RAYS Network is pleased to introduce a new blockchain ecosystem which is faster than Ethereum and EOS. Is it just a claim or a reality?
Absolutely, RAYS Network is a potential candidate to claim itself faster than EOS because of its Customized Delegated Proof of Stake (C-DPoS) Consensus Algorithm and Bulletproof Protocol.
With the latest success of EOS, RAYS Network aims to take the user's blockchain experience to a step further by customizing the DPoS Algorithm to improve efficiency and increase the Transaction speed by reducing the block generation time to less than 10 sec.
One of the special features of our project is Customized-Delegated Proof-of-Stake or C-DPoS. It is the most decentralized, fast, and efficient protocol known to date. C-DPoS is an extended version of DPoS with the inclusion of Trusted and Efficient labels being assigned to best-performing Delegates.
C-DPoS a robust and flexible consensus protocol. Deterministic selection of block producers will allow transactions to be confirmed in an average of just 1 sec.
DPoS is the best consensus algorithm in terms of maintenance costs and security. By implementing this algorithm, our users (RAYS holders) will be able to stake RAYS coins even when they have their wallet turned off. This is a much more pleasant and convenient solution than in the case of ordinary PoS where users (holders) must have a 24/7 wallet open.
Bulletproof protocol is the latest theoretical protocol under tremendous research that aims to revolutionize the privacy in cryptocurrency and blockchain. Logarithmic in size, Bulletproof protocol reduces the block transaction size to a great deal compared to other Privacy protocols such as ZK-SNARKs and Non-Interactive Zero Knowledge Proof of Knowledges (NIZKPK), being or planned to be used by ZCash, Ethereum and EOS, respectively. For example, If all Bitcoin transactions were confidential and used Bulletproofs, then the total size of the UTXO set would be only 17 GB, compared to 160 GB with the currently used proofs. This is a significant improvement in terms of reducing the size of the whole blockchain network. Hence, Bulletproof Protocol is logarithmically smaller than other linear privacy protocols.
“Bulletproofs are short non-interactive zero-knowledge proofs that require no trusted setup. A bulletproof can be used to convince a verifier that an encrypted plaintext is well formed. For example, prove that an encrypted number is in a given range, without revealing anything else about the number. Compared to SNARKs, Bulletproofs require no trusted setup.
Bulletproofs are designed to enable efficient confidential transactions in Bitcoin and other cryptocurrencies. Confidential transactions hide the amount that is transferred in the transaction. Every confidential transaction contains a cryptographic proof that the transaction is valid. Bulletproofs shrink the size of the cryptographic proof from over 10kB to less than 1kB. Moreover, bulletproofs support proof aggregation, so that proving that m transaction values are valid adds only O(log(m)) additional elements to the size of a single proof.
Bulletproofs have many other applications in cryptographic protocols, such as shortening proofs of solvency, short verifiable shuffles, confidential smart contracts, and as a general drop-in replacement for Sigma-protocols.”
Source: https://crypto.stanford.edu/bulletproofs/
Website — https://rays.network/
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More details about RAYS Network project can be found here: