At a recent meeting in Shanghai kicking off the partnership between Bitconch and Cryptic Labs we had the privilege of getting to know Dr. Whitfield Diffie. It’s clear to see just how deserving he is of the Turing Award with his name on it. Without his contributions in the 1970’s the world would be a strikingly different place. Through publishing “New Directions in Cryptography”, he laid the foundation for the protocols that make the internet available today and catalyzed the development of blockchain.
Fast forward, a couple of decades and a few million spam emails later, Bitcoin was born using the Proof-of-Work algorithm originally intended to filter emails. It was revolutionary – our saving grace come to empower the world – but ultimately, it was doomed to fail under an endless struggle for computing power.
There has been an orderly line of chains still depending on Proof-of-Work, PoS, & DPoS knocking one by one on death’s door.
These will be abandoned soon enough. Even the Godfather of DPoS is rumored to be focusing his energy elsewhere… it’s centralized they said, it’s rife with fraud, it’s slow… Surely there’s another system we can use.
While we all expected a more efficient system to come along eventually, the day of reckoning has arrived, leaving many newcomers and hopefuls alike still clutching onto their Bitcoins and EOS like grandparents showing off their Blackberry.
“When I was a kid we only had 50TPS – and you could bribe your way into being a supernode!” That was last year grandma – did you take your meds?
Proof-of-Reputation is the new heavyweight – going steady at 120,000TPS, eliminating fraud, maintaining decentralization and upholding the values we care about in real life.
The algorithm quantifies users habits, trustworthiness and contributions to create their reputation (Bit-R). Those with high Bit-R values then qualify to take part in the supernode selection process, when randomly chooses between 30 and 500 to take part in any given block verification so speed and decentralization are both possible.
This system of choosing leaders is just like how it goes down in the real world (or at least how it should). We don’t only value those with the most resources, but instead, those who work to maintain the community, build relationships, and add useful content.
The system also adds BLAZE (Bitconch Ledger Access Zero-delay Extension), allowing for the parallel verification of multiple blocks – cranking performance into hyperdrive.
If Dr. Diffie, the founder of cryptography & the man who made our modern lives possible believes in the ideology and technology that lifts up Bitconch, the world is sure to follow.
Beating the dead horses that currently lie on shifty ground at the top isn’t going to hail in the future – unluckily for those who keep doing so.
PoR is the new kid on the block – the chosen one come to lift the world into the future.