Annual Report on Block Chain – (5) Technology Development Trend


Reporter: pencil boxn

n1. Consensus mechanismn
nThe core of the chain-chain technology is the accounting of the nodes in the system. The criterion of competition is called the “consensus mechanism”, and different block chains may adopt different consensus mechanisms. At present, the common consensus mechanism is POW workload proof, POS right certificate, DPOS share certificate, Ripple consensus mechanism and PooL verification pool. These types of consensus mechanism are different and the application scenarios are different.n
n1.1 POW (Proof of work)n
nPOW is proof of work, that is, well known mining, it is a competition consensus, through the proof of the workload to get the power to generate blocks. Its advantage is completely to the center, the nodes are completely equal, and free access; the disadvantage is that POW will cause a lot of waste of mining resources to reach a consensus cycle is relatively long.n
n1.2 POS (Proof of Stake)n
nPOS is the proof of equity, POW is an upgrade consensus mechanism, which mainly solved the POW workload calculation waste problem. There are many different variants of the current POS, but it is still based on the number and time (ie, equity) of each node to determine the difficulty of its mining. Its advantage is to shorten the time between the various nodes to reach a consensus, the shortcomings are the same with the POW still need to mine, and POS will make the “rich are richer.”n
n1.3 DPOS (Delegate Proof of Stake)n
nDPOS is the share licensing mechanism, is a variant of POS. Its principle is to allow each holding a token to vote, resulting in a certain number of “super nodes”, by these nodes to rotate the block. Its advantage is that it is no longer necessary to generate blocks by digging, which can significantly reduce the time of transaction confirmation, to achieve the second level of consensus verification. The disadvantage is that DPOS still has to rely on tokens, does not apply to the general business applications.n
n1.4 Ripple Consensusn
nThe Ripple Consensus is a data synchronization mechanism that takes precedence over data and is a consensus based on a list of special nodes. In this consensus mechanism, it is necessary to first determine a number of initial special nodes, if you want to access a new node, you must get 51% of the initial node to confirm, and only by the confirmed node to generate the block. Therefore, it is different from the previous several types of consensus mechanism is the main factor is a certain “central”. The advantage of the Ripple Consensus is that it ensures that no hard bifurcation occurs at any time and that the transaction can be verified in real time. The disadvantage is that the new nodes are required to get longer than the consensus of other nodes.n
n1.5 POOL validation pooln
nPOOL verification pool is based on the traditional distributed consistency algorithm with data validation mechanism, is also a large range of industry chain in the use of the consensus mechanism. Its advantage is that it does not need to build tokens, and it can realize real-time consensus verification on the basis of mature distributed consistency algorithm (Pasox, Raft). The disadvantage is that the performance will deteriorate as the number of nodes increases and de-centralize Not enoughn
nIn addition to the common conformation mechanisms described above, there are a wide range of custom mechanisms based on business logic customization in the practical application of block chains, such as “neutral accounting” of small ants, similar to Ripple Consensus The Stellar consensus mechanism, Factom and many other “side chain” form of consensus mechanism.n
n2. Block chain technology typen
n2.1 public chainn
nThe public block chain is part of a block chain or book that allows anyone in the world to read and access. Anyone can trade, or see if the transaction is valid. Moreover, everyone can decide whether the block is added to the chain and where the current transaction is going. The public block chain is completely de-centered block-chain technology. While people will always question the security of public block chains, many experts say the public block chain is very safe because it is open and transparent. Since everyone can access the database, and the participants can see all the details of the transaction, it is difficult to hide the true identity, hackers are also difficult to attack the system. The only flaw in the public block chain is that it is slower than the private block chain because it replicates all participants at once, so that the amount of data transferred in the network is less and the speed is slow.n
nBitcoin, Ether Square, Hyperledger and Reb both use public block chain technology. Most of them are used for digitally encrypted currency and point-to-point transactions.n
n2.2 private chainn
nPrivate block chains can be written to permissions, and then the permissions are stored centrally organized. Organizations can restrict access to readability by availability. A private block chain is considered to be a shared database or book. Through the traditional security technology, such as limited user rights, can protect the security of the private block chain. In general, the security of a private block chain can be secured with a private key, which is known only by the relevant organization. Private block chains bring more opportunities for business, which can be used for a variety of use cases, including smart contracts, document management, and digital identity.n
nSimilar chains, MultiChain, Blockstack, Eris Industries and other companies have provided private block chain software solutions.n
n2.3 Union chainn
nConsortium Blockchain refers to the chain of chains in which a number of agencies are involved in the management, each of which operates with one or more nodes, which allow only different institutions within the system to read and write transactions, and Common to record transaction data.n

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