A Hong Kong company introduced the world to a whole new consensus algorithm PoW / PoS

A Hong Kong company introduced the world to a whole new consensus algorithm PoW / PoS

Hong Kong company AI Matrix Network is developing a prototype of a new hybrid algorithm consensus PoS/PoW. This was told by CEO Owen Tao.

Tao described the Matrix:

“Designed as a blockchain of a new generation, MATRIX uses the latest technology of AI to radically change the cryptocurrency. MATRIX differs from the previous one of the block chain, offering a breakthrough technology in the creation of Autonomous and self-optimizing blockchain-network AI “.

This algorithm, according to Owen, Tao, is a unique, one-of-a-kind achievement that will soon be patented Matrix. The company’s approach to the implementation of their innovative ideas based on random clustering algorithm, which is performed in a distributed way. Owen Tao claims that the algorithm guarantees fairness in the sense that the probability of selection as a delegate is proportional to its PoS (and other factors). In addition, the selected node further assigns your PoW . “Our algorithm combines both PoS and PoW both in efficiency and in equity,” says Tao.

A hybrid algorithm is designed to accelerate latent transactions. The Tao also explains what functions of the algorithm:

“When using the random clustering on the basis of PoS as delegates will be chosen a small number of nodes. Transactions only among the delegates. In the previous block chain transaction must be done in each node in a P2P network, and the latency increases with the number of nodes. Using our algorithm a small number of nodes will reduce the delay »

Back on the BlockShow

The first algorithm Matrix was presented to the public during 2017 BlockShow Asia in Singapore in November 2017, where the speaker spoke Stephen Deng, chief researcher of the AI Network. Then the consensus PoW / PoS was seen as an important part of the development plan for 2018 — more specifically, the so-called “period of speed”, scheduled for mid-2018. Taking into account that Matrix is currently working on a prototype for a hybrid design, it is safe to say that the first full-scale version of the algorithm will be launched this summer, likely in June.

Big plans for 2018

After BlockShow Asia Owen Tao has shared more details about the company’s plans for the future and called 2018 “a great year for the Matrix”. The annual plan of the company is divided into 4 “period”, which, according to the Tao, correspond to important stages of the development Matrix.

The first stage called “Period of Genesis”, will include the creation and launch infrastructure of the blockchain Matrix. Second, the aforementioned “Period of Speed”, will be dedicated to the development and production of the consensus algorithm PoS / PoW for throughputs of 500 000 transactions per second. The third stage of “Period of Civilization” will include the creation based on AI mechanisms for the formation and safety inspection. According to Owen, Tao, the main purpose of this stage is the integration of AI techniques in matrix blockchain to orders appearing offline. In the fourth final stage the “Period of miracles” will be developed prototype equipment for mining on the basis of AI.

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