29 Jan Matrix Reveals a Brand New PoW/PoS Consensus Algorithm
The hybrid algorithm designed to accelerate the transaction confirmation latency.
A Hong Kong-based Matrix AI Network is developing a prototype of a new hybrid PoS/PoW consensus algorithm. This update was shared with Cointelegraph by Owen Tao, the company’s CEO.
Tao described Matrix to Cointelegraph as:
“Designed to be the new generation blockchain, MATRIX leverages the latest AI techniques to revolutionize the landscape of cryptocurrency. MATRIX differentiates itself from previous blockchains by offering breakthrough technologies in building AI-enabled autonomous and self-optimizing blockchain networks, which feature multi-chain collaboration and decoupling of data and control blocks”.
This algorithm, according to Owen Tao, is a unique, one-of-a-kind development which is to be patented by Matrix soon. The company’s approach in implementing its innovative idea is based on a random clustering algorithm, which is executed in a distributed manner. Owen Tao states that the algorithm guarantees fairness in the sense that the probability to be selected as a delegate is proportional to its PoS (and other factors). In addition, the selected node further assigns its PoW to its voters. “Our design combines both PoS and PoW for both efficiency and fairness” – Tao concludes.
The hybrid algorithm, according to Owen Tao, is designed to accelerate transaction confirmation latency. Tao further explains the essence of the algorithm’s function:
“With the PoS-based random clustering, a small number of nodes will be chosen as delegates. The transactions are broadcast only among these delegates. In previous blockchains, transactions have to transferred to every node in a P2P network and the latency increases as the number of nodes grows. With our algorithm, the small number of nodes enables a significantly lower latency because of the reduced overhead of broadcasting transaction”.
Back at BlockShow
The first time the Matrix algorithm was introduced to the public was during the BlockShow Asia 2017 (hosted in Singapore in November 2017), where Steven Deng, the company’s Chief AI Scientist, performed as a speaker. Back then the PoW/PoS consensus was highlighted as an important part of the company’s development plan for 2018 – more specifically, the so-called “age of Speed”, scheduled for mid-2018. Keeping in mind the fact that Matrix is currently working on the prototype of the company’s hybrid development, one can safely say that the first full-scale version of algorithm will be launched this summer – most likely in June.
Big plans for 2018
After BlockShow Asia, Owen Tao shared more details about the company’s forthcoming plans and called 2018 “a big year for Matrix”. The company’s annual plan is divided into 4 “ages” which, according to Tao, correspond to important phases of Matrix development.
The first phase, called “Age of Genesis”, will include building and releasing the infrastructure of Matrix blockchain. The second one, the above mentioned “Age of Speed”, will be dedicated to developing and releasing a PoS/PoW consensus algorithm for an expected target transaction throughput of 500,000 transactions per second. The third phase, “Age of Civilization”, will include building the AI-based code generation and security checking frameworks. According to Owen Tao, main target of this stage is to integrate AI techniques with the Matrix blockchain so that orders autonomously emerge. The fourth and final stage, “Age of Wonder” will mark the development of the prototype of mining hardware as well as AI based mining mechanisms.