Author: Fibochain

Preface

Because decentralized social networks can solve many problems of traditional social network platforms and improve the overall user experience, many emerging Web3 social protocols are building social networks on the blockchain. However, many Web3 social protocols currently face many challenges in development. The performance of general-purpose public chains is limited by factors such as slow, expensive, and difficult to scale, leading to the emergence of customized public chains focused on vertical niche areas in the current market. These specialized public chains bring new solutions, and today we are going to introduce Fibochain, a high-performance dedicated public chain for the social field.

Project Introduction

Fibochain is a high-performance public chain with future-oriented, composable, and iterative capabilities incubated by the Fibonacci Foundation. Relying on its highly scalable framework, Fibonacci is committed to building a customized social ecosystem for the social field and creator economy.

The basic framework of Fibochain has the advantage of a customized blockchain, including a modular framework for convenient deployment based on the Cosmos architecture, SBFT+DPOS dual consensus mechanism supporting large-scale transactions, and an EVM deployment mode compatible with Ethereum.

In the social field, Fibonacci Lab has designed and created the first social application protocol compatible with the Fibochain framework, SocialX. The SocialX protocol proposes a minimalist and customizable social framework protocol designed to address the personalized needs of blockchain applications in the social field, suitable for a wide range of social scenarios, including decentralized social media, content creator incentive platforms, and advertising delivery. The SocialX protocol is not a closed protocol; it can be customized for use on other public chains, such as Ethereum, Solana, and Avalanche networks.

In addition to social field applications, Fibonacci Lab also promotes the upgrade and iteration of the basic ecosystem, including the zero-slippage decentralized exchange FlySwap, the cross-chain bridge FBridge, and the comprehensive NFT market Mirror.

Project Mission and Vision

After ten years of technological and ecological iteration and development, public chain infrastructure has basically met the needs of application construction. However, these processing capabilities only achieve tens of thousands of transactions per second in simple scenarios, and current general-purpose public chains cannot support the large-scale transactions, composite technical architecture, and complex transaction scenarios required for the development of Web3 social networks.

Fibonacci believes that the development of customized public chains is an essential path to shape the next generation of the Internet under Web3.0. The rise of customized public chain solutions has a profound impact on the entire Web3 infrastructure landscape, marking the arrival of the fourth generation of blockchain era.

To better meet the technological trends of the new public chain ecosystem and meet the needs of large-scale application scenarios, in 2023, Fibonacci proposed the direction of building a customized blockchain, specifically to achieve a composable public chain architecture for faster response to customized needs. For this purpose, the core development team of Fibonacci has specifically upgraded the system architecture, layered architecture, and basic applications to adapt to customized applications and respond to instant services more quickly.
Advantages of customization Fibochain is designed for customized blockchains, with characteristics tailored to specific needs, capable of meeting specific requirements with lower migration costs. Its architectural advantages include:

SBFT+DPOS Dual Consensus Mechanism The core consensus module of Fibochain replaces PBFT with the faster and more efficient SBFT. Experiments have shown that using SBFT, Fibochain's TPS theoretically reaches 100,000/s. The SBFT consensus mechanism enables Fibochain to have the capacity to support high concurrency and large-scale applications in multiple domains, laying a solid technical foundation for Fibochain to become the cornerstone and bridge of the blockchain ecosystem in the future.

Comprehensive Cross-Chain Support Fibochain can support multi-chain interoperability, improving system throughput and processing capabilities. At the same time, if one chain encounters a failure or attack, other chains can still operate normally, ensuring the stability and security of social applications.

FIBO Cross-Protocol is a set of standardized communication protocols defined by Fibochain based on the IBC protocol, including standardized communication such as requests, responses, retransmissions, errors, etc. The multi-chain architecture of FIBO Cross-Protocol provides higher scalability and reliability for high-frequency applications. For example, in social applications, FIBO Cross-Protocol allows users to publish and share content on different blockchains. Using the standardized cross-chain query protocol defined by FIBO Cross-Protocol, users can easily query and access data across different chains.

EVM Integration and Optimization The native instructions of EVM incur high GAS costs, resulting in a high cost burden for user interactions with the Fibochain network. Therefore, Fibochain has proposed the concept of Gas Less EVM (i.e., while maintaining the integrity of EVM, the GAS cost of native EVM instructions is reduced to one-sixth through optimization of implementation methods and algorithms). Fibochain is an EVM-compatible chain based on the Cosmos network's collective technology architecture, allowing many applications from Ethereum to migrate to the Fibochain ecosystem at zero cost. Through this optimization, Fibochain reduces the GAS cost of call data from 16 gas/byte to 3 gas/byte.

Social-Oriented Layered Architecture Fibochain's layered architecture supports composite operations, interface management, and permissionless management, providing developers with iterative development and downward compatibility of native components. Fibochain is divided into several major modules based on the principles of independence, low coupling, high cohesion, and public modules. It has already achieved customization of Cosmos Social and NFT modules.

Although lightweight storage applications like DeFi run well on general-purpose blockchains, general-purpose blockchains cannot scale to handle storage-intensive applications such as social media due to high storage costs. In contrast, the storage costs of DeFi applications on Fibochain can be negligible.

In addition, the widespread adoption of Web3 social protocols inevitably places extremely high demands on the performance of the underlying infrastructure—the public chain. Currently, the TPS of general-purpose public chains is far from meeting this demand, while the customization and high processing speed advantages of Fibochain make all of this possible.

Ecosystem Introduction

Since 2022, the Fibonacci Foundation has been committed to supporting the construction of the ecosystem. In terms of ecological funding, Fibonacci Lab has established an ecological fund to provide support in terms of funding, technical support, media publicity, and market promotion for DApps developed on the SocialX protocol, to promote the development of blockchain applications in the social field.

FlySwap

FlySwap is the first DEX on Fibochain, aiming to provide efficient, secure, and low-cost digital asset trading services, featuring stable coin exchange with zero slippage, regular liquidity locking, and ecological mining.

FigBox

FigBox is a user-friendly wallet management tool that supports multi-chain association, cold wallet functions for scan interaction, and multi-signature contract functions.

FBridge

FBridge is the first cross-chain bridge to access Fibochain. FBridge enables cross-chain communication and asset transfer between different blockchain networks. The advantages of FBridge's cross-chain bridge lie in its support for multiple chains and multiple currencies, as well as its fee incentive mechanism, which can help users easily achieve cross-chain asset transfer and exchange, while ensuring the stability of the entire cross-chain bridge operation.

FiboScan

FiboScan is the blockchain explorer for Fibochain, used to browse data such as transactions, blocks, and addresses on Fibochain, and view detailed information about transactions, block height, size, etc. It displays the data most relevant to users by default and provides statistically meaningful secondary data, with a unique UI design among all blockchain explorers.

Mirror

Mirror is a future-oriented comprehensive NFT market that not only serves as an NFT trading market but also provides a new NFT value endowment mechanism, allowing NFT issuers to endow practical value to NFTs, ensuring the intrinsic value of NFTs.

WhaleFin

WhaleFin is a structured DeFi product developed based on Fibochain. Users can obtain low-risk sustainable returns through flexible access to staking by providing stable coin liquidity.

Fibonacci Oracle

Oracle is a decentralized and digital core underlying tool provided by the Fibonacci core development team for the Web3 ecosystem, which connects the Fibochain ecosystem to existing external data sources to facilitate the execution of smart contracts based on real-world information.

SocialX: The First Customizable Social Protocol Compatible with Fibochain

SocialX is a groundbreaking, customizable, minimalist protocol for the social field. SocialX features cross-chain compatibility, user-friendly experience, selective storage, and rapid application development, aiming to address the customized needs of blockchain applications in the social field.

The SocialX protocol achieves cross-chain compatibility by customizing the consensus layer, data availability layer, and settlement layer. The consensus layer includes the consensus algorithms and mining reward mechanisms of various public chains, the data availability layer includes the data structure and storage methods of public chains, and the settlement layer includes the transaction methods and fees of public chains. By customizing these layers, the SocialX protocol can be compatible with multiple public chains, solving the problem of information silos on public chains.

SocialX is an open and customizable underlying social protocol developed by Fibonacci Lab. SocialX can support the construction of a large number of social applications, which in turn enrich the functionality of SocialX itself, forming a positive cycle. The prosperity of social applications can attract more users and resources to public chain networks such as Fibochain, truly unleashing the value and potential of the SocialX protocol.

Token Economics

FIBO Coin is the native asset of Fibochain. Similar to the operation of leading networks such as Bitcoin or Ethereum, FIBO Coin is the primary trading unit of the entire Fibochain ecosystem. The total supply of FIBO is 77,777,777 coins, distributed over 77 years. The coin release mechanism is as follows: 20% of the remaining amount is produced each year. The allocation mechanism is as follows: pre-mining: 12 million (30% to the founding team, 70% to the community), after the mainnet launch: 15% for the technical team, 15% for the foundation, 30% for ecosystem support, and 40% for node rewards.

In addition to serving as the basic asset and medium of exchange for the entire network, FIBO also grants governance rights to holders. The Fibonacci Foundation will initially control platform parameters in combination with community contributions, and as development continues, FIBO holders will be able to vote on updates to decentralized social network projects. It is reported that FIBO will soon be listed on the well-known cryptocurrency exchange MEXC, where users can acquire FIBO.

Future Roadmap

Fibonacci's Web3 journey began with the ICO in 2021. In 2022, the Fibochain mainnet was launched, and the first batch of ecosystem DApps (FiboScan, Mirror, and FbBridge) were released.

After receiving a lead investment from Softbank Capital, products such as Flyswap were successively launched. After continuous iteration and updates, the 2.0 version updates of Fibochain and the first batch of ecosystem DApps went live in early 2023. It is worth mentioning that the first full-chain social protocol product SoicalX developed by Fibonacci Labs was also released at this time.

Furthermore, Fibonacci is now formulating long-term plans to achieve the next stage of crypto growth. The following are the three main goals for the second half of the year:

Strengthen Network Security

Security will always be a top priority, and Fibonacci continues to strengthen the network along the path of decentralization.

Enhance Ecosystem Development

New Fibonacci ecosystem products—including Nest, ADFI, ACGN, GameFi, and lending protocols—will attract significant traffic and bring in more Web 3 users.

Introduce Industry-Leading Governance Modules

Fine governance control will be achieved through updates to the EVM module, staking module, and social governance module.

Conclusion

The customized and high-performance public chain project (Fibochain) provides an alternative to traditional, monopolistic, and centralized large-scale technology social media companies. Combined with the native FIBO Coin, Fibochain offers a more attractive option for Web3 social protocols. Additionally, the rich ecosystem built on Fibochain and the introduction of third-party excellent protocols provide new opportunities for diverse users. Meanwhile, Fibonacci Lab continues its ongoing research on privacy technology and consensus mechanisms for further performance improvements.

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