The evolution of Blockchain has opened doors for research and development in this field. Since Satoshi Nakamoto’s introduction of Bitcoin back in 2008 the world of technology changed completely. It gave the world a new advanced technology to explore. Blockchain system has evolved, from solving problems to keeping up with future development, the cycle has not ceased. The reason it has become a huge success lies in the nature of this system, where it is consensus based and works without intervention of any authority. Blockchain records data that is immutable, which is encrypted and given a unique hash. The hash of the previous block is connected to the hash of the new block. To solve the hash and add further data on the blockchain a consensus is reached among the nodes that are connected. Consensus protocols still have to face many problems and their latest solutions have also become a problem. POW, POS and DPOS have still failed to provide a solution for Byzantine General problem and double-spending. Blockchain is one of its kind blockchain systems that will use Artificial Intelligence at its core, with dynamic threshold, utilizing all the benefits of POW, POS and DPOS and introducing a whole new system which is much more transparent, decentralized , fast and robust.
Overview Of Libonomy
Libonomy is one of its kind blockchain that has achieved the goals of innovation and creativity with great success. The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness. Many only talk about a new system of blockchain but Libonomy is on its road to fulfill that ideology already. The uniqueness of any organisation becomes its trademark and the uniqueness of Libonomy is that it offers its clients to explore beyond their imagination and think out of the box. The speciallty of Libonomy Blockchain is that it does not use the previous consensus algorithms that have been used for a very long time. These consensus algorithms have their own drawbacks and Libonomy believes in providing an error-free consensus engine that has been architectured carefully. It uses Artificial Intelligence consensus algorithm, an automated computer generated engine that saves energy, time and gives high speed of transaction. The system being generated through AI is safe from any human corruption and it is fully decentralized that it endorses complete transparency as well. The exclusivity of Libonomy is not the only commendable factor of it but the stability that it offers on its many platforms as well. Libonomy pioneers in providing safety and security to all its clients that use it with great trust. It is a cost-effective platform that believes in giving the best to its clients only. It saves the energy of resources and time of its clients so that everything is carried down effectively and efficiently.
The working of the system is not too complex, an overview of the system needs to be addressed before moving forward to the technicalities of the system. When the nodes join the Libonomy Blockchain system, the AI will run its analysis on the nodes. The analysis is carried forward on the contribution and participation of the nodes in the blockchain. The data regarding the capability of how far the nodes are willingly taking part in the blockchain is gathered as well as the speed of the transactions and communication is gathered, all this information is combined to understand the nature of the nodes in the respective system. Once, the analysis is completed the data is transferred to the algorithm which then classifies the information depending on the nature of the nodes and assigns a pool to each one of them.
There are four different types of pool. The Power pool is the main pool where the transactions are verified and validated. There is Exploit Finding pool which runs a security check-up on the nodes to look for any issues with it, like its contribution in the blockchain. The Maintenance pool is a pool for all the nodes that are not assigned to any other pool and are associated as a backup. The Audit pool is assigned for the application of rules and regulations. When the nodes have been put in their respective pools, digital signals are passed to create a network, meanwhile the idle nodes are cut off.
There is no or less communication between blockchain with another blockchain. This creates hindrance in getting a connection across and expanding the horizon of the blockchain. Libonomy Blockchain has the feature of interoperability that will allow multiple blockchain systems to run under the umbrella of Libonomy blockchain.The Libonomy Blockchain can support public blockchain and private blockchain, both. Corporations and businesses can use the blockchain in their new business projects that can take the plan a step ahead in any sector of business. Government, education, health, identity management and many other sectors can integrate the blockchain in their organisations to make it easy for them to manage work with the benefit of stability and security.
Smart contracts are mostly implemented in blockchain to enhance the system, however, with Libonomy Blockchain the AI engine will verify and validate the smart contracts, creating them on their own keeping in the nature of nodes and the network in consideration. Libonomy blockchain technology provides its own blockchain SDK using which users can utilize the system in their own platform or build dApps on top of it, which are completely decentralized and cost-effective. The use-cases for Libonomy Blockchain are limitless and versatile because of the nature of the engine and the whole system bringing innovation and creativity together.
Components Of The System
Transaction Per Second
TPS of a node is modeled as an evaluation function that takes node properties, nature of the network and safety elements as its independent variable.
Computing Power Ratio
Computing power ratio is the ratio of calculating force of a node to calculating force of the whole network,.
Exploit Finding Nodes
EF Nodes guarantee the security of the network. These nodes will be put off the network if any false nodes are found in the power pool.
Maintenance Nodes
Maintenance Nodes are backup nodes that are pulled out and assigned into their respective pool. AI engine will kick out the nodes from either pool, in case of a corrupt node.
Audit Nodes
Audit nodes will carry out the auditing of the pool on a constant basis. If any of the power nodes fail to fall within the threshold assigned by the audit nodes, the node will be removed from the network.
Virtual Voting
Every node in the network can spread signed information to its randomly chosen neighbours. With virtual voting, each node can determine if a transaction is valid, block upgrade and threshold upgrade. Signal Passing Digital pulse is generated with each communication, which is pulse based message communication the fastest possible technique for better communication and achieving high throughput of the whole network.
Gossip Algorithm
Multi-Layered Gossip involves attaching a small additional amount of information to a pair of gossip that contains the history about the nodes.
Power Nodes
These power nodes can be picked under a mechanism by an AI engine. The power nodes are namely classified into Lightening Nodes, Middle Nodes and Lower Nodes.
Neural Network
Neural Network is the main core used in this blockchain. It is inspired from the human brain, and neural network will help in classifying and clustering information. It will help in organising, storing and managing.
Network Proposal System
The network of Libonomy Blockchain is explained below, to grasp the working of the system.
The AI consensus engine will generate dataset of the nodes consisting the analysis of their performance, strength in being part of the blockchain and history of any activity in the algorithm.
After the dataset is received it is then passed on to the prediction algorithm.
The training of the machine takes place in a learning algorithm which is Neural Network based on the dataset received from the nodes that are connected to the network.
The Neural Network is being used to make predictions and dynamically classify nodes into their respective pool with dynamic threshold, as defined by the state engine of the blockchain.
The network has become a distributed network with high speed communication and data transfer. The transaction per second of this network is highly competitive against other known networks.
The High Speed Autonomous Blockchain is taken into consideration
Pulse based message communication is used for data writing and sharing on distributed ledger. Pulse based message passing is one of the most advanced techniques to transmit and receive messages.
Pulse Based message communication will keep the nodes dedicated towards the network.
There is a continuous communication taking place of large datasets of the nodes, while still not overloading the network with the requests.
Cryptographic hashing is still happening, while still maintaining immutability and perfect blockchain.
Multi Node pools are created for transaction verification, blockchain maintenance, and rules creation.
The system is avoiding hard forks, while allowing blockchain upgrades.
Gossip communication between multiple node pools is taking place for transaction verification and blockchain is upgraded.
Network is being upgraded and the blockchain keeps on scaling with a consistent architectural structure.
As the signals will pass the gossip protocol will be working to its full potential, then the Virtual Voting will utilize this information to upgrade the pools and data will be shared. Based on the rules accepted and generated by the AI engine and Pools, the State Engine Machine will maintain the system’s state and upgrade it dynamically.
The second stage begins with:
Public Blockchain Testnet is created which is identical to the software of the cryptocurrency, but does not disturb the main cryptocurrency software as it is an experiment.
All the nodes from all around the world are allowed to contribute to the network.
AI engine will keep maintaining the dataset for future upgrading of the blockchain and remove all the issues.
Application layer will be used to create DEX, smart contracts and other DApps.
X-Virtual Machine will be part of the blockchain system:
Virtual Machine compiler will run and build smart contracts and DApps.
It will allow auditing of smart contracts.
Software Development Kit (SDK) will be installed in one package for developers to use the blockchain.
The above implementation plan of the Libonomy Blockchain fully considers the operation needs of the development of consensus algorithms, the building process of a Blockchain with AI engine and the ability enhancement process of the Blockchain community, so as to make the Libonomy Blockchain available as soon as possible, popularize it in the community and carry out process. Also, gradual improvements will take place in the Blockchain through constant iteration and upgrade.
