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DEXON Showcases Responsive Byzantine Agreement Reaching 12,000 tx/s

DEXON is an innovative blockchain technology that focuses on real-world adoption for building decentralized applications (DApps). Since publicly announcing its plans to build the blockchain platform, DEXON demonstrated strong performance traction, such as hitting 12,000 transactions per second (TPS) with fast finality of 1 second on their testnet. Besides that, DEXON’s mainnet went live on the 25th of April, 2019.DEXON wants to prove that it’s possible to solve the trilemma of blockchain issues which consists of:1/ Slow transaction finality2/ Miner centralization3/ Low throughputSlow Transaction FinalityOne of the hot debates today is about finality in blockchain consensus. Many projects have been experimenting with clever mechanisms and protocols to find the ideal balance between speed and security. The most important property is finality which can be described as the confirmation that all well-formed blocks will not be revoked once agreed on and committed to the blockchain.To dig deeper, we can distinguish two types of finality;Probabilistic finality refers to the finality provided by chain-based protocols like Bitcoin’s consensus in which the probability that a transaction will not be reverted increases every time new blocks are being added to the chain.The more blocks have been appended on top of the block containing your transaction, the more likely that the fork containing that block is the longest chain. Because of this probabilistic finality property of Bitcoin’s chain, there is an implicit rule to wait at least for 6 blocks to be added on top of your block (~1 hour) in order to ensure that there is a very low likelihood of your transaction being reverted.Absolute finality refers to the type of finality that is often implemented by Byzantine Fault Tolerant protocols (e.g. Tendermint), which is also used by DEXON. Absolute finality simply means that a block has reached finality once it is included in the chain. DEXON also understands this needs for finality as companies building on top of blockchain technology rely on quick finality.Actually, we can find a third form of finality called economic finality, in which it becomes monetarily costly for a block to be reverted. The most well-known mechanism is slashing (for Proof of Stake) which means that a malicious user gets punished for not acting honestly. The slashing refers to the staker losing half of its staked tokens (e.g. Capser FFG, Tendermint).Solving Miner CentralizationFair Cryptographic Sortition to solve DecentralizationDEXON users can use the native DXN coin to get validator rights in the network. This means that they have the chance to be delegated to verify a set of blocks as every hour, a small set of random validators is selected between the token holders.Unlike other Proof of Stake mechanisms, it doesn’t matter how much DXN coins you hold. Everyone gets a fair chance of being selected. Therefore, DEXON is able to prevent the network from falling into a minority-controlled network.Solving Low ThroughputResponsive Byzantine Agreement to solve ScalabilityDEXON has found a clever way around the issue of slow block finality. It introduces unpredictable randomness to prevent malicious nodes from proposing incorrect blocks as nobody is able to predict this random beacon. Because of this unpredictable property, there is no need for slow verification mechanisms or time-consuming fork-choice rules.In a nutshell, the randomness beacon can be described as (source: more info DEXON randomness):For each block, there is a unique random beacon, which is accessible for smart contracts.The random beacon is unpredictable for anyone before the block is confirmed.Even the block proposer cannot predict or bias the beacon of that block.Every user can verify the validity of the beacon, hence, it is called verifiable.This means that the validators interact with each other as soon as the messages arrive so that the block confirmation time only depends on the actual network delay instead of any predetermined time bound.The Bottom LineDEXON is certainly a project to follow as they are introducing interesting innovation into the blockchain space, especially the experiments they undertook with the BFT consensus algorithm. Also, DEXON has planned the launch of the SQL-VM in Q4 which gives developers access to write smart contracts with SQL92 compatible language.Block finality is one of the most important properties for reliability and mass adoption by real-world businesses.Further reads about:- Byzantine agreement and on-chain randomness- Responsiveness partition resilience- Cryptographic sortitionhttps://medium.com/media/3c851dac986ab6dbb2d1aaa91205a8eb/hrefDEXON Showcases Responsive Byzantine Agreement Reaching 12,000 tx/s was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
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Algorand is a new cryptocurrency and consensus protocol. Its two core technologies are the binary Byzantine Agreement and cryptographic sortition. Algorand’s main difference from other proof-of-stake systems is the absence of economic incentives for network participants, hence the viability of Algorand is currently a subject to wide debate in the community

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High ETH Prices Are (Finally) Good For Ethereum

Things are looking pretty bullish for Ethereum (ETH). The Ether price has surged by over ten percent in the past couple of days, and crossed above the psychological $200 barrier earlier this afternoon. That could be a strong buy signal for technical traders, as Crypto Briefing analysts reported yesterday.   Source: CoinMarketCap How High ETH Prices Harm Ethereum But what does a high Ether price mean for the smart contract network? There’s an obvious benefit for speculators and miners. But past experience has shown that anyone seeking to build dApps or just use the network could be severely hampered when markets turn bullish. That’s because the higher ETH prices get, the more expensive it is to use the platform. Users have to pay for everything they do on the network, from smart contract computations to token transfers. Rising gas fees could push end-users onto cheaper alternatives, like EOS or TRON, which offer similar functionality with lower fees. At least, that’s the received wisdom, which so far seems to be supported by experience. And it’s still technically true today: when it comes to using the ETH network, the downsides of a high Ether price tend to outweigh the advantages. Does Expensive ETH Mean A Stronger Network? However, Ethereum is (eventually) transitioning towards a Proof-of-Stake consensus model, which will require a financial commitment in order to participate. Instead of mining blocks through proof-of-work, block-producing nodes will have to stake ETH tokens as collateral in order to validate the network. That could have a significant impact on Ether’s market dynamics. Stakeholders will risk losing their hodlings if they fail to maintain connected and up-to-date node software. An expensive ETH would provide a strong disincentive to malicious or careless actors on the network. “If the chain is going to be secure, then there are inherent benefits from having high-valued Ethereum,” explained Nic Carter, Partner at Castle Island Ventures, in an interview with Laura Shin. A high Ether price, he added, would also provide “high-powered collateral, for DeFi applications for instance.”  Carter also pointed out that most networks have become too preoccupied with one or two “glamour metrics,” which may burnish their credentials but do not represent credible advantages. EOS, for example, has focused solely on scalability at the expense of decentralization. One tradeoff of those high speeds is that EOS relies on a small group of validators, which could present a systemic risk if they decided to collude or otherwise abuse their privileged positions. Ethereum’s key advantage is that it is the only platform with a vibrant community, Carter added, which comes with an “organic groundswell of usage and development.” Because of that organic usage, investors may be attracted to hold ETH for the long-term. “I think we noticed a little bit of a recalibration where initially [Ether] was computational gas,” Carter went on to say. “More recently, certain high-profile Ethereans have been saying, ‘well actually Ethereum itself is money.'” A strong Ether price could still push people off the network, but the community has been exceptionally resilient to market volatility and rival platforms over the past two years. The burgeoning DeFi space, and the added security after transitioning to Proof-of-Stake, could make high prices a net positive for the Ethereum network. The post High ETH Prices Are (Finally) Good For Ethereum appeared first on Crypto Briefing.
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