An introduction to the Proof of Signature consensus algorithm

An introduction to the Proof of Signature consensus algorithm

By XTRABYTES | XTRABYTES | 21 May 2020


While data storage, data integrity protection, and data validation is done on-chain in a classic blockchain, XTRABYTES™ takes an approach where not everything needs to happen on-chain. As a result, Proof of Signature (PoSign™) is a decentralized data integrity protection service offered by our network’s STATIC nodes.

By implementing this novel approach, we ensure that anyone seeking to protect their data can make use of this service (provided they conform to the requirements that are set out by the STATIC network).

Implementing PoSign results in XCHAIN™, a new approach to data integrity protection. It also replaces the need for a traditional blockchain to process data using distributed ledgers. Accordingly, XCHAIN can be interpreted as an evolution of blockchain, one that offers greater security, higher speeds, and guaranteed scalability.

Proof of Signature and the XTRABYTES Ecosystem

Proof of Signature is one of the key technologies within the XTRABYTES ecosystem.

Since PoSign technology requires a particular network topology, it necessarily employs a tiered structure. In particular, XTRABYTES employs a 3-tiered STATIC node network in which each tier fulfills a specific role within the Proof of Signature process.

Creating a tiered structure provides improved security by eliminating the possibility that users (data providers) might directly influence the network’s STATIC nodes in charge of continuity. Moreover, it guarantees that these STATIC nodes in charge of continuity relinquish control over user data included in the process.

Additionally, this tiered structure allows for various levels of validation, thereby ensuring that only data following our consensus rules is used in the process. This tiered validation process also ensures that the quantity of data transactions is maximized. And it provides processing speeds limited only by the combined processing capacity of the entire network.

Finally, PoSign’s tiered network structure makes it possible to adapt to any foreseeable expansion of our user base, thus guaranteeing scalability.

Data transactions vs. Payment transaction

While most blockchain projects in the cryptocurrency industry only focus on conducting peer-2-peer payment transactions, we have designed PoSign to handle all types of data transactions. As a result, we’re bringing the benefits of blockchain to a variety of industry sectors that have not been able to implement this technology (particularly those who seek to improve and/or secure their data transactions).

Additionally, we believe Proof of Signature brings the advantages of blockchain to data processes not yet associated with blockchain technology. In particular, data that is not stored in public ledgers can benefit from our decentralized data integrity protection service. Data that can not be put on public ledgers due to their private and/or secretive nature will finally be able to reap the benefits of distributed ledger technology. 

Multi-level security

PoSign is able to employ a combination of various hashing, encryption and signatures schemes, making it highly flexible and easily adaptable to the latest technological advancements. This combination allows us to provide security against the various threats quantum computing will bring. By combining various schemes we’re able to eliminate any one of these schemes from becoming a single point of failure.

Ultimately, PoSign provides a safe, fast, and extremely reliable service to anyone seeking to protect their data, regardless of data type or how such data is stored. 

Low cost & eco-friendly

The network’s STATIC nodes (which ensure data integrity) do not require any specialized hardware. This service will run on any traditional server/computer that meets the minimum software installation requirements.

Additionally, since the entire supply for both XBY and XFUEL™ has already been mined, XTRABYTES does not require any form of mining or minting. As a result, no expensive and/or high energy-consuming mining equipment is required (as with most Proof of Work networks).

Not incidentally, Proof of Signature is more than merely “low-cost” when it comes to network participation. PoSign has a very small carbon footprint since it doesn’t require any specialized, energy-consuming hardware. Our mathematical models reveal that the STATIC network’s total energy consumption to be only a fraction of the energy consumption needed in PoW and even PoS networks. As such, we are proud to note that Proof of Signature is a viable eco-friendly alternative for the most popular consensus algorithms.

Want to learn more?

You can join our very own XTRABYTES Academy. Newly created, the Academy offers online courses explaining the technology in greater detail. In addition, courses on the common technologies used in our network will be available as well. We intend to provide everyone with the opportunity to learn more about security, consensus, and many other topics related to distributed ledger technology.

PoSign Part 2 – Data Integrity Protection By PoSign Released Feb 17, 2020


XTRABYTES
XTRABYTES

The official account for XTRABYTES. A blockchain development company utilizing Proof of Signature, a faster, more secure and scalable consensus algorithm. https://xtrabytes.global/


XTRABYTES
XTRABYTES

XTRABYTES™ goes beyond being a currency. It's a next-gen blockchain platform that allows DApps to be programmed in any language, utilizing a new and ecological consensus algorithm. Standard blockchain environments contain many centralization vulnerabilities, such as self-contained development, consensus methods, and coin monopolization. The XTRABYTES™ platform seeks to rectify these limitations by creating a truly decentralized crypto currency and applications platform.

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