CRYPTOMARKET

3 Innovative Consensus Protocols for the Future

What is a protocol?
A protocol is a set of rules by which computers communicate with each other. The protocol says what part of the conversation comes at which time and prescribes the format of the communication. It also says how to end the communication.

Most people are not aware of how many different protocols they are using. When accessing websites via your favorite browser you are using the HTTP protocol which describes how websites are requested and transferred from servers whereas the SMTP protocol is responsible for delivering emails to the right recipients.

1. Proof of Location – Platin.io
A secure and verifiable location consensus protocol
Platin is a cutting-edge company born in Israel, one of the biggest innovation hubs in the world, especially within the blockchain sector. Using a Proof of Location protocol on their own blockchain, called the Plexus™, Platin makes it simple and secure to verify a location claim. Their protocol is lightweight with security baked-in and it consumes very little energy making it ideal for a myriad of use cases.

Background
Today’s geolocation tools often fail to offer reliable and trusted location verification services. It is possible for attackers to spoof GPS signals and it is simple to fake a device’s location. Besides spoofing, GPS has some other limitations. It requires at least four satellite signals to be detected overhead, which makes indoor localization nearly impossible. Urban density and skyscrapers also cause difficulties in receiving four signals. Additionally, the issue of multi-path signals occurs within the vicinity of high-rise buildings.

Protocol Details – Proof of Location
The Platin project extends the Ethereum Solidity smart contracting language into SolidityGEO, a location-aware language. SolidityGEO, is used to request and define secure location proofs on the blockchain.

As our internet is increasingly being dominated by GAFA (large companies like Google, Apple, Facebook, and Amazon) our data is becoming less and less our own property. These companies collect and sell our information including location data to do things like fine-tune their advertisements. Using Platin’s blockchain, users can take back control of their location data. Each user owns their information on the Plexus, the Platin blockchain, giving them the ability to choose who can see and use it and for what purpose.

It is also important to note that Platin is privacy preserving and GDPR compliant using Zero-Knowledge Proof technology.

Key features
Verifiable location claims (proof of origin)
Encrypted localization service via Zero Knowledge Proofs
100% trust – decentralized global positioning system
Consumes very little energy

Want to have a chat? Join their Telegram or visit their website.

2. Partial Proof of Kernel Work – XAIN
Background
Speaking of exciting beginnings, it all started five years ago at the University of Oxford and Imperial College in London, where a group of researchers, machine-learning engineers, mathematicians and cryptographers, including Leif-Nissen Lundbæk (CEO XAIN), Felix Hahmann, Daniel Janes Beutel, Professor Michael Huth and Laurence Kirk, decided to join forces. The result was XAIN — a research project focused on strengthening the Blockchain through reinforcement learning and a novel two-fold consensus mechanism — called Practical Proof of Kernel — for massive energy reductions and network democratization that directly includes mobile low-power devices, like ECUs in machines or connected cars.

Protocol details
The energy efficiency of XAIN Partial Proof of Kernel Work (PPoKW) is one of the factors that allowed the project to navigate the Porsche Innovation Contest and take the gold from a pool of over 100 other prospects. PPoKW requires far fewer computational resources that PoW because any node in the Ethereum Network can decide the next block via a secret lottery.

The PPoKW is maintained by a smart contract on the Ethereum Network and contains a whitelist of approved nodes. The public, permissioned blockchain allows network members to temporarily share their keys with any other user, as well as informing the account holder when their vehicle was accessed and who accessed it.
Key features
Unlock time reduced, works offline as well.
Car owner knows which account has accessed his car.
Online access: The car can be opened securely via an online transaction that is mined by the vehicle network (other cars that make up the network).
Public permissioned blockchain network with hybrid nodes inside the cars.
PPoKW is an energy optimized consensus algorithm which is ideal for low energy devices.

3. Proof of Importance – NEM
Background
Proof of Importance is one of NEM’s major innovations in the blockchain industry. It’s a novel algorithm that uses network theory to assign a rating of each account’s importance in the network. Many other blockchains use Proof of Work (POW) or Proof of Stake (POS) to allocate rewards.

With POW, those who can afford the most powerful computing arrays have an unfair advantage over other users. These POW systems also consume excessive amounts of energy, harming the environment and burdening miners with expensive power bills.

POS gives an unfair advantage to coin hoarders. The more coins they keep in their accounts, the more they earn. This means the rich get richer and everyone has an incentive to save coins instead of spending them.

Protocol details – Proof of Importance
Proof of Importance solves the above issues with an algorithm that looks at 3 factors:
Vested stake
Transaction partners
Number and size of transactions in the last 30 days

The PoI protocol uses a system to compute the period of days that virtual assets have in one’s account, thus vesting 10% of the virtual currency each day. Eventually, the higher the period time of vested coins a consumer has, the higher the PoI score. In order to compute this, any users ought to be in possession of a minimum of 10,000 vested coins in their wallet for reaping.

Users who often trade larger transactions have a greater impact on their PoI score. This provides an incentive to use XEM as a currency and offsets NEM’s already low transaction fees.

Key features
More fair selection protocol
Low energy consumption.
Removes problems with POS where coin hoarders get an unfair advantage.
Low transaction fees.

  • facebook
  • googleplus
  • twitter
  • linkedin
  • linkedin

ICO Crowd is the world’s first and foremost publication on Initial Coin Offerings (ICO).