Saturday, 23 June 2018

Constellation Protocol – 1000x Faster Than Ethereum, Infinitely Scalable

https://bitcoincraze.xyz/constellation-protocol-1000x-faster-than-ethereum-infinitely-scalable/-

Constellation LabsConstellation, which uses Hylochain architecture for high transaction throughput, launched a horizontally scalable protocol that is at least a thousand times faster than Ethereum and Bitcoin. The protocol is intended for consumer-grade applications.


Constellation uses Proof-of-Meme consensus mechanism designed to make blockchain technology infinitely scalable, meritocratic and useful for both consumer and enterprise grade applications that demand intensive distributed computing.


The technology would be of great use in artificial intelligence, big data processing, 3D video rendering, and medical data analysis.


Being a highly resource-efficient blockchain, the transaction throughput increases as more users join the network. Individuals can directly contribute to the overall speed and efficiency of the network because of Hylochain architecture. Unused computing power from own mobile phones, tablets, laptops, and other smart devices can be used to speed up the network.


Is Constellation a blockchain?


Not exactly. Although inspired by the principles of decentralization, many standard blockchains such as Bitcoin and Ethereum face scalability issues. This is why the next, generation of decentralized networks such as Hashgraph, IOTA, and Constellation has turned to DAG (Directed Acyclic Graph).


What is DAG?


A directed acyclic graph is a finite directed graph with no directed cycles. That is, it consists of finitely many vertices and edges, with each edge directed from one vertex to another, such that there is no way to start at any vertex v and follow a consistently-directed sequence of edges that eventually loops back to v again. Equivalently, a DAG is a directed graph that has a topological ordering, a sequence of the vertices such that every edge is directed from earlier to later in the sequence.


What makes Constellation different?


The blockchain development community has been looking for new implementations of distributed ledger technology to solve the scalability issue and has so far failed to solve this. The Constellation protocol implements a horizontally scalable blockchain architecture known as Extended Trust Chain with a peer to peer layer known as a gossip protocol that can be deployed on a mobile device. Constellation approaches smart contracts with a microservice architecture allowing for highly available services to be chained and composed into distributed applications with just an understanding of each microservice’s SLA (service level agreement)and/or type signature.


Microservice


“Microservices” is an approach to application development in which a large application is built as a suite of modular services. Each module supports a specific business goal and uses a simple, well-defined interface to communicate with other sets of services.


Why was it named Hylochain architecture?


The underlying consensus architecture of Constellation is hylomorphic. A round of consensus takes the resulting hash block of a previous round and adds it as a regular transaction to the transaction pool. The filling of the transaction pool is isomorphic to an unfold operation. Once this checkpoint block is filled with the previous round plus new transactions, it is hashed. This is isomorphic to a fold operation.


Proof-of-Meme


It is a distributed consensus method that incorporates a node’s historical participation into delegate selection. Definitively, a meme is a unit representing an imitable idea or behavior that can be spread. Thus in this case, it represents benevolent behavior across Constellation that is rewarded and should be imitated to improve a nodes overall reputation within the system. Proof of Meme is meritocracy compared to Proof of Stake which is a plutocracy.


Proof-of-Meme uses a machine learning reputation algorithm to determine a node’s reputation and probability that it will be chosen. Constellation will use and reward users in Constellation tokens.


Constellation CEO Brendan Playford said



“Bitcoin’s Proof-of-Work and Ethereum’s Proof-of-Stake have proven to be too centralized, plutocratic, and slow to be truly useful for real-world applications such as a global decentralized bank that is available on any mobile device. By using the Java Virtual Machine (JVM), Constellation will unshackle developers from the limitations of current protocols, allowing businesses and consumers to finally realize the unexplored potential of distributed applications using its microservice application chain interfaces (ACIs). The technology is undoubtedly becoming essential for success in many industries, and I’m confident that Constellation’s uniquely scalable solution will be the pathway to mass market adoption.”



Constellation CTO Wyatt Meldman-Floch said



“The Constellation Hylochain architecture allows for large networks to communicate total network state at a scale exponentially higher than existing blockchain technology. This enables a large pool of connected devices to share the state of the network and achieve consensus at an unbounded scale that is currently unheard of.”



Constellation, which has emerged from stealth, announced a strategic partnerships with blockchain investment and advisory firm Game Theory Group, crypto asset advisory and hedge fund TLDR Capital, marketing firm MW Partners, and venture capital company BCV.


Game Theory Group Co-Founder Julian Jung said



“Constellation represents the next generation of blockchain companies to emerge from Silicon Valley. We have strong conviction that the product and engineering talent behind their platform is of the highest caliber. As investors with a global portfolio, we view Constellation as one of the most exciting projects tackling scalability and decentralization in the ecosystem.”



BCV Managing Director Dane McDonald added:



“If blockchain technology is going to live up to its potential, then transaction throughput has to reach a level that far surpasses that of anything currently on the market. Constellation has, with its merit-based system and Hylochain architecture, created the first platform that not only bridges this throughput hurdle, but pushes the boundaries of what we thought possible.”



The Constellation Token Generation Event (TGE) will commence in mid May 2018.


Source: https://www.legalgamblingandthelaw.com/news/constellation-releases-protocol-1000x-faster-than-ethereum-infinitely-scalable/


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