Get trading recommendations and read the analysis on Hacked.com for only $ 39 a month
Blockchain technology has overcome many obstacles since its inception in January 2009. is clear that the next big challenge is how two blockchains will work together. With proposals like Polkadot Network or Cosmos in two years, the team at Block Collider brings us something that is not only available in a few months, but that does not use validators.
What is wrong with validators?
Validators are machines that promise the state or condition of another blockchain so that you can feel safe when performing a transaction. For example, if you exchange Bitcoin for Ethereum with a user of the Ethereum channel, a validator will confirm that a user has sent you his Ethereum so that you can send your BTC.
According to Block Collider co-founder Patrick McConlogue, "validators are worth nothing better than a decent centralization". He points out several weaknesses, but points out that both validators and banking institutions before the blockchain revolution put the power of the financial network force in the hands of a few with the largest bank accounts or the fastest servers. Sound familiar? Patrick McConlogue goes on to say that to continue to evolve finance, "we must push for innovative solutions that support the decentralized vision of Bitcoin Satoshi".
The Block Collider multi-channel solution abandons validators by reversing the problem.
With the help of a new algorithm called Proof of Edit Distance (PoED), the Block Collider does not trust and expect validators to approve changes in the other blockchains. PoED uses blocks of other crypto-currencies as part of the current mining challenge, which means that miners are encouraged to always have the right block as fast as possible of all member channels.
No matter where this places Cosmos and Polkadot, we are curious to see the implications of this method when we look at other network solutions that target validators like "Plasma" recently introduced by Vitalik Buterin, Chief Data Scientist of Ethereum
The protocol used by hedge funds.
Beyond the validators, the Block Collider has implemented several basic features that make the blockchain user-friendly for businesses. The most important is "FIX" or Financial Information eXchange. According to Wikipedia, the FIX protocol "is an electronic communication protocol initiated in 1992 for the international exchange of real-time information on securities transactions and markets." We confirm that NASDAQ, Interactive Brokers and Goldman Sachs use the protocol as API for orders, trading and market data.
In the Block Collider, the FIX API is used on each of the nodes, which allows users to subscribe to atomic transactions and swaps on the Block Collider by filling in their existing graphics and tools with data. Although the team does not have a live demo that says the feature is being added to the main client and should be part of the network when it will go live in January 2018.
A blockchain portfolio with which you can have a conversation
At the beginning of Bitcoin, the only way to send Bitcoins was to use an approximate command line interface with which you interacted in your computer's terminal. While Bitcoin wallets have come a long way since then with mobile applications and desktop programs, the team at Block Collider thinks it's just the beginning. That's why Team Block Collider has created Avon, which co-founder Arjun Raj Jain describes as "your blockchain hotel master." Avon is a messaging robot designed to be integrated with many platforms such as Telegram, WeChat and Facebook Messenger, but the team was very excited about the Amazon Alexa platform. While we were a bit confused about how it would work with many consumers, Arjun created a demonstration video on Block Collider's website.
An application example on the Block Collider could be the next WikiLeaks
Whistleblowers have the onerous task of proving the allegations they make, sometimes putting the whistleblower at risk or even endangering him. Using the Block Collider application called Bleed, users can store secrets that will be automatically decrypted at a later time if no secret transactions are made on the blockchain.
With Bleed, individuals can encrypt secrets on multiple blockchains by revealing themselves when the user executes a specific transaction. Bleed comes to the rescue of whistleblowers by decrypting and automatically transmitting to the world when the user fails to enter a transaction.
Although the target audience may be a whistleblower, Bleed can also be a useful tool used by organizations to keep the secrets of trade secret.
The last thing the team showed us is called Emblems. With the emblems, the developers of Block Collider hope to solve the debate on the size of the blocks. As far as we can tell, the emblems are like tokens, but the more minors have cryptographic currency, the more transactions can be added to a block. If you did not understand this, we did not do it, but the reason why Bitcoin continues to forker has a lot to do with the people arguing over the block size (8MB, 1.6MB , 4Mo) etc. The Block Collider team says that the emblems let the blocksize become relative and change according to market needs. It's complex but it seems useful.
During the ICO Emblems will also help the Block Collider distribute his own "token basket". They call these Tokens Marked Tokens and look a lot like colorful coins. Basically, you get quantities of marked tokens sent according to the number of emblems to use. We had never heard of anything like this, but the team explained that they had already proven the technology during their private presale reserved for developers.