The concept blockchain was first introduced by a person or group of people back in 2008 named themselves Satoshi Nakamato and being implemented the following year to serve as public ledger to transaction within the network by its core component of cryptocurrency bitcoin. From its whitepaper Bitcoin: A Peer - to - Peer Electronic Cash System, described a purely peer-to-peer version of electronic cash.
Since the invention of blockchain which is probably the best invention over a decade to be accepted within digital life, more concept have been introduced waving under blockchain shadow.
Just think of a situation where you exchange value without the need of trust or central authority. Blockchain provide digital trust where it records important information in a public space and not allow for anyone to change it.
The development of blockchain application requires complex coding knowledge, mathematics, cryptography as well as significant resources and from this complexity, Ethereum was introduced to build and deploy decentralised application.
Although some can’t distinguish Bitcoin and Ethereum, but there are major difference in purpose and capability; Bitcoin blockchain is used to track ownership of digital currency (bitcoin) and Ethereum blockchain focus on running the programming code of any decentralised application.
A decentralised application or Dapp serve some particular purpose to its users. For example Bitcoin, is a dapp that provides peer-to-peer electronic cash system that enables Bitcoin payments. Because decentralized application are made up of code that runs on a blockchain network, they are not controlled by any individual.
The next generation
With all the features that are offered in bitcoin/ethereum blockchain we still need more improvement especially in transaction fees, a flexible network, transaction system and so many that we will focus on other articles to follow. Rays network came with a solution to many features.
Rays Network
The past decade has been developments beyond these two blockchains, but innovations have been piecemeal and singular in their approach, and have failed to provide a comprehensive solutions to the prevailing problems that blockchain and cryptocurrencies face - especially relating to usability and adoption. Rays network prove to solve some of this problems by introducing its blockchain network that will have
- Customized Delegated Proof of Stake (CDPOS)
- Bulletproof Protocol for Privacy
- Flexible Blockchain Network (FBN) [Public and Private]
- Enterprise Privacy Blockchain Solution (EPBS)
- Zero Transaction Fee
- RAYS PAY & Microtransactions
- Multi Transaction System (MTS)
- RAYS Research Laboratory
- RAYS 3S Wallet
- Quantum Proof
- GDPR Compliance
With all this features, Rays Network is based on a whole new blockchain technology which is growing and improving all the time. Rays promise to provide an ultra fast transaction with zero fee by choosing a multi-algorithm protocol by improving an appropriate and unique way to maximize the scalability of rays blockchain network.
One among the special features of Rays is a customized delegated proof of stake, it's the most fast, decentralized and efficient protocol known to date, currently blockchain operates on the proof of work concept where an expensive computer calculation is done in order to create a block. Proof of stake has the same goal as proof of work, to validate transactions and achieve consensus in the chain and it uses an algorithm but with a different process. POS system is much faster and it’s incentive and structure enhance the security and integrity of its blockchains, and every user has an incentive to perform their role honestly.
Peter Samson
Rays Network Content Writer
Rays Network Ltd. (UK)
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