Raiblocks is a new age cryptocurrency built on advanced blockchain technology. Raiblocks is designed to be provide faster transaction throughput resulting in instantaneous transactions. Raiblocks provides a trust less and a fee-less network for peer to peer transfer of value. Raiblocks is not one single blockchain but is a network of blockchains where each user gets its own blockchain.
If you have lately done a transaction on bitcoin or ethereum or have followed news there are 2 critical problems you would have seen
1. High Transaction costs
2. High Average transaction time
3. POW mining adds huge energy footprint and also consolidates power with some of the powerful miners.
So with high demand and limited scalability of existing blockchains like bitcoin and ethereum results in a sub optimal user experience and leave them untenable for use for day to day transactions. The Utopia of low cost fast digital transactions that was promised by cryptocurrencies seems to be lost.
Raiblocks is an modern cryptocurrency which is trying to solve the problem of high fee and high average transaction time using a new blockchain architecture. Key features of the Raiblocks solution are as follow
1. RaiBlocks core innovations is a novel block lattice architecture where each account has its own blockchain. So transaction backbone is not a single blockchain but a network of blockchains. Each users gets its own blockchain with a sender and receiver block.
2. With each user getting its own blockchain this allows them asynchronous update network which results in faster transactions,
3. Transactions only tracks account balances and not all transaction amounts, which allows for aggressive database pruning without compromising security.
1. Lattice Architecture resulting in network of blocks .Raiblocks has one block chain for each account controlled by private keys so POS is not required as every block is controlled by an individual with his private keys.
2. Highly Scalable
2. Signing Algorithm: RaiBlocks uses a modified ED25519 elliptic curve algorithm with Blake2b hashing for all digital signatures .ED25519 was chosen for fast signing, fast verification, and high security.
3. Fast transactions which get confirmed almost instantaneosuly
4. No or very low transaction cost.
5. Consensus mechanism : Balance-weighted vote on conflicting transactions.
Colin Le Mahieu is the lead developer on the Raiblocks project