Tendermint Suggested an Alternative Approach for Blockchain Systems Scaling
The project’s whitepaper reads:
â€śThe combined success of the open-source ecosystem, of decentralized file-sharing, and of public cryptocurrencies, has inspired an understanding that decentralized internet protocols can be used to radically improve socio-economic infrastructure. We have seen specialized blockchain applications like Bitcoin (a cryptocurrency), Zerocash (a cryptocurrency for privacy), and generalized smart contract platforms such as Ethereum, with countless distributed applications for the EVM such as Augur (a prediction market) and TheDAO (an investment club).â€ť
GnuClear is a central blockchain linking other blockchains, referred to as shards. A special protocol will allow transferring tokens between blockchains while maintaining the overall number of tokens in the system permanent. Each shard would work with the central blockchain only, without any direct interaction with other shards. In fact, GnuClear is an alternative concept for blockchain systems’ scaling. However, contraryÂ to Lightning Network, SegWit, or blocksize increase, GnuClear has been a cross-blockchain system from the beginning.
Tendermint algorithm will be used as consensus algorithm. The system’s native token is Gnut. Validators will use it for voting. In order to avoid misappropriation of tokens, such as wealth accumulation, the system introduced a halflife of 5 years for non-voting tokens.
This May, Tendermint announced their plans to launch a public blockchain to provide interaction options and compatibility to several pre-existing distributed systems. Back then, Ethan Buchman expressed his hope that the platform would provide 20 to 200 thousand transactions per second while keeping the basic security model on.
Tendermint technologies are already employed to reach consensus at platforms like Eris (one of Ethereum clones), which is engaged in development of blockchain systems. Tendermint is usually associated with private blockchains thanks to its architecture and objectives.
- AR Startup Piligrim XXI Patents New Algorithms for Creating Digital Land
- Russian Project Receives a Banking License for the Implementation of Cryptocurrency Operations
- Russia’s Sberbank Conducts First Blockchain Payment Transaction
- Russian Funeral Marketplace Offers to Bury Vladimir Lenin Using Blockchain Technology
- No Western Cryptography – FSB Wants to Introduce ‘Russian Algorithms’ in the International Blockchain Standard
- Berkeley Blockchain Event Hosts Say Security of Blockchain Solutions Is Paid Too Little Attention
- Ukraine’s Real Estate Title Registration to Start Using Blockchain in 2018
- Russia’s Bitcoin Advocate Says There Is No Sense to Adopt Cryptocurrency Legislation that Would Hinder Businesses