The XTRABYTES development team is in the process of refining a new concept called Proof-of-Signature (PoSign) for achieving blockchain consensus. Coupled with a new algorithm named Zolt, PoSign ensures that all blocks are rapidly processed and signature-verified. A radically new concept, Proof-of-Signature provides users with an unparalleled level of security and speed.
XTRABYTES is putting the finishing touches on its STATIC (Services Transactions and Trusted in Control) node network. Designed as a system of real and virtual network nodes, STATIC nodes produce signature-verified transactions by rapidly communicating with each other. While the STATIC network’s online nodes validate blocks as they occur, the network’s offline nodes double-check these blocks as they come online. The resulting network design means, “the entirety of the STATIC node network would need to be compromised simultaneously to undermine the integrity of the blockchain.”
Proof-of-Signature’s Advantage Over Proof-of-Work
XTRABYTES’ Proof-of-Signature overcomes the flaws inherent to current consensus algorithms. Unlike Proof-of-Work, PoSign does not rely upon block mining to add transaction records to its blockchain. By eliminating this, XTRABYTES has ensured that no miner or group of miners can take control of the blockchain (known as a 51% attack). By removing this threat, Proof-of-Signature solves one of the most complex problems in cryptocurrency.
PoSign also reduces energy requirements necessary with Proof-of-Work consensus. The tremendous computing power required to validate each transaction makes Proof-of-Work a highly inefficient and wasteful process. Since PoSign relies upon a system of real and virtual network nodes to verify transactions, it uses substantially less energy. PoSign also employs a proprietary alert system named PULSE (Ping Unified Leger Synchronization Equalizer) to communicate with network nodes, thereby determining when a transaction block should be verified.
XTRABYTES’ Proof-of-Signature is also set to overturn present expectations regarding transaction speeds. While SegWit is being applauded for doubling Bitcoin transaction speeds (now at 7 transactions per second), XTRABYTES is seeking to achieve 10,000 transactions per second. Using the aforementioned PULSE as its node communication system, PoSign stands a very good chance of achieving this goal. In contrast, marginal improvements in transaction speeds serve as nothing more than temporary stop-gap measures. Without a fundamental rethinking of how transaction blocks are validated (as is the case with PoSign), transaction delays will continue to be a problem.
The Proof-of-Signature consensus method being developed by XTRABYTES overcomes flaws inherent with the current consensus algorithms. PoSign was created with an eye to the future, a consensus method that is faster, more secure, and more energy efficient than current blockchain technology. This is one reason why PoSign’s advantages will quickly garner attention throughout the cryptocurrency industry.
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