What are the primary components of Raiblocks technology?
RaiBlocks is basically how Bitcoin should have been from the beginning. It offers:
- Instant transaction
- Transaction cost ZERO fees
- There's no inflation (133,248,289 XRB and there wont be more)
- It has almost unlimited scalability, it can easily handle 10k transaction/seconds:
https://i.imgur.com/oRpO8lc.gifIt is also designed in a very simple way, all components are just perfectly chosen from what we learnt from bitcoin, you should read the wipe paper and check the github (it is fully open source in clean c++ also!), but here's some of the key parts:
- There's one Blockchain per account so all accounts can do transactions asynchronously. It is how it breaks the scalability limit that all other coins have.
- A block is only one transaction and it is fully created by the owner of the account/Blockchain, so there's no need of a 3rd party like a miner to build the blocks and you dont have to worry that your transaction get lest in the "Mempool" ... there's no Mempool. You build your block, add it to your Blockchain, broadcast it and done!
- The consensus mechanism is a vote involving all representatives on conflicting blocks. So you don't need to wait for multiple blocks to have a confirmation.. one vote and it is confirmed.
- Anyone can be a representative, you just need to run the full nodes and it requires no "proof of work", so it is not CPU intensives and you get rewarded by getting "recognition" from those that delegate their XRB voting power to you. It is how there's no fee or inflation.
Will it get enough visibility to replace Bitcoin? I dont know... but I know that if we want crypto-currencies to succeed, we need what RaiBlocks is.
