Elisia: The Blockchain Revolution

Blockchain, mostly known as the backbone technology behind Bitcoin, is one of the hottest and most intriguing technologies currently in the market. Since 2013 Google searches for “blockchain” have risen 1900%.

Similar to the rising of the internet, blockchain has the potential to truly disrupt multiple industries and make processes more democratic, secure, transparent, and efficient.

Entrepreneurs, startup companies, investors, global organizations and governments have all identified blockchain as a revolutionary technology.

Some of the benefits of the blockchain technology include:
Disintermediation and trustless exchange, meaning that two parties are able to make an exchange without the oversight or intermediation of a third party, strongly reducing or even eliminating counterparty risk.

Empowers users in the sense that they are in control of all their information and transactions. High quality data, durability, reliability and longevity. Also, process integrity, transparency and immutability, ecosystem simplification and finally, faster transactions.

The Problems of Blockchain

Resolving challenges such as transaction speed, the verification process, and data limits will be crucial in making blockchain widely applicable.

There are basically two problems facing every blockchain:
Interaction with other blockchain: despite the over 2,000 different coins and tokens in existence, not a single blockchain platform allows the migration of one blockchain to another blockchain as a fully functional sidechain.

So there is the problem of sustainability of a blockchain which is developed by a small group of people. It also limits the prospects of a blockchain, making it dysfunctional in the end.

The second issue that confronts every blockchain is wide spread adoption – the pertinent question has always been that how many of the current developers have began building their applications making use of the established blockchain architecture whether for file sharing or for social media or for any other purpose.

Elisia as the solution

The project makes use of different kinds of protocols like Proof-Of-Stake, Proof-Of-Work and a host of others.

In order to protect the Blockchain’s main chain from being corrupted by the side chains, the team behind Elisia has proactively engaged what is known as quantum resistance ledger system.

Winternitz Ots+ Algorithm

This system is very strong and not forgeable under adaptive chosen message attacks when using a pseudo random function and a security proof can be calculated for particular functions. It takes away the need for a collision resistant hash function family by carrying out an equally probable walk through the function as against the simple iteration.

What are the security measures in place?

In the creation of the ledger, the brains behind the project underscored the need for the cryptographic security of the signature of the scheme to be guarded against established and quantum computing spike whether at the moment or in the future.

A very elaborate and deliberate asymmetrical hypertree signature scheme made up of chained XMSS tree is under way. It has double benefits of using a grounded signature scheme and allowing a whole lot of ledger addresses with the capability to sign transactions.

All this is possible as it also avoids a lengthy pre-computation hiccups associated with big XMSS constructions.

The Blockchain Architecture

Elisia plans to unveil its main net with 51 block producers powered to process the transactions. In order to have a widespread agreement the block producers are elected into a round of 51, such that every producer has one block for one round and is given reward based on the validation of transactions that come in and the production of the block of transactions.

It is in a way that a block given by a producer is validated by the next, followed by the next one and so it continues. Once it is not validated, building on it is not possible and the process is stalled.

When a block gets an acceptance by a required quorum of producers it is said to be unchangeable and the series of immutable blocks becomes a checkpoint ultimately.

Just like in Proof of Work, producers can actually remove or simply ignore messages. Alternatively, they can front-run taking advantage of their knowledge about the future.

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