Foundations of a Blockchain Technology
At the base of every blockchain you can find a P2P (peer-to-peer) network. It’s a system where there is no central authority, but instead nodes communicate with one another and all data in the network is shared between all network participants. Everything is written down in a decentralized ledger and once registered can’t be changed (making it immutable).
In the network with no central authority we need a system that enables us to trust the blockchain even though we might not trust each other – this system is called consensus algorithm. Every single consensus algorithm does it differently, Bitcoin and Ethereum at the moment use Proof of Work (POW) protocol. Ethereum 2.0 will be using Proof of Stake (POS), same as old version of EOS, Cardano blockchain and new version of EOS use Delegated Proof of Stake (DPOS) system. Private blockchain Hyperledger Fabric uses protocol known as Practical Byzantine Fault Tolerance (pBFT). But, no matter how different these consensus algorithms are from one another, they all serve one purpose – make sure that data on the blockchain is accurate.
The first step for Libonomy is to create a medium where all nodes around the world can intercommunicate with each other; that is done on the network with decentralized message passing functionality. The public data engine will be responsible for providing AI with node performance index so it can train itself and move towards prediction process.
At the next step nodes will be able to transmit data over the whole network which will include the basis of virtual voting data extraction and examine all the transitions on our blockchain explorer.