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Railblock

What is Raiblocks?

As maintaining a huge, unwieldy blockchain becomes more expensive, slow and non eco friendly, an alternative cryptocurrency has come on the scene.

Colin LeMahieu, the founder of Raiblocks, decided to create a new kind of blockchain that would enable feeless, fast and efficient transactions.

Though Satoshi’s blockchain was revolutionary, LeMahieu saw it as unscalable. Because each transaction on the Bitcoin blockchain has to reference a previous transaction as proof, it has become so big that transaction times can take hours to complete.

Raiblock uses a block lattice instead. Still using blockchain technology, each transaction is its own blockchain between the sender and the receiver of XRB, the Raiblock coin. Each block is just one transaction and the global register of transactions is stored in their ledger.

Since the block lattice creates blocks asynchronously by transaction, it also has limitless scalability.

It can run on low power hardware, so is also more eco friendly than a traditional blockchain based currency.

How Does Raiblocks Work?

Each user has his/her own account which includes a public and private key.  The public-key, also referred to as the address, is shared with other network participants while the private-key is kept secret.

When a transaction is started, a block on the lattice is made. It’s then signed by the private key. Other users can’t see the information of the private key, but the block can be verified by the information within it, including the digital signature.

The blockchain only extends as far as that accounts history. With no other transactions to store, the blockchain is lean and lightweight. All these transactions are then stored on the global ledger to be viewed and verified by other account holders.

Each account chain, however, can only be added upon by the account holder. Because of this, updates to the chain happen immediately and asynchronously to the rest of the block-lattice, resulting in quick transactions.

This means that there is no need for miners to verify the transaction. The only thing that needs verifying is a possible double spend showing on the chain. But, since each spend requires a reference to a previous block with the digital signature, a double spend would only occur if someone tried to reference the same previous block in two seperate send transactions.

So, how do Raiblock transactions get verified then?

When you create a Raiblock account, you select another account to act as your proxy and vote on transactions. When an apparent double spend occurs, one of these accounts votes on which transaction is the right one. There are so many of these accounts that vote, that there is always one online.

The Raiblock protocol is extremely light-weight and can be sent within the required minimum UDP (User Datagram Protocol) packet size for being transmitted over the internet. Hardware requirements are small, as well. All this adds up to a fast, cheap and scalable system.

The coin, the XRB, is founded on a Genesis Balance which is a fixed quantity

 and can never be increased. It was funded in October 2017.

How Can Raiblock Prevent Attacks?

Since Raiblock does not use a traditional blockchain, it seems like it could be susceptible to attacks.

The simplicity of the system is what actually prevents the known attack scenarios.

For example, in some cases a block that is not properly transmitted could be exploited in most situations. In the block lattice, a bad block would be ignored, or a request for a resync with the node happens. The increase in traffic this causes a denial of service. Before it can connect a vote happens, in which case it is deemed junk data. Attack averted!

With transaction floods, Sybil attacks and penny attacks, the way the block lattice operates makes it not just impossible, but not worth the effort or expanse. Voting by accounts can see these as they happen and deny the transactions. Since nodes that set up the block are pruned, there are few historical blocks to exploit.

Another stop gap is the fact that votes are account balance weighted. The bigger the balance on an account, the more weight the vote has. If somebody wanted to rig the vote, they would need to have over 50% of the voting power. This is only possible by spending hundreds of millions of dollars on XRB. Theoretically a foreign country could try this (I’m looking at you, China!), it is highly unlikely.

Raiblock vs Iota

What makes Iota and Raiblock similar?

These two crytpos were the first to figure out a fast, free and minerless system to make their crypto work more like fiat currency. They both use DAG, directed-acyclic-graph data structure.

It’s just the ways they implement their systems are different.

Raiblock uses Proof of Scale with the block lattice. A transaction is run through the ledger to ensure that the signatures are authentic. Once it syncs with the node, the node reads the signature and it is confirmed instantly

Iota works on Proof of Work. This means that a block gets confirmed once it is surrounded or stacked by other blocks. The time it takes to confirm, then, is reliant on how many users there are in the system.

 Though, Proof of Work is lower cost than the Bitcoin blockchain to operate, there is still some cost since there is computing that needs to be done.

Besides the differences being in how they enable transactions, the biggest separator is what they each hope to achieve.

Iota is looking to dominate the protocol for the Internet of Things devices. They are not exactly decentralized as they require a coordinator to manage transactions. Big corporations like Volkswagen and Bosch like that and have signed on as partners.

Raiblock, on the other hand is looking to become a daily peer to peer payment system for arbitrage through quick transactions, or to simply buy your morning cup of coffee.

At the end of the day, it is becoming clearer that for cryptocurrency to be used in place of fiat, it has to be instant and free. Otherwise it can never replace cash.

Now, there are many who could not care less about replacing fiat currency. They are either unbanking and want a safe place to hold their wealth, they are looking to invest by trading crypto or whatever personal reasons they have to buy up coins.

But, the people behind Raiblock and many other believers in decentralizing finance and currency are looking forward to a day when they can uncouple from government monetary policies and decide for themselves which currency they want to use. A coin like XRB could be just the thing they are looking for.

Nucleus Vision

With more and more commerce moving online, it seems that the old Brick and Mortar stores are not long for this world.

In the old vein of “Adapt or Die”, there is a solution for retailers to stay relevant in the digital age. Nucleus Vision is an app on the blockchain that will bring traditional, analog shopping into the modern digital age.

Nucleus Vision is attempting to bridge the gap between the online and offline world by using the Internet of Things to create a contactless identification system.

How does Nucleus Vision work?

The Nucleus Vision app allows retailers to tap into customer’s data to enable a customer focused shopping experience.

Basically, what happens is that a customer who is on the app has their preferences and shopping habits saved in their personal profile on the blockchain. When the customer enters a retailer in the network, it signals to the store that they have entered and asks permission to interact with the customer.

Wait, you say. I am barraged by ads all day long. Why would I want to open myself up to a more intrusive advertising program?

Legitimate question. The way to look at it is two fold.

As you enter a store, you are there because you have a need for a specific product or service. That’s obvious. With this system, you can have a tailor made shopping experience that can have you leaving the store satisfied that you got exactly what you came for.

If that isn’t enough incentive then the fact that you are rewarded with nCash by the retailer for enabling them to use your data. nCash is the native coin used on the app that can be used to make purchases in any retailer that uses Nucleus Vision, can be cashed out for fiat currency or even traded for other crypto currencies.

It amounts to a win win for both the retailer and consumer.

Because the app is on the blockchain, you don’t have to worry that your data is being bought or sold or that sensitive information could be up for grabs by a hacker breaching the security of a central server. Every transaction is there for anybody to see which keeps everybody honest and the system trustless.

What is the Vision Behind Nucleus Vision?

The app is currently being used for retail to show that it is viable. The possibilities, however, are almost endless.

Using the same Internet of Things technology without RFID or Wifi, could see a more secure smart home or even smart city. Transportation can be improved, especially as self driven cars become more established.

Healthcare industries can be streamlined. Imagine a person having a health issue entering the emergency room at the hospital and the app communicating the problem instantly to the nurses.

Agriculture can be improved and made more efficient which could lead to millions of people having more access to food.

The Internet of Things is already being used, so it makes sense for the blockchain to make it an even more secure and efficient system.

Nucleus Vision hopes that by being an early adopter to using IoT technology on the blockchain with their own proprietary system, they will revolutionize how people and things interact with each other.

Hshare

One of the biggest advantages to using blockchain technology is the security of it. It is very difficult to hack. Where there is a weak link, however, is when moving crypto currencies to an exchange.

When one reads about a huge amount of coins vanishing or being hacked it is almost always when the money was on an exchange or in an open wallet.

Hshares recognizes the need for more security when moving money around so they devised a way to use a sidechain to run parallel to other chains like Bitcoin.

 This will make it easy to send money from one chain to another. As things stand now, blockchains cannot communicate with each other and need to use exchanges. With a sidechain they finally will be able to move around without an exchange

How does Hshare work?

Hshare, also called Hcash, is a DAO (Decentralized Autonomous Organization).

This acts as a way for blockchains to communicate with each other. In the case of a sidechain to transfer coins from one chain to another, a signal is sent from one block on one chain to another block on another giving the new block the hash information about the transaction. While doing this it also lets the main block know that the coins are there and that they aren’t being used somewhere else at the same time.

This immobilizes the coins and the information about the transaction is stored at the address on both chains where the movement took place.

The protocol for this to work is a mashup of Proof of Stake and Proof of Work. It works in the same way a PoF protocol works in the sense that blocks are mined by using computational power. In addition, though the mining goes to the witness who has not only the most computing power but the most tokens, so a Proof of Stake protocol.

This works to keep users engaged which makes validating blocks much faster than a standard Proof of Work protocol.

The biggest benefit for some to use Hshare is the fact that all information is anonymous. A major complaint about using cryptocurrencies to make payments is that whoever your paying knows exactly how much you are carrying in crypto.

With Hshares, just enough information is made available to validate the block without giving away any sensitive information. They will use zero information proofs to mask the identity of the sender and receiver through the use of advanced cryptography to verify transactions without sharing information about the transaction with miners.

The carrier of that information is the native token called Hcash. It will be used to pay for resource fees used in the network, such as deployment of smart contracts, operating and upgrading of systems (transaction fees, cross-chain data transfer fees).

Libertarians, cypherpunks and the unbanked have long been holding onto this idea of a system that can safely and anonymously run off the traditional financial grid.  If this system proves to be viable, then it will pave the way for a truly decentralized crypto currency.

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