Progress Made on Research of Blockchain Hybrid Consensus Mechanism
THEKEY and Harbin Institute of Technology has jointly researched on Blockchain Hybrid Consensus Mechanism, aiming at exploring the PoP (Proof of Power) hybrid consensus mechanism, which is fundamental for the IDV productive deployment, optimizing the blockchain application in social insurance and facilitating the social security data socialization.
The recent research on Ripple consensus protocol has discovered that Ripple, a real-time settlement and payment system to connect banks and payment providers, has many problems both in theory and practice. It can be improved in three aspects:
(1) Ripple+ employs a specific trust model and a corresponding guideline for Unique Node List selection, which makes it easy to deploy in practice to meet the safety and liveness condition;
(2) the primary and view change mechanism are joined to solve the problem discussed by the previous research that Ripple may lose liveness in some extreme scenarios;
(3) we remove the strong synchrony clock and timeout during consensus periods to make it suitable for weak synchrony assumption.
The research has been published on CMES (Computer Modeling in Engineering and Sciences), a core journal in Computer Modeling. The full article could be accessed through the following link: https://www.techscience.com/CMES/v130n1/45706
THEKEY is a decentralized ecosystem of Identity Verification (IDV) tool integrating national big-data and the blockchain. THEKEY’s proprietary Blockchain-based Dynamic Multi-dimension Identification (BDMI) platform has been using Personal Identity Information (PII) exclusively authorized by the Chinese Government. THEKEY token (TKY) is the only method to settle smart contracts across THEKEY Ecosystem.
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