With Bitcoin a new era for financial management has begun. The era cryptocurrency is one of change – change of the world economy. A previously impossible feat – to transfer money globally in an instant – is now not only possible, but safer, cheaper and easier than ever before. At the time of this writing, the total market cap of cryptocurrencies is $711 billion, up from $12 billion a year ago. The potential that lies within the blockchain is a huge and world changing technology – but lacks scalability and true decentralization.
Currently, the process of mining blocks uses an enormous amount of energy because of an consensus algorithm called Proof-of-Work or PoW. PoW requires computational work by mining nodes to make it cost prohibitive for a bad actor to perform malicious acts upon the blockchain. This workload requires a lot of energy. So much so that, as of today, 3 million US households could be powered with the energy used by the Bitcoin network.
Current cryptocurrencies suffer greatly from slow and low transaction volume. To put it in contrast, Visa Inc. averages 150 million transactions every day and is capable of handling more than 60.000 transactions every second.
Bitcoin is only capable of processing 7 transactions per second whilst Ethereum can only process 13 per second.
Additional verification of the transaction can range from several minutes to hours depending on currenct volume and transaction load. A big step towards global adoption of cryptocurrencies is to create a network that rivals that of Visa.
QUIO aims to create such a network.
It ensures users that no company or government institution can control the network. However, in practice, 75% of all blocks are mined by large Chinese mining companies due to cheap electricity costs. This is true for all major cryptocurrencies. This leaves all major currencies prone to government privatization, 51% attacks and company collusion which would cause permanent damage. At the time of this writing, true decentralization has not been achieved by any major cryptocurrency.
One of our main goals is to lower the computational power needed for cryptographic validation therefore avoiding Proof-ofWork.Instead of this obsolete technique, we are implementing Proof of Integrity; a protocol that performs cryptographic validation by checking the authenticity of the software that resolves every persistence of the transaction.
The main chain is able to optimize its structures by splitting autonomously into multiple subchains, parallelizing the work across multiple nodes. This chain-split process is executed until the normalization of workloads. Possible due to mechanisms allowing every block of the chain to validate two different sub-chains from two different incoming links.
This division permits higher processing speed of transactions, as data queries will impact only subchain nodes.
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