Jan 21, 2018
The visionary guide to Cryptocurrencies : Part 1
The stupendous growth of bitcoin and altcoins over the last year has left the world wondering what massive potential it holds. People are investing a good deal of their money in many of these cryptocurrencies, unaware of the underlying vision or the team behind it. In this post, I would like to introduce some of the undervalued projects which are working on introducing new technological innovation instead of the projects which are introduced with the sole purpose of marketing (shitcoins) and are worthless on the innovation criteria. I don’t claim that these cryptocurrencies will explode in 2018. What I am trying to do, is give you an insight of these beautifully thought ideas and the rigorous efforts their team is putting in to make their project a huge success and take a step forward to the decentralized era.
- RaiBlocks (XRB)
Do one thing and do it well.
The growing problems of scalability, fee and computational power required has rendered Bitcoin infeasible for the use as a currency. At the time of this writing, there are 104066 unconfirmed transactions and the average transaction fee is $22.4. This is insane, undeniably defying the purpose of Bitcoin.
Raiblocks focuses on being an efficient transfer of value i.e. purely a currency (just like Bitcoin), but it aims to eliminate the limitations of conventional blockchain, leveraging a whole bunch of awesome concepts ( block-lattice architecture, dPoS, and some other cool over the head technical stuffs).
Block-lattice architecture
Raiblocks has one block chain for each account which is controlled by the account’s private key and each block chain is replicated to all peers in the network, this arrangement is a block lattice.
Balances are transferred between block chains through send and receive blocks. Send blocks reduce the balance of an account and marks the delta as receivable by an account number. At a later time the receiving account creates a receive block which increases the balance of their account by the delta.
delegated Proof of Stake
RaiBlocks secure’s it’s ledger via delegated proof of stake (dPoS). Delegated Proof of Stake (dPoS) is the fastest, most efficient, most decentralized, and most flexible consensus model available (as of now, I guess). dPoS leverages the power of stakeholder approval voting to resolve consensus issues in a fair and democratic way. All network parameters, from fee schedules to block intervals and transaction sizes, can be tuned via elected delegates.
In order to perform malicious actions on the RaiBlocks block-lattice, an attacker would have to posses >50% of the online voting power. Such an attack would spoil their large financial investment, and as such not an attractive option. The dPoS of RaiBlocks consumes minimal energy, allowing full-nodes to run on inexpensive, low-power hardware.
Why Raiblocks ?
With the blockchain technology gaining immense popularity, a lot of cryptocurrencies claim to be the heart of the decentralized ecosystem, the currency of the future, but Raiblocks stands out from everyone else. It is not some half baked solution. It has a detailed whitepaper backed by an original idea, a promising road-map, and above all, a heck of insanely dedicated team members and ever growing community.
So, to put it simply, Raiblocks is fuckin’ magnificent. It does not aim to dethrone Bitcoin, rather succeed the latter. Bitcoin surely is the king, but it needs a capable prince, a prince to carry on its vision. The ingenious invention that was made a decade ago is rightly coined as “disrupting innovation”, and Raiblocks intends to just make it even better.
I myself have invested in Raiblocks and have a deep faith in its success (An Opportunistic Visionary 😃 ) . I find Binance the best place to trade cryptocurrencies. But since, RaiBlocks is yet to be listed on Binance, I used Kucoin for it.
I would be writing about more in more following posts. Till then, keep learning, keep mooning 😄! To the moon!
