Raiblocks – Cryptocurrency Review

RaiBlocks has recently taken a parabolic rise over the past month going from ~ $0.23 on 12/2/2017 to ~ $31.13 as of 1/2/2018. Looking at coinmarketcap its also jumped up quite a lot recently as it’s currently #17 in the rankings.

What is RaiBlocks?

Raiblocks (XRB) is a cryptocurrency with zero fees, instant transactions and infinite scalability. Therefore, as you can probably already tell, RaiBlocks is aiming to solve the current problems in cryptocurrency, which are high fees, slow transactions, and scalability. Although, at this point, you might be thinking this a just a copycat of IOTA. RaiBlocks differs in the sense that it utilizes a block-lattice structure. This means that each account functions as its own blockchain and each block contains a single transaction.

How does RaiBlocks Work?

RaiBlocks operates on a novel new crypto architecture called “Block lattice.” This is different from Bitcoin, Ethereum and many other cryptos currently on the market as it isn’t just one long blockchain. Instead, RaiBlocks is a database of blockchains where each user gets their own blockchain that only they add onto. Thus, when users send funds from one account to another, they create two blocks. One send block on their personal blockchain and one receive block on the receivers blockchain. These funds are then “pocketed” into the receivers blockchain. This is achieved by signing the receieved block with your private key, so it can be added to your personal blockchain. Each user’s wallet automatically “pockets” any outstanding funds. Thus, each user does not need to be online in order to “pocket” each blockchain to their account.

In order to prevent the infamous “double spending,” RaiBlocks utilizes a representative system. A representative in the system is basically an address with a lot of money. The representative acts as the mediator of which double spent block to go through and propagate through the system. For more information on this please refer to the whitepaper here for your reference.

How are the Transaction Speeds?

RaiBlocks has been tested to do about 7 – 8 thousand transactions/sec. But how does that compared to other transactions you may ask? For instance, Mastercard’s transaction speed is about 1,600 transactions/sec, whereas ethereum and bitcoin are only at about 20 transactions/sec and 3-4 transactions/sec., respectively. This means RaiBlocks is markedly faster than many other cryptos currently on the market.

Final Thoughts

RaiBlocks offers many great benefits such as instantaneous transactions, zero fees, and unlimited scalability making it ideal for peer-to-peer transactions. In addition, the network requires minimal resources, and no mining. This is beneficial since it doesn’t require high-powered inefficient mining software to process transactions. Therefore, it’s no wonder why RaiBlocks has seen a parabolic rise in price/share over the past month and will likely continue to see a rise in price in the year to come.

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