Blockchain 3.0: Network Stability and Virtualization Without Mining
Learn about cryptocurrencies and why they matter.
Most people know of blockchain and Bitcoin. Mining, while less common, is still among commonplace discussions about cryptocurrencies. The idea of a true blockchain without mining is a revolutionary concept. This is what is being termed “Blockchain 3.0”. COTI demonstrates how a block-less, miner-less blockchain can dramatically improve upon what Bitcoin ushered in. Without the expensive coding and energy consumption of miners, COTI can process 10,000 transactions-per-second (TPS). This is many times faster than Bitcoin (3-5 TPS) and Ethereum (15 TPS). It is a workable solution for the millions of daily shopping transactions.
COTI markets itself as the first Directed Acyclic Graph (DAG) protocol for decentralized payment networks and price stable cryptocurrencies. The COTI whitepaper outlines the company’s vision. It aims to make value transactions as easy and commonplace as information exchanged over the Internet. High throughput and trust are critical to COTI operations. Its DAG throughput allows for boundless scalability. COTI’s Trustchain Protocol protects against fraud and error while providing a mechanism to resolve disputes. DAG blockchain architecture flows in a specified direction. This prevents the double spending problem.
By directly linking to previous transactions, it also enables automatic confirmations. Miners are not needed to complete the processes. COTI uses nodes to secure the network and prevent double spending. The company boasts that double spending is actually impossible, which goes beyond existing blockchains’ claim of high improbability. Proof of Trust (PoT) is used to validate transactions by issuing Trust Scores and validating with Full Nodes.
COTI uses a MultiDAG structure to enhance smart contracts. MultiDAG expects to impact developers, individuals, businesses and governments. Cryptocurrency price stability is key to connecting diversified enterprises and large organizations. Stablecoins have become increasingly important in a historically volatile cryptocurrency market. They provide the best of both crypto and volatility-free fiat currencies. Stablecoins fill the void between cryptocurrencies and traditional money. Their instant processing and payment security are in high demand in a world moving faster than most ever imagined.
Stability solutions are being applied to networks. Current resources can be combined to make networks more efficient like data aggregation tools. Bandwidths that are split into channels are made independent of each other and can be assigned servers. This network virtualization happens in real-time. In accord with a decentralized cryptocurrency operating through nodes, virtualized networks grant shared access to subscribers through their independent computers. There are applications of fast storage for massive use cases. Experts predict improved productivity and efficiency of networks that employ virtualization.
The Institute of Electrical and Electronics Engineers (IEEE) explored the importance of virtualization for computing and network storage. Research test beds have already been using these techniques. It can overcome changes in architecture. Applications that speed up new network functions for service providers is expected. Since the Internet was designed for information exchange, cryptocurrency developers are always on the lookout for new techniques. While virtualization is not new, the applications for blockchain technology must be innovated. Distributed ledger technology (DLT) introduces an Internet of value. Virtualization for DLT (vDLT) is gaining more attention in blockchain platform development. The expectation is that vDLT will guide development, improve performance, and streamline systems management. There is a consensus among industry experts that virtualization is extremely promising for the cryptocurrency market.
COTI is already being used at 250,000 POS shopping terminals throughout the world. 80,000 users and 4,000 merchants have brought the company’s worth to over $15 million. The COTI team combines experience from blockchain, social media, and finance. They understand the importance and necessities of low-cost, real-time transaction confirmations. COTI does not sacrifice decentralization like some other attempts to streamline blockchain operations. Its Trustchain, is just that, an assurance while moving forward into the next generation cryptocurrency that is Blockchain 3.0. A COTI exchange (COTI-X), TestNet, smart contracts, and POS integrations are in the works for the coming months.