Place/Date: Singapore - July 24th, 2019 at 9:35 am UTC · 5 min read
Contact: SmartX, Source: SmartX
Transaction speed has become a developmental bottleneck for the industrialization of blockchain technology. While some blockchains achieve their expansion purely by increasing block size, it is not a desirable method. In addition, BTC/ETH sub-networks, such as the Lightning Network and cross-chain technology, improve TPS but at the cost of security.
Directed Acyclic Graph (DAG) systems ensure scalability but they may not be as safe as blockchains. For example, IOTA, at its early stage when there were only few nodes, was deemed unsafe as it took little computing power to launch a malicious attack. With that, IOTA introduced the Coordinator (COO), which solved the above problem but led to the existence of a single point of failure.
This led to the rise of an alternative technical solution – Blockchain DAG (B-DAG). The SmartX project is based on B-DAG technology, which achieves Ethereum’s sharding without compromising security.
SmartX is a Blockchain DAG project aiming to solve the problems caused by centralization, such as threats to privacy and user data. While ensuring that performance is not bottlenecked by token circulation, SmartX connects entertainment providers and users on a global scale and will use social entertainment as a gateway to build a trustworthy and secure social entertainment ecosystem of the future.
SmartX Technology Highlights
SmartX is able to achieve high-frequency simultaneous transaction and limitless expansion by using a proprietary algorithm to linearly connect the main blocks, which resemble the BTC blockchain. However, if we look at the bigger picture, the whole system looks like the DAG structure. The network can be separated into independent partitions, which do not interrupt each other and allow for high-frequency simultaneous transactions.
Mainstream Point of Work (POW)-based systems, such as BTC/BCH and Ethereum, must hold all transactions “pending” before packaging them. By expanding upon this model, SmartX is able to achieve faster TPS and higher scalability because the network does not need to halt before new blocks can be produced. Consequently, SmartX has faster processing power than the BTC system.
High-frequency simultaneous transaction leads to almost 0 cost.
Bitcoin Cash uses a modified code of BTC to increase capacity from 1MB to 8MB and also transaction speeds. EOS Blockchain implemented Proof of Stake to replace Proof of Work, which attributes mining power to the ratio of coins held by the miner. This reduces the amount of power and energy required to mine. SmartX uses DAG technology to achieve the same, expanding block capacity, increasing transaction speeds, and integrating Proof of Stake.
SmartX uses a combination of Proof of Work and Proof of Stake to provide consensus, while master nodes are used to provide bandwidth to the network. It allows for the mining nodes to join and leave at any time. In the platform, master nodes create new blocks. These nodes are similar to the EOS master nodes and can only be taken by members of the community who are reputable and capable. The purpose of this is to select nodes that have a stronger willingness to participate.
Safety issues are a major disadvantage for DAG projects when comparing them with traditional blockchain projects. SmartX has bettered its design and algorithm to defend itself from various threats, such as Time Hijack and Sybil Attack. It has also developed a set of mechanisms to detect double-spending.
The team at SmartX has extensive educational backgrounds from top-ranked universities, setting themselves apart as experts in the world of tech. Team members include:
SmartX is different from similar DAG projects, such as IOTA Tangle, XDAG Conflux etc. through its unique node mining algorithm. SmartX treats every transaction as a block. Every node in SmartX can generate blocks independently and simultaneously and integrate the transactions after they are generated.
SmartX maintains a distinct advantage over other POW/POS blockchain projects thanks to its scalability. In more “traditional” blockchain projects, no matter how many paths there are, there is still only one exit at the end. The exit speed determines the traffic and those at the back have to queue up. The SmartX project is opening up an unlimited number of tracks to make limitless traffic expansion possible.
SmartX is a new type of transaction-based DAG that will see its first use-cases be used in social entertainment. With its all-new structural B-DAG algorithm, SmartX is essentially equivalent to a traditional blockchain system that can achieve limitless horizontal expansion.
SmartX is a Blockchain DAG Project. By using a distributed ledger technology to resolve the issue of centralization, SmartX ensures that performance is not bottlenecked by token circulation. SmartX is employing a unique algorithm guaranteeing scalability and reliability through a combination of Proof of Work and Proof of Stake systems.
SmartX links social entertainment service providers and users around the world and uses social entertainment as a gateway to build a trustworthy and secure ecosystem.