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Proof of service and securityShutterstock
The consensus algorithms are as varied as one can dare to imagine. From the popular, fairly simple, but rather resilient Proof-of-Work Bitcoin has been the pioneer of so many others that other companies use, such as Proof-of-Stake with all its variants and even Proof-of-Authority. So there is certainly a wide variety available. However, what is clear is that there is no single consensus algorithm to dominate them all. Each has its strengths, and implicitly also weaknesses, so their usefulness and validity vary from project to project. & Nbsp;
It is not uncommon for a project to develop its own variant of the consent algorithm; often inspired by existing ones, to be able to meet their exact needs. There are still many remaining problems to be addressed, which no single consensus algorithm has solved. For example, resistance to hackers and complete decentralization are issues of primary importance. How is solving the problem of "isolation of the leader"?
This was the exact case with REMChain, a REMME blockchain that used the hash of a certificate, status, public key and expiration date. This decentralizes the public-key infrastructure making the system much safer. While exploring different Blockchain consensus algorithms, they developed their own system to get what they describe
"A reliable and balanced algorithm that guarantees the highest level of safety and ensures that every owner of Masternode within the REMME ecosystem is represented fairly and encouraged to participate".
A Masternode is a node capable of managing activities such as the issue of certificates or the revocation that, in theory, each user can set; provided they meet a set of criteria that process all the other connected Masternodes.
And this is where the consent mechanism of the REMChain Proof-of-Service comes into play. It makes a pseudo-random selection of Masternodes, which together with other factors such as a reputation, in the form of an episode and a bet, gives the right to sign the block containing the key information. This guarantees consistency and fault tolerance.
Each of the components of the algorithm has been created to solve a specific problem:
Every time a block is produced, the process begins with the formation of a committee. Assigning this role to the committees – the number of masternodes that are able to offer blocks – helps the algorithm ensure that the blockchain maintains a high quality work.
The committees are formed by nodes that have a high reputation that serves as an indicator of trust. The reputation, based on the results of the initial performance of the pole and the node, guarantees reliability and protection against attacks, as well as guaranteeing a fair distribution of prizes.
The owner of the masternode can increase the chances of being selected to close the block with the help of a bet. At the same time, the bet serves as a kind of commitment. It is taken when the node is selected to sign the block but does not coincide with the remaining blocks offered by the committee members. The bet helps to protect the blockchain from inactive or non-responsible knots.
When asked about REMChain, REMME's CEO, Alex Momot, said that,
"REMME has created a fair, transparent and decentralized system, devoid of favoritism. To ensure that no single "whale" with a large number of tokens can damage our ecosystem, we have implemented the provisions relating to reputation and betting. In this way, we have minimized the potential of attacks when a single token-holder can contain a quantity of masternodes ".
Alex is not a newcomer in blockchain, as he has over ten years of IT experience and has been working in the blockchain space since 2013. In 2014 he managed BitX, a start-up that allowed people to pay for telecommunications and others every day bitcoin services. He defines himself as "passionate about the innovation of the business model driven by blockchain, IT security and technological development".
At the end of 2018 it became even clearer that while the value of cryptocurrencies continues to face challenges compared to the previous year, the number of projects that make practical use of Blockchain is constantly increasing, which bodes well for the technology and its adoption is scheduled for 2019.
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Proof of service and securityShutterstock
The consensus algorithms are as varied as one can dare to imagine. From the popular, fairly simple, but rather resilient Proof-of-Work Bitcoin has been the pioneer of so many others that other companies use, such as Proof-of-Stake with all its variants and even Proof-of-Authority. So there is certainly a wide variety available. However, what is clear is that there is no single consensus algorithm to dominate them all. Each has its strengths, and implicitly also weaknesses, so their usefulness and validity vary from project to project.
It is not uncommon for a project to develop its own variant of the consent algorithm; often inspired by existing ones, to be able to meet their exact needs. There are still many remaining problems to be addressed, which no single consensus algorithm has solved. For example, resistance to hackers and complete decentralization are issues of primary importance. How is solving the problem of "isolation of the leader"?
This was the exact case with REMChain, a REMME blockchain that used the hash of a certificate, status, public key and expiration date. This decentralizes the public-key infrastructure making the system much safer. While exploring different Blockchain consensus algorithms, they developed their own system to get what they describe
"A reliable and balanced algorithm that guarantees the highest level of safety and ensures that every owner of Masternode within the REMME ecosystem is represented fairly and encouraged to participate".
A Masternode is a node capable of managing activities such as the issue of certificates or the revocation that, in theory, each user can set; provided they meet a set of criteria that process all the other connected Masternodes.
And this is where the consent mechanism of the REMChain Proof-of-Service comes into play. It makes a pseudo-random selection of Masternodes, which together with other factors such as a reputation, in the form of an episode and a bet, gives the right to sign the block containing the key information. This guarantees consistency and fault tolerance.
Each of the components of the algorithm has been created to solve a specific problem:
Every time a block is produced, the process begins with the formation of a committee. Assigning this role to the committees – the number of masternodes that are able to offer blocks – helps the algorithm ensure that the blockchain maintains a high quality work.
The committees are formed by nodes that have a high reputation that serves as an indicator of trust. The reputation, based on the results of the initial performance of the pole and the node, guarantees reliability and protection against attacks, as well as guaranteeing a fair distribution of prizes.
The owner of the masternode can increase the chances of being selected to close the block with the help of a bet. At the same time, the bet serves as a kind of commitment. It is taken when the node is selected to sign the block but does not coincide with the remaining blocks offered by the committee members. The bet helps to protect the blockchain from inactive or non-responsible knots.
When asked about REMChain, REMME's CEO, Alex Momot, said that,
"REMME has created a fair, transparent and decentralized system, devoid of favoritism. To ensure that no single "whale" with a large number of tokens can damage our ecosystem, we have implemented the provisions relating to reputation and betting. In this way, we have minimized the potential of attacks when a single token-holder can contain a quantity of masternodes ".
Alex is not a newcomer in blockchain, as he has over ten years of IT experience and has been working in the blockchain space since 2013. In 2014 he managed BitX, a start-up that allowed people to pay for telecommunications and others every day bitcoin services. He defines himself as "passionate about the innovation of the business model driven by blockchain, IT security and technological development".
At the end of 2018 it became even clearer that while the value of cryptocurrencies continues to face challenges compared to the previous year, the number of projects that make practical use of Blockchain is constantly increasing, which bodes well for the technology and its adoption is scheduled for 2019.
