VOLARE: THE FIRST COMMERCIALLY VIABLE BLOCKCHAIN
Volare network is touting itself as the first really commercially viable block chain. It might be said that all the other existing blockchains are also commercially viable, since you already have platforms that offer you things like play to earn, move to earn, DEXs and other services, but volare argues that these platforms are not efficient enough to run these programmes to their full potential, and that scalability and transaction speeds are a problem on these other block chains, which hamper user experience and business scalability. But before we go into their solution for the scalability and transaction speed problems, there are some things that need to be understood.
COMMERCIAL BLOCK CHAIN, WHAT?
What does it mean to be a commercial block chain?, it simply means that the block chain can be used for commercial purposes, the same way traditional financial systems can be used in your businesses.
But as I have said above volare believes that current block chains with their existing models of consensus mechanisms, make commercialisation if not difficult but inefficient, because of the scalability and transaction speed problems, and these are two things that will affect a businesses productivity.
PROBLEMS OF PROOF OF WORK
The two major block chains Ethereum and Bitcoin use the proof of work consensus mechanism, and Proof of Work, which is a method of proving through work, is a method of proving blocks by finding hash values. The reason for calculating the hash value is to maintain the security of the blockchain. All blockchains have a block generation cycle (10 minutes for Bitcoin), and every generation cycle creates a block that is added to the chain. And the blocks created in this way contain transaction history.
This means that for Proof of Work block chains, the node that has the higher processing power will generate the correct hash first, this is not bad, but the problem comes when two or more nodes create the hash simultaneously, what happens then? A branch occurs, and by the sole nature of bitcoin all blocks must carry the same info, so what the bitcoin blockchain does is to select the block with the longest chain as this shows reliability. This slows down the transaction scalability and speed of the blockchain. This is basically a summary of how it works for a full article check this one out (volare network concensus-1)
THE VOLARE SOLUTION
The solution that volare came up with is to use an improved version of the pBFT (Practical Byzantine Fault Tolerance) consensus model which is a consensus model of Equlibrium which they dubbed EQUALIZE.
Unlike with Proof of Work and Proof of Stake that the first node to make the hash creates the block and branches occur when two or more nodes complete the tasks simultaneously, with pBFT after the client broadcasts the request to all nodes the decision to create a block is done by a majority vote from all nodes, this stops the occurrence of branches, this makes transactions on PBFT faster because calculations to satisfy block creation do not have to be carried out multiple times. This is a rather simplified explanation of how pBFT works for a more indepth look check this out (volare netwrk consensus-2).
The improved volare model of pBFT, equalize uses four stages in its consensus mechanism, Networking, Propose, Vote, and Commit.
- NETWORKING: in this first stage of the consensus mechanism the block proposer is determined, this is the node that will add new blocks to the chain. The StageInfo of the entire network (general information about the network, previous block hashes, height of the new block, e.t.c), is compiled by the nodes in the network.
- PROPOSE: as the name implies the node selected as the bock proposer combines all the transactions into a proposal to be agreed upon by all participating nodes.
- VOTE: the nodes vote on a verified proposal. A proposal is verified if a transaction root hash and a Merkle tree have been created for it. The nodes vote for it by signing with their private keys, the proposal is passed if it has ⅔ of all node votes.
- COMMIT: at this stage the passed proposal is added as a new block to the entire chain by the block proposer in step one.
Since all the nodes came together to make this decision to add a new block, there is no branching of blocks and all blocks added will be guaranteed finality in the Equilibrium chain forever.
The improved version of pBFT that is Equilibrium allows a speed of 4,500 tps which outpaces that of visa which sits at 1,700 tps, and a block generation and confirmation time of less than 3 seconds. Equilibrium also supports a storage optimisation module to respond to storage issues that may arise from the high speeds, and a network traffic optimisation module that secures stability due to the varying speeds at which the nodes can process information.
In their very own words, with all of these improvements “ Equilibrium engine has evolved into a high-performance blockchain engine capable of supporting not only financial systems but also various commercial services such as games, platforms, marketplaces, and funding.”
And with what I have read I am bound to believe them.
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