It was also the year when we started seeing how it would change the world around us and saw many new currencies introduced. This brought more competition and high push to launch in market as soon as possible before their competition, hence compromising on the core values of blockchain (perfect example, EOS).
Luckily the team in Tolar tries to solve the challenges in blockchain (scalability) by keeping the core values of blockchain (de-centralization) intact & ensuring security. It has been the result of 3 years of research / development and facilitation from COTRUGLI Business School, a leading business school in SEE, facilitating to the development of Tolar HashNet consensus. Tolar blockchain platform is based on DAG (directed acyclic graph) which has better characteristics than traditional blockchain project. Tolar innovative consensus algorithm helps to keep all positive characteristics of a blockchain technology while increasing throughput to more than 200,000 transactions per second.
A similar kind of consensus is been attempted by HashGraph but HashGraph method has following critical problems which are unsolved.
(1) Situations of a long waiting time for consensus due to factors such as processing power, node stability, and bandwidth, the ability of different nodes to handle events varies greatly. If there are a large number of weak nodes participating in the voting in the system, the consensus may be not be achieved for a long time.
(2) As the system scale increases, each node has to handle a large number of gossip packages. Thus, the throughput rate of the system will decrease as the number of nodes increases.
(1) Implementation of "Redundancy reduced gossip" in a way that minimizes communicational load due to information transfer among nodes. Each member of the network has a copy of the HashNET - information structure that keeps record who propagated which event to whom, and in what sequence ensuring every node has a sufficient information on the entire HashNET structure.
(2) Virtual voting: For the purpose of consensus computation, every participating node in the network receives vote weight based on tokens they have staked. The rewards for validating transactions are accordingly distributed based on weightage. This way of consensus computation follows Proof-of-Stake mechanism discipline, thereby eliminating the need for massive energy consumption.
(3) For additional control, a reputation based system is also introduced. Nodes with malicious intent will be impacted by negative reputation score which if crosses the threshold limit, will result to banning from the network for a specific amount of period which is decided by an algorithm called 'exponential backoff'.
(4) HashNET data storage: Use of concepts such as "Confidential Transactions" and "One-Way Aggregate Signatures" (OWAS) requiring nodes to save only a small fraction of storage size for blockchain transactions. The size is so small that it can be saved in mobile phones making it possible for nodes to be run on mobile phones.
(5) Tolar will have EVM smart contract support so that dApps can migrate from ETH smart contracts to Tolar to benefit from the higher speed and secure platform. This will help in mass adoption.
Recommend reading the whitepaper (https://www.tolar.io/wp-content/uploads/2018/08/Whitepaper-Tolar.pdf) or visit website (https://www.tolar.io/).
Have a question, Join the growing community in a telegram >> https://t.me/TolarHashNET
Tolar team publicly demonstrated the live testnet of Tolar protocol which achieved 150,000 TPS on multiple nodes. Video >>
