RiftProtocol edited this page Jun 25, 2018 · 2 revisions
Submitted on: 2018-06-25
Status: Ready For Launch

Table of Contents

1. Project Title

2. Motivation

3. Objectives

4. Project Duration

5. Summary of Work Completed to Date

+ [5.2 Mini-Blocks](https://github.com/RiftProtocol/RIFT/wiki/_new#52-mini-blocks "Mini-Blocks")

+ [5.3 Synchronizing Data](https://github.com/RiftProtocol/RIFT/wiki/_new#53-synchronizing-data "Synchronizing Data")

6. Description of Activities

7. Impact


1. Project Title

The Fracton Network utilizing RIFT Protocol: An advanced evolution of the blockchain, this improvement completely solves the problem of block size and network limitations.

2. Motivation

The Bitcoin Blockchain currently has a default size limit of 1 MB per block and the Bitcoin Cash (a crypto formed from a Bitcoin hard-fork) has a 32 MB limit. These limits do not support the actual nor the near-future service demands of Bitcoin or any similar cryptocurrency. These cryptocurrencies will never be able to achieve Visa-level transactions due to their current blockchain limitations.

Imagine the near future where all people are using digital cash systems with all the boundaries of Bitcoin: PoW, SHA256, Peer-to-Peer, Decentralized. What will happen when there are hundreds of thousands or millions of transactions all around the world in a short time period? The Bitcoin network will fail to accommodate. There will be more and more pending transactions because a mined block cannot confirm more than approximately 32 MB (Bitcoin Cash) or 1 MB (Bitcoin) of transaction data.

If the growth of and recognition of cryptocurrencies continues to increase, cryptocurrencies will become the money of the future. The scalability problem of cryptocurrency must be solved before the ubiquity of cryptocurrency can become the norm. If not, each cryptocurrency currently facing a scaling limitation will realize a decline in its importance.

Any cryptocurrency that uses a technology which solves the scalability issue will become the more sought-after choice for its usability. These will become the cryptocurrencies that survive. They will have the capability to confirm as many as unconfirmed transactions as are in the cloud memory pool.

3. Objectives

RIFT Protocol objectives are to: define a second layer blockchain called Mini-Blocks. This new second blockchain layer has its own block numeration which points to the last Mini-Block and to its parent Block. The Mini-Blocks may have a maximum size 25 MB which can reference and contain data of 15 thousand transactions. The normal mined Block may have a size of 1.5 GB.

4. Project Duration

The source code is completed. Successful testing has been stable at 1.5 GB per block.

5. Summary of Work Completed to Date

5.1. RIFT Protocol

RIFT has two chains; one of Blocks and a second one of Mini-Blocks. Having these layers in harmony implies a complete redesign of the blockchain; maintaining the principal values of being decentralized and having peer-to-peer synchronization. This achievement has only been completed by RIFT Protocol.

RIFT Protocol maintains and supports decentralization. Transactions need not exist outside of the blockchain; they are, in fact, within the second layer – the Mini-Block Layer. This achievement is remarkable because the scalability problem is solved. The opportunity to process a huge amount of transactions: that could only be possible with RIFT Protocol. RIFT protocol is finished and has been successfully tested producing a stable 1.5 GB block. The current maximum block size is of around 1.5 GB with a theoretical, quantifiable maximum of many times that amount.

5.2. Mini-Blocks

Mini-Blocks are Blocks as the traditional Blocks are except they are not mined. Mini-Blocks are self-contained inside the traditional Blocks through a reference of them, and they contain the references to transaction. Mini-Blocks’ hash is generated automatically by the code; thus eliminating the need for them to be mined. The only block to be mined is the traditional Block.

5.3. Synchronizing Data

Synchronizing data is challenging. Imagine we must sync a Block (1.5 GB in total with the Mini-Blocks). In this scenario, the synchronization will take at least a few hours to accomplish with normal computers. Therefore, the Fracton Network will have blocks synching even if there are other blocks already mined. The Blocks and Mini-Blocks sync asynchronously. Even if a Block is synching, the transactions will already be confirmed. However, the transaction will take some time to arrive to the other nodes. One important thing to mention: one mined Block will have an enormous capacity for large amounts of data. So, the cost of mining will be reduced.

This technology has the potential to completely solve the upcoming challenges of the blockchain service demand, but it will take some time to prove itself Live as the demand grows. It is worthy to note, once we arrive at the point where the demand is great, the infrastructure will also grow and the synchronization will become faster.

6. Description of Activities

Searching purpose of usage and partners to mass market the technology. Testing and development has finalized.

7.Impact

The scalability of blockchain-based cryptocurrencies will no longer be an issue. We suspect this project will completely eliminate any doubts about cryptocurrency’s ability to scale to a world-wide demand. Visa-level transaction rates will be surpassed and sustained on a stable global network of mining nodes with today’s technology for affordable costs. Bitcoin (or any other cryptocurrency) can indeed scale into a payment network for planet-sized communities; following the design laid-out in the original Bitcoin white paper written by Satoshi Nakamoto.

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