In this piece, I intend to discuss Usechain's RPoW in comparison with other blockchain consensus algorithms. Before I proceed, let me explain consensus for the benefit of the uninitiated.
Consensus Algorithm ExplainedBlockchains are normally decentralized networks consisting of different participants who act depending on the information and incentives available to them.
Immediately a new data or information is broadcasted on a network, clients have the option to either include such a transaction on their copy of ledger or simply ignore it. When the majority of participants decide on a line of action, consensus is said to be reached. Blockchain platforms use consensus algorithms among participants to reach agreement for creating value or solution and providing service.
The fundamental problem in a distributed system is how to reach what is called a Byzantine Consensus or Agreement among actors to achieve something. This problem stems from the classical Byzantine Generals Problem.
Byzantine ProblemAs explained in a 1982 paper published by Lamport, Shostak, and Pease, the Byzantine Generals Problem describes an hypothetical situation in which a group of generals need to reach a consensus on a time to attack a common enemy. Each general's army cannot defeat the enemy army on its own, thus the need for cooperation and a simultaneous attack.
The general’s communicate with one another through their lieutenants who act couriers. The problem is that some of those lieutenants could be traitors who work for the enemy and deliver false messages. At the same time, some of those generals could also be traitors too, who won't act even if the message deliver is correct.
From this scenario, it could be seen that the solution to this problem could be gotten via mathematical algorithms, which would guarantee a consensus among the generals despite the presence of saboteurs.
As a matter of fact, the issue under consideration isn't limited to military attacks. It could be extended to market transactions, financial payments, product innovation, or any kind of decision making. The most important thing is that participants have to agree on the same things.
This is referred to as the Byzantine Consensus Problem and attempts to solve it is behind the revolution called blockchain.
Starting from bitcoin's PoW launched in 2009, numerous attempts have been made to develop more algorithms to reach consensus among network users with scalability, performance, and security in mind. One of such newer protocols is the "Randomized Proof of Work" (RPoW) algorithm being used on the Usechain platform.
What is Usechain?
Usechain is reputed to be the first ever mirror identity blockchain platform created to strike a perfect balance between decentralization, scale, and security in the ecosystem. This idea has a lot of ramifications for the blockchain community. However, my major concern here is Usechain's RPoW protocol.
Randomized Proof of Work ConsensusRPoW is basically a modification of the old PoW consensus algorithm. The new concept uses a confirmable random function to generate an account specific random number. The idea is for the platform to add a measure of "easiness" to the whole hashing process. This measure or coefficient comes from the random function.
In a nutshell, the difficulty of block hashing for miners is greatly reduced on Usechain. Its developers claim that RPoW is capable of solving the problems of scalability and heavy energy consumption associated with the old blockchain platforms.
Speaking of energy consumption, even a cursory peep into this idea suggests that such a system won't rely on heavy calculations. This has many implications for the entire blockchain ecosystem. For instance, mining rewards will be based on luck rather than on the computational power each miner possesses. In this scenario, having the whole mining farm or an expensive hardware won't confer any undue advantage on a miner.
As a direct consequence, anybody with a computer or smartphone can easily mine blocks and potential rewards depend on luck.
Comparing RPoW With Other Consensus Algorithms
In this attempt, I selected 3 other popular algorithms and based the comparison on Key Performance Indexes (KPIs).
Example:
DPoS- Bitshares, Steemit, EOS
RPoW- Usechain
PoW- Litecoin, Bitcoin
PoS- Peercoin, Blackcoin, NXT
Consensus Algorithms | Energy Efficiency | Cheap Transactions | Decentralization | Security | Scalability |
|---|---|---|---|---|---|
DPoS | ✅ | ✅ | partially | Low | ✅ |
RPoW | ✅ | ✅ | Yes | Higher | ✅ |
PoW | ❌ | ❌ | Yes | High | ❌ |
PoS | ✅ | ❌ | Yes | Higher | ✅ |
Potential Benefits of RPoW on UsechainIn combination with the Mirror Identity, it guarantees high level of security on the platform.
By improving the efficiency of transaction confirmation using identity mapping, it enables the system to perform creditably.
The random algorithm reduces the enormous consumption and wastage of energy and computing resources.
In addition, it allows for greater public participation especially by those who have only smartphones for block mining.
Bottom lineAs seen earlier, RPoW compares well with other consensus algorithms. In conclusion, I can recommend that Usechain has an interesting proposal which is worthy of attention.
Questions regarding this innovative Mirror Identity Blockchain, are welcomed from our esteemed readers.
Additional information on Usechain can be gotten from their Website or the Whitepaper.
USEFUL LINKS
Thank you for reading!
