The Redbelly Network: Whitepaper
This paper details the purpose of the Redbelly Network, describes its infrastructure topology, and gives an overview of supporting infrastructure crucial to its success.
The Redbelly Network is a revolutionary open ﬁnance platform that embeds distributed ledger technology into the heart of ﬁnancial relationships. This eliminates information asymmetry and dramatically increases effciency, helping to build a fairer ﬁnancial system for all. With a novel leaderless consensus mechanism, democratic byzantine fault tolerant (DBFT) consensus developed with The University of Sydney and CSIRO’s Data61, we are able to achieve high performance, and guarantee the impossibility of forking and mitigate double spending with near instant ﬁnality.
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, huge 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.