The working of the system is not too complex, an overview of the system needs to be addressed before moving forward to the technicalities of the system. When the nodes join the Libonomy Blockchain system, the AI will run its analysis on the nodes. The analysis is carried forward on the contribution and participation of the nodes in the blockchain. The data regarding the capability of how far the nodes are willingly taking part in the blockchain is gathered as well as the speed of the transactions and communication is gathered, all this information is combined to understand the nature of the nodes in the respective system. Once, the analysis is completed the data is transferred to the algorithm which then classifies the information depending on the nature of the nodes and assigns a pool to each one of them.
There are four different types of pool. The Power pool is the main pool where the transactions are verified and validated. There is Exploit Finding pool which runs a security check-up on the nodes to look for any issues with it, like its contribution in the blockchain. The Maintenance pool is a pool for all the nodes that are not assigned to any other pool and are associated as a backup. The Audit pool is assigned for the application of rules and regulations. When the nodes have been put in their respective pools, digital signals are passed to create a network, meanwhile the idle nodes are cut off.
There is no or less communication between blockchain with another blockchain. This creates hindrance in getting a connection across and expanding the horizon of the blockchain. Libonomy Blockchain has the feature of interoperability that will allow multiple blockchain systems to run under the umbrella of Libonomy blockchain.The Libonomy Blockchain can support public blockchain and private blockchain, both. Corporations and businesses can use the blockchain in their new business projects that can take the plan a step ahead in any sector of business. Government, education, health, identity management and many other sectors can integrate the blockchain in their organisations to make it easy for them to manage work with the benefit of stability and security.
Smart contracts are mostly implemented in blockchain to enhance the system, however, with Libonomy Blockchain the AI engine will verify and validate the smart contracts, creating them on their own keeping in the nature of nodes and the network in consideration. Libonomy blockchain provides its own blockchain SDK using which users can utilize the system in their own platform or build dApps on top of it, which are completely decentralized and cost-effective. The use-cases for Libonomy Blockchain are limitless and versatile because of the nature of the engine and the whole system bringing innovation and creativity together.
Components Of The System
Transaction Per Second TPS of a node is modeled as an evaluation function that takes node properties, nature of the network and safety elements as its independent variable.
Computing Power Ratio Computing power ratio is the ratio of calculating force of a node to calculating force of the whole network.
Exploit Finding Nodes
EF Nodes guarantee the security of the network. These nodes will be put off the network if any false nodes are found in the power pool.
Maintenance Nodes Maintenance Nodes are backup nodes that are pulled out and assigned into their respective pool. AI engine will kick out the nodes from either pool, in case of a corrupt node.
Audit nodes will carry out the auditing of the pool on a constant basis. If any of the power nodes fail to fall within the threshold assigned by the audit nodes, the node will be removed from the network.
Every node in the network can spread signed information to its randomly chosen neighbours. With virtual voting, each node can determine if a transaction is valid, block upgrade and threshold upgrade.
Libonomy is one of its kind 5th Generation Blockchain that has achieved the goals of innovation and creativity with great success. The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness. Many only talk about a new system of blockchain but Libonomy is on its road to fulfill that ideology already. The uniqueness of any organisation becomes its trademark and the uniqueness of Libonomy is that it offers its clients to explore beyond their imagination and think out of the box.