This is Part II of summary about our project. First part you could find here
Innovative Consensus AlgorithmAt the core of the platform is the Resonance algorithm, developed by The Power team.
It solves the problem of network nodes trust and synchronizes private and public subchains. Consensus is based on the Byzantine Fault Tolerance algorithm (BFT). It stipulates that the creation of the new blocks is approved by the majority of participants, introducing complete transparency and democratizing a fairly complex matter.
The implementation of blockchain sharding in combination with the innovative Resonance Algorithm introduced by ThePower.io allows for the execution of 100,000 + instant transactions which are already confirmed and tested. These performance results are further complimented through the automatic scaling of networks.
Thoughts of Igor Belousov, ThePower’s CTOIgor Belousov, Chief Technical Director of The Power, expresses his thoughts on the matter:
“Limitation of the performance, beyond which many projects are struggling to get away. Whatever the technology of a peer-to-peer decentralized network, with its large-scale use, there will come times when it simply cannot cope with the load.
Now there are two ways to solve this problem: Sharding and DAG
DAG — Directed Acyclic Graph — another way to record and transmit transactions to the network. However, cybersecurity experts have questions about DAG technology and it actually does not show a high scalability.
Sharding, or horizontal grouping, is the principle of database design, in which logically
independent rows of the database table are stored separately, pre-grouped in sections that, in turn, placed on different, physically and logically independent database servers.
The usage of simple sharding in decentralized systems is complicated by security issues. In addition, simple sharding does not yet give a real increase in the system speed.
We offer our own, new solution — a two-tier block-system with sharding. Impossible for other blockchains, The Power_blockchain speed is achieved through automatic creation of subchains (shards) when the load increases. All chains are created in a single address space, which preserves the trust in the data located inside the ThePower.io unit.”
Platform developmentThe development of the platform is not limited to the efforts of staff developers. Alongside GitHub Geekbrains, The Power platform will form its very own community of programmers. A special section has been created on the platform for the organization of crowd coding and the creation of decontaminated applications.
The project ran a synthetic test in April 2018. It has limited every shard high load at 2,000 Transactions Per Second (TPS) which resulted in 102,000 tps peak load.
GuaranteesThe project guarantees that no data will be transferred to third parties in The Power blockchain. All participants will be provided with personal support and assistance in solving business issues. The network performance will not fall below the declared level, only increasing from now on.
For resolution of conflict situations on the platform, a guarantee fund is created. It is aimed to compensate for losses caused by violations in the platform if any of them will occur.
Stay with us on Medium and we will share with you our insights and news.