RaiBlocks recently popped up on CoinMarketcap and it did quickly rise to 500 Million Dollar Marketcap. But what is RaiBlocks and what is its potential?
What is RaiBlocks?
“Raiblocks is designed from ground up for instant scalable transactions and zero transaction fees“.
RaiBlocks is a trustless, low-latency cryptocurrency that utilizes a novel block-lattice architecture, where each account has its own blockchain and achieves consensus via delegated Proof of Stake voting.
RaiBlocks offers feeless, instantaneous transactions, as well as unlimited scalability, making RaiBlocks ideal for peer-to-peer transactions.
The network requires minimal resources, no high-power mining hardware, and can process high transaction throughput.
For a more in-depth look at RaiBlocks, please have a look at their whitepaper: here
How does RaiBlocks work?
Unlike conventional blockchains used in many other cryptocurrencies, RaiBlocks uses a block-lattice structure. Each account has its own blockchain (account-chain), equivalent to the account’s transaction/balance history. Each account-chain can only be updated by the account’s owner; this allows each account-chain to be updated immediately and asynchronously to the rest of the block-lattice, resulting in quick transactions.
Since blocks can only be added by each account-chain’s owner, transferring funds from one account to another requires two transactions:
a send transaction deducting the amount from the sender’s balance and a receive transaction adding the amount to the receiving account’s balance. The receive transaction can be performed at any time; the recipient does not need to be online during the send transaction.
Because the protocol is incredibly lightweight and running a node costs next to nothing, RaiBlocks transactions are processed with no fees. One transaction fits within a single UDP packet, and transactions are handled independently, eliminating any block size issue.
Instantaneous Transaction Speed
Wallets pre-cache the anti-spam Proof of Work for the next transaction once a transaction is sent, making transactions instantaneous, as both sides have the proof of work ready to go. For ongoing transactions there may be delays, but this is intentional to prevent transaction spam.
Transaction lookups scale with the logarithm of the data set size logNO with a tree-like structure or O1 if they are based on a hash table. To get an idea of how this scales, if it was a simple binary tree with 1,000 entries it would take 10 lookups. With 1,000,000 entries it takes 20 and 1 billion would take 30. Pruned nodes only need to keep the latest block of each account-chain, even further reducing lookup time and system resources.
- Colin LeMahieu- Core Wallet Developer, Creator of RaiBlocks
- Mica Busch- Web & Mobile Developer
- Sergsw/byte16 – Core Wallet Contributor
- James Coxon – Services & Integration Developer
- Zack Shapiro- iOS Mobile Developer
- Louis Nobleman – English, Spanish, Tagalog
- Jesus Moreno – English, Spanish
- Kedrin Welodon – English, Russian
- Gotowerdown – English, Indonesian
- Flomess – English, Italian
Difference between IOTA vs RaiBlocks
While IOTA’s Tangle and RaiBlocks’ block-lattice are both DAG data-structures, offering
instantaneous and feeless transactions, the way they operate are significantly different. With IOTA, two “tip” transaction must first be discovered via a probabilistic algorithm, such as a Monte Carlo Random Walk; a good tip is a recent transaction and expands the tangle in a “forward” moving direction. The idea is that if everyone uses similar tip selection algorithms, recent valid transactions will be approved by newer, valid transactions. Once a transaction is sufficiently deep in the Tangle, it is considered confirmed. RaiBlocks’ block-lattice is an
organized structure that doesn’t require “tip” discovery. The last block on each account-chain is easily found/cached, and account transactions can only be appended, like a conventional blockchain. For typical transactions, this transaction is instantaneous and doesn’t require any additional blocks for a transaction to be considered confirmed.
IOTA’s vision is machine-to-machine communication, commerce, data storage and to
become the premier protocol of IoT devices. RaiBlocks’ focus is on reliable, quick
peer-to-peer payments and rapid exchange transfers for arbitrage.
Apparently, the company has already performed millions of successful transactions. If they keep up the work they are performing, increase transfer times and can continually lower fees, then they will surely stay in the Crypto Space.
I personally think RaiBlocks has great Potential. Not only its “zero fees” model, but als instantaneos transaction speed and scalability makes it a great Project.