All News Blockchain

Matrix Reveals a Brand New PoW/PoS Consensus Protocol

Matrix AI Network is a company from Hong Kong that is developing a prototype of a new hybrid Proof-of-Stake (PoS)/Proof-of-Work (PoW) consensus algorithm. The announcement was made by Owen Tao, the CEO of the company. Tao said: “Designed to be the new generation blockchain, MATRIX uses the latest AI (Artificial Intelligence) techniques to revolutionize the cryptocurrency ecosystem. MATRIX is different than the previous blockchain technologies because it offers an innovative technology by using artificial intelligence and the self-optimizing blockchain networks that enable cooperation between several chains, separating the data from the control blocks.”

The CEO of Matrix believes this algorithm is unique and it will soon be patented by his company. The approach of the company to the implementation of this innovative idea is based on the algorithm of random grouping, which is executed in a distributed manner. Tao says the algorithm guarantees fairness in terms that the probability to be chosen as a delegate is proportional to its share (and other factors). Moreover, the selected node then assigns its PoW to its electors. Tao concluded: “Our design combines the PoS and PoW systems to improve efficiency and fairness.”

According to Tao, the hybrid algorithm is designed to speed up the confirmation of the transactions. He further explained the essence of the new algorithm: “With the random grouping based on the PoS system, a small number of nodes will be chosen to be delegates. The transactions are emitted only between these delegates. In the previous blockchain transactions, they had to be transferred to every node in  the P2P network, and the latency is increasing with the number of nodes involved. With our algorithm, a small number of nodes considerably decreases that latency and reduces the costs of the transactions.”

The new algorithm from Matrix was first presented to the public at the BlockShow Asia 2017 conference held in Singapore in November last year. The hybrid PoW/PoS algorithm was characterized as an important part of the development plan of the company for this year. This plan is called the Age of Speed and it is planned for the middle of 2018. The first complete version of the algorithm is expected to launch in June this year.

After the BlockShow Asia 2017, Owen Tao revealed more details about the future plans of the company and said 2018 was an important year for Matrix. The annual plan of the company is divided in four phases, the so-called ages.

The first phase is called the Age of Genesis and will include the building of infrastructure of the Matrix blockchain network. The second phase is the aforementioned Age of Speed and it will be dedicated to the development and launch of the PoS/PoW consensus algorithm that will achieve the expected flow of 500,000 transactions per second. The Age of Civilization is the third phase during which a new code and framework for the security check based on AI will be built. According to Tao, the main objective of this phase is to integrate the AI technique with the Matrix blockchain. The fourth and final phase for this year is the Age of Wonder and it will be marked by the development of the prototype of hardware for the mining of cryptocurrencies and the mining mechanisms based on artificial intelligence.

Leave a Reply

Your email address will not be published. Required fields are marked *