs much less than $0.01 to get a transaction confirmed.

In its present capacity, the Seven chain blockchain is capable of processing around 120 native token transfers and 60 TL20 token transfers per second. The faster processing of native token transfers is due to the fact that they do not involve computations run on the network's virtual machine.

3. Discovering the Network

The following information will help you discover and connect to the Seven chain blockchain:

4. Seven chain Consensus

Consensus refers to the agreement process between nodes in a network. The nodes must agree on which transactions to include in the next block on the chain before these transactions are committed.There are 2 aspects to the process - the actual consensus mechanism to add transactions to blocks, and Sybil protection and validator incentives.

Sybil protection and incentives via delegated proof of stake

Seven chain uses delegated Proof of Stake (dPoS) to provide Sybil protection and align the validator incentives.In order to participate in securing the network consensus, a node operator must stake a minimum required amount of SVC tokens (currently set at 100,000 SVC). Becoming a validator on Seven chain is permissionless, meaning that a node operator just needs to satisfy certain technical requirements. The need to stake SVC ensures that an entity cannot create multiple seemingly distinct validators without incurring a significant cost. Hence, the Sybil protection. Currently, the maximum number of validators on Seven chain is 100.The validator who publishes a block agreed upon during a given consensus round is rewarded by the network protocol in newly minted SVC tokens. They also receive the fees users paid for the transactions included into the block.Over time, validators can expect to publish a share of blocks equal to their share of the overall stake. Since SVC uses dPoS, a validator can increase their share by attracting SVC tokens from delegators. The mechanics of delegation on SVC are discussed in more detail on the following page.Validators who violate the consensus rules (by, for instance, not revealing random numbers) can expect their stake (including the delegators' contribution) to be frozen. This provides a strong incentive for validators to behave in the desired manner.

The AuRa Consensus Model

Seven chain currently uses Parity's AuRa (Authority Round) consensus model to append blocks to Seven chain. This consensus mechanism is also notably used by the xDAI blockchain.In this model, the validators take turns signing blocks. A signed block is broadcast to all validators, and if the majority agree it is valid, it is added to the chain. A new block is added every 5 seconds, regardless of whether any transactions occurred during that time.Although, in theory, achieving transaction finality in this model may take some time, for practical purposes, a transaction on Seven chain can be considered finalized after a single block confirmation.

5. Delegation through Staking with Validators

As discussed on the previous page, Seven chain validators can boost their share of the overall consensus stake by attracting funds from other users who do not run validator nodes themselves.

Those users are referred to as 'delegators.' A delegator is free to choose any validator (or validators) and stake any amount of SVC with them to participate. The most convenient way to delegate SVC to a validator is via the Seven chain Staking platform.

A delegator receives the share of Seven chain block rewards proportionate to their stake minus the fee paid to their chosen validator. The minimum fee is currently set at 15%. This value was chosen to mitigate the risk of validator consolidation through offering very low delegation fees.

Currently, delegators are allowed to unstake their SVC at any time but plans are in motion to introduce a minimum staking period.

6. Ethereum (EVM) Compatibility and Smart Contracts

In addition to the information about the transactions processed by Seven chain, its nodes also permanently store and update the code and current state of smart contracts. Smart contracts are computer programs (persistent scripts) that anyone can interact with by sending transactions invoking them. Smart contracts also have their own accounts which can hold token balances.On the network nodes, smart contracts are stored and executed in a special environment called 'virtual machine' (VM). The Seven chain blockchain is currently broadly compatible with Ethereum's virtual machine (EVM).This means that any smart contract or decentralized application (dApp) that can be deployed on Ethereum or another EVM-compatible chain will also function if deployed on Seven chain, including the TL20 and ERC721 standard-compatible contracts, for instance. No modification of the smart contract code is required.

7. Boosting Seven chain's Scalability

Scalability is a challenge faced by all public blockchains, and Seven chain is no exception. Although, currently, the Seven chain blockchain is far from being saturated by the incoming transactions the project team is keenly aware that this may change at any moment.Hence, research has been ongoing into the potential options for boosting the scalability of Seven chain without significantly sacrificing decentralization and security.One approach the Seven chain team has been considering closely for boosting scalability is optimistic rollups. We have been carefully researching the available options, including Arbitrum and Optimism and we hope to be able to update our community soon on the state and future direction of that effort.Another line of research and development work has been around Flutter Layer 2 payments (FL2P) relying on zero-knowledge (ZK) rollup technology. It involves processing most of the transactions within a ZK-enabled second layer environment and periodically batching or 'rolling up' transactions as a single ZK proof on the Layer 1 blockchain.FL2P is an SDK that will enable developers to integrate ZK rollups directly into their mobile crypto wallet software. As Seven chain ecosystem is mobile-centric, the integration of FL2P into the Seven chain wallet technology will allow scaling a lion's share of the network transactions.

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