Fetch.AI has just revealed what they say is a technical breakthrough on the challenge of the ‘blockchain trilemma’, with a new radically fresh approach to consensus. The consensus uses a Proof-of-Stake (PoS) scheme that achieves strict transaction ordering, fast confirmation times and improved security compared to existing platforms.
Jonathan Ward, head of research at Fetch.AI commented:
“Blockchain technologists have long understood the ‘trilemma challenge’ of achieving the correct balance of security, decentralisation and scalability. Our new approach to achieving consensus makes use of a decentralised random beacon, which in turn allows us to harness a truly decentralised DAG and deterministic transaction ordering for the first time. This means we can scale beyond today’s existing systems without compromising significantly on security or decentralisation”
“This is a landmark achievement in the development of our technology. It’s going to be exciting to see the consensus implemented on our scalable ledger, which is capable of synchronising 30,000 transactions per second on a single shard.”
The novel approach to achieving consensus includes the following innovations:
- A Decentralised Random Beacon that elects a committee of nodes tasked with reaching agreement on the validity of a set of transactions. This adds additional cryptographic measures that ensure decentralisation whilst preventing individual nodes from being able to interfere with or delay the progress of the blockchain.
- A DAG (Directed Acyclic Graph) but without the delay in reaching finality that is common to other DAG-based systems. Rather, the ‘leader’ of the committee (securely and randomly elected) is able to deterministically construct a strict ordering of transactions for the next block to be added to the blockchain from the partially ordered transactions contained in the DAG. The deterministic mechanism for achieving transaction finality combined with the scalability and transaction throughput of the ledger design will enable it to outperform existing systems.
- The overall design of the consensus mechanism, including the decentralised random beacon, collaborative block production and deterministic block mapping, focus on achieving ‘minimal agency’, which contributes to improved security by reducing the influence any one node can have on the transactions that are entered into the blockchain.
Humayun Sheikh, CEO, Fetch.AI added:
“Any consensus mechanism needs to be specific for the purpose of its distributed ledger. Fetch.AI’s ledger underpins deployment of ‘multi-agent systems’ where AI agents undertake large numbers of low-value transactions (e.g. trading data from a sensor). We believe our new consensus mechanism makes a significant contribution to blockchain infrastructure, making DLT fit for purpose in high-performance use cases.”
- New Zealand’s Cryptopia Exchange Packs It In – Announces Liquidation - May 15, 2019
- Canadian Blockchain Expert Alex Tapscott and NextBlock Global Limited to Pay $1M for Misleading Investors - May 15, 2019
- ObEN Launches AI Newscaster With 3D “Satoshi” Avatar to Deliver Content via PAI News App - May 14, 2019
- Leading Freelance Platform Moonlighting Announces First Blockchain Integration Partner – Teams with HireVibes For EOSIO Solution - May 14, 2019
- Polish-UK Blockchain Company Billon awarded €2 million euro from EU to build DLT Document System - May 14, 2019
- City of Belfast and Colu Team up to Create City Loyalty Token to Boost Local Economy and Environment - May 8, 2019
- Fidelity Investments – to Launch Cryptocurrency Trading Desk Soon – Recent Report Shows Clients Want To Trade Digital Assets - May 8, 2019
- Consensys Accelerates Blockchain Investment Portfolio, Consolidates Investment Arms - May 8, 2019
- IBM to Track Fresh Shrimp on the Blockchain - May 8, 2019
- Binance Cryptocurrency Exchange Hacked for 7000 BTC (USD $40 million) - May 8, 2019
- Gate.io Reports Success on First Three Successful IEO Projects - May 8, 2019
- Deloitte and RIDDLE&CODE expand partnership to enable the Token Economy - May 8, 2019
- Alprockz Partners with Fusion Foundation to Accelerate Swiss Franc-backed Stablecoin - May 6, 2019
- Major Canadian Banks Choose Blockchain Solution for Identity Verification - May 6, 2019
- Big Pharma Giant Pfizer and Others Join Life Sciences and Healthcare Blockchain Project MediLedger - May 6, 2019
- Craig Wright Pressured to Produce Evidence of Bitcoin and Blind Trust in the Dave Kleiman vs Craig Wright 1.1 Million BTC Court Case - May 6, 2019
- Facebook Kicks Off with their New Cryptocurrency Project Libra - May 6, 2019
- Vanbex Fights Back Against Asset Seizure in Civil Case by Suing Former Contractor for Libel - May 6, 2019
- Philippines’ CEZA Awards ADAX Rights to Open a Security Token Issuance platform and Security Trading Exchange - May 6, 2019
- Bitfinex $1 Billion IEO Details Leaked – Plans To Use Money To Cover Frozen Funds - May 6, 2019