Matrix reveals new PoW / PoS consensus algorithm

The Matrix AI Network based in Hong Kong is developing a prototype of a new PoS / PoW hybrid consensus algorithm. This update was shared with the Cointelegraph by Owen Tao, CEO of the company.

Tao described the Matrix as:

"Designed to be the new generation of Blockchain, MATRIX takes advantage of the latest AI techniques to revolutionize the landscape of cryptomoedas. MATRIX differentiates itself from previous Blockchains, offering innovative technologies in building autonomous and self-optimized Blockchains for IA, which feature multi-chain collaboration and decoupling of data and control blocks".

This algorithm, according to Owen Tao, is a unique development, which will be briefly patented by Matrix. The company's approach in implementing its innovative idea is based on a random clustering algorithm, which is executed in a distributed way. Owen Tao states that the algorithm guarantees fairness in the sense that the probability of being selected as delegate is proportional to its PoS (and other factors). In addition, the selected node still assigns its PoW to its constituents. "Our design combines PoS and PoW for efficiency and justice", Tao concludes.

The hybrid algorithm, according to Owen Tao, is designed to accelerate transaction commit latency. Tao further explains the essence of the algorithm's function:

"With PoS-based random pooling, a small number of nodes will be chosen as delegates. Transactions are only transmitted between these delegates. In previous Blockchains, transactions must be transferred to each node on a P2P network, and latency increases as the number of nodes grows. With our algorithm, the small number of nodes allows a significantly lower latency because of the reduced overhead of the transmission transaction".

Back to BlockShow
The first time the Matrix algorithm was introduced to the public was during BlockShow Asia 2017 (hosted in Singapore in November 2017), where Steven Deng, the company's leading AI scientist, performed. At that time, the PoW / PoS consensus was highlighted as an important part of the company's 2018 development plan - more specifically, the so-called "age of speed," scheduled for mid-2018. Bearing in mind that the Matrix is ​​working in the prototype of the company's hybrid development, it can be safely said that the first full version of the algorithm will be released this summer - probably in June.

Big Plans for 2018
After BlockShow Asia, Owen Tao shared more details about the upcoming plans of the company and called 2018 "a great year for the Matrix." The company's annual plan is divided into 4 "phases" which, according to Tao, correspond to important phases of the Matrix's development.

The first phase, called "Age of Genesis," will include building and releasing the Blockchain Matrix infrastructure. The second, the "age of speed" mentioned above, will be devoted to the development and release of a PoS / PoW consensus algorithm for an expected target transaction yield of 500,000 transactions per second. The third phase, "Age of Civilization," will include building AI-based code generation and security verification structures. According to Owen Tao, the main goal of this stage is to integrate AI techniques with the Blockchain Matrix so that orders are created autonomously. The fourth and final stage, "Age of Wonder" will mark the development of prototype mining hardware as well as AI-based mining mechanisms.

Tags: #cryptocurrency #blockchain #mining #artificialinteligence #technology
Author: CoinTelegraph