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Right on time - Ethereum sidechain PolySwarm reached another milestone goal, Releasing Beta Version (0.2)

Offer Channels

Undoubtedly, the biggest consumer-facing feature of Beta is Offer channels. Offers enable Ambassadors and Experts to rapidly exchange threat intelligence off-chain and periodically settle their “tab” to the Ethereum mainnet. Think handing a bartender a credit card, periodically ordering drinks and then settling at the end of the night.

Offer channels are a way for Ambassadors to engage designated Experts off-chain without incurring trust requirements.

Our initial Beta Offer mechanism is inspired by µRaiden, providing simple open, join, close functionality in a traditional* state channel.

For Gamma, we’ll be incorporating counterfactual state channel technology to reduce Ethereum gas costs of Offer channels substantially further.

*Is it fair to refer to anything as traditional in this space?

Scaling & polyswarm-relay

As discussed in our Beta sneak peak, we’re designing a sidechain + relay as a stopgap solution to scaling the platform. More about the long term solution soon!

PolySwarm will need to support a large number of artifacts scanned per day. We’re targeting 100,000 artifacts / day by the end the of the year. That’s a lot. Transactions to support this volume would rival CryptoKitties.

Needless to say, we need to get creative. Recall that PolySwarm supports two types of interactions:

Bounties: Wild West, free-for-all crowdsourced wisdom. Learn more about our bounty process: PolySwarm’s Bounty Lifecycle. Offers (new in Beta): High throughput, low latency direct exchanges between Ambassadors and Experts

Each type demands its own scaling solution.

For Bounties, we’re building a PoA sidechain that will allow participants to place Bounties without incurring Ethereum mainnet transaction fees and delays. polyswarm-relay will make this transparent to the developer.

Fig E: Transferring NCT to / from a sidechain.

This s...

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