Breakout Blockchain of 2021: Archethic
ARCHEthic Public Blockchain is delighted to have been nominated for “Breakout Blockchain of 2021” at Hackernoon Noonies Award 2021 competing in the category with Polkadot, Solana and many other leading blockchains.
Archethic Public Blockchain is delighted to have been nominated for “Breakout Blockchain of 2021” at Hackernoon Noonies Award 2021 competing in the category with Polkadot, Solana and many other leading blockchains. The category aims to highlight companies that will bring a transformation and market disrupting blockchain that is most likely to unseat Ethereum.
Centralized platforms have been dominant for so long that many people have forgotten there is a better way to build internet services. At Archethic we are trying to change this by building an open source truly decentralized blockchain that allows crypto networks to scale and provides a level playing field for developers, creators, and businesses.
The internet is still evolving and the core internet services will be almost entirely re-architected in the coming decade. While crypto-economic networks, a generalization of the ideas introduced by Bitcoin and further developed in Ethereum, manage to bring: community-governed networks with capabilities that eventually exceed those of the most advanced centralized services. They still lack scalability, security, sustainability, simplicity that will ultimately determine the success and adoption of crypto economic networks on a massive scale.
Archethic stands tall among all existing blockchains by deploying a unique consensus protocol built from the grounds up called ARCH Consensus Mechanism. To explain in detail
ARCH Consensus is where only a small subset of nodes verify each transaction. It is based on Hypergeometric Distribution Law which, from an unpredictable election and a formal consensus of nodes, makes it possible to obtain with certainty (99.9999999%) the same answer by querying 200 nodes as would be obtained by querying 100,000. In other words, this mathematical law makes it possible to obtain an universal consensus from a small part of the nodes.
The 200 nodes should then have an Atomic Commitment for the transaction validation i.e have the same responses for the transaction validation. This property thus enters into the Heuristics concept widely used on the whole network.
In simpler language,
When a transaction is sent to the P2P Network of 100,000 nodes (even at 90% malicious nodes and 10% good nodes), instead of asking all the 100,000 nodes to validate the transaction, ask 200 nodes that are randomly selected and all the 200 nodes should have the same responses for the acceptance or refusal of the transaction validation. The 200 nodes are elected from different geographical areas. Hypergeometric Laws ensure that at least 1 out of the 200 nodes elected will be a good node (even at 90% malicious nodes and 10% good nodes). OR (on the contrary), even if at least 1 node has a different response, then the transaction is further investigated.
Thus ARCH Consensus can manage up to 90% maliciousness in the network making it highly secure and highly scalable as well.
New Blockchain generations are all about scale. The protocol enables near linear horizontal scalability which means given enough nodes we can target upto to 1 million transactions/sec.
Also once a transaction is validated, the Transactions Chains need to be stored. Most blockchains store all the transactions in all the nodes. With billions of transactions generated every second, all billions cannot be stored in all the nodes. Hence, inevitably a sharded blockchain is needed and Archethic takes this a step further by sharding the storage nodes of a Transaction Chain throughout the globe i.e. having the storage nodes of a Transaction Chain throughout the globe, thus making the network resistant to any kind of geo-political risks, natural disasters.
This mechanism of unique node operation not only makes the network highly secure, scalable but also reduces the power consumption of the Archethic blockchain. The Archethic Yellow paper compares the power consumption of Archethic to Bitcoin in an interesting way.
“Considering that 10 nodes are dedicated for 10 seconds to validate and replicate a transaction and that Bitcoin processes 93 million transactions per year, it would take 295 Archethic nodes to cover the current mining power of the Bitcoin network. Knowing that a node spends 15 Wh, over a year, the technology would consume 38,805 kWh/year or 3.6 billion times less than Bitcoin itself.”
4 years of research and 12 strong international patents endow Archethic with the technological attributes that the predecessors have lacked - scalability, speed, sustainability along with the simplicity of native biometric recognition.
With metrics as strong as below:
Scalability: > 1 million transactions/sec
Instantaneous: < 5 sec validation time
Security: 0.0000001% risk of fraud even with 90% of malicious nodes
Sustainability: 3.6 Billion times less energy consumption than Bitcoin, 0.1% average transaction costs
The blockchain platform has already won the hearts and minds of early community and believers and has been certified by the French Strategic Committee of the Security Industries Sector (CSF) with the aim to identify solutions that can contribute to the secure access and identity management of major sporting events including the Paris Olympics 2024.
Archethic is a truly breakthrough community-governed blockchain that is here to stay and ensure that decentralization wins in the Web 3.0 era.
If you asked people in 2000’s what they needed to make their life better, it was unlikely that they would have said a decentralized network of information nodes that are linked using hypertext and ensure our identity remains safe and secure while doing that.
We at archethic are here to bring this change in the decade to come by.
Archethic Public Blockchain
Archethic is a Layer 1 aiming to create a new Decentralized Internet.
Its blockchain infrastructure is the most scalable, secure & energy-efficient solution on the market thanks to the implementation of a new consensus: "ARCH".
Archethic smart contracts expand developers' boundaries by introducing internal oracle, time-triggers, editable content & interpreted language.
Through native integration for DeFi, NFTs & decentralized identity; Archethic offers an inclusive and interoperable ecosystem for all blockchains.
In order to achieve the long-term vision of an autonomous network in the hands of the world population, we developed a biometric device respecting personal data privacy (GDPR compliant).
Making the blockchain world accessible with the tip of a finger. Be the only key! https://www.archethic.net/
Archethic Foundation Non-profit in order to manage decentralized governance of the public blockchain
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