JUST IN: Pi Network, Network Reliability that Outperforms Other Blockchains - HOKANEWS
hokanews.com - In the era of digital revolution, blockchain technology has played an increasingly important role in various aspects of life. Amidst the rise of various blockchain platforms, Pi Network has emerged as a major player with a focus on network reliability. Pi Network offers exciting and innovative potential for users to participate in the world of cryptocurrencies and blockchain technology.
Consensus and Decentralization Models
Consensus and decentralization models are two key concepts in blockchain technology that play an important role in creating network security and reliability. These two concepts work together to ensure that every transaction and record in the blockchain is properly verified and acknowledged by the entire network, without a single authority or central party controlling all operations.
Consensus Model
The consensus model is a mechanism used to reach agreement among the nodes in the blockchain network about the correctness of the transactions that have just occurred. In the context of a blockchain, new transactions submitted by users need to be verified and added to a block before they can be accepted as part of the legal transaction record.
There are various consensus models in blockchain technology, and each blockchain platform may use a different model. Examples of commonly used consensus models are Proof-of-Work (PoW) and Proof-of-Stake (PoS).
Proof-of-Work (PoW)
In the PoW model, the nodes in the network compete to complete complex mathematical tasks, known as "mining". The first time a miner (miner) who successfully completes the task will get the right to add a new block to the blockchain, and transactions in that block will be validated. PoW is used by the Bitcoin blockchain and several other platforms.
Proof-of-Stake (PoS)
The PoS model differs from PoW in the way consensus is reached. Here, it is not a computational battle that determines which node has the right to mine the next block, but the right to mine is awarded based on the number of coins or digital assets staked by the node. The greater the number of coins staked, the higher the chance for that node to become the leader in reaching consensus. PoS is used by blockchain platforms such as Ethereum in transitioning to a PoS model via the Ethereum 2.0 upgrade.
Decentralization
Decentralization is the underlying principle of blockchain technology, which aims to reduce dependence on a single authority or central institution. In a decentralized network, decisions and operations are taken collectively by the participating nodes in the network. Each node has a complete copy of the transaction records in the blockchain, and no central party controls all operations.
Decentralization is the main pillar in achieving blockchain network security and reliability. By not having a single weak point, the network becomes more resilient to attack, manipulation, or single system failure. If one of the nodes crashes, the other nodes can continue to operate and validate transactions.
Distributed Ledger and Immutability
Distributed ledger and immutability are two key concepts in blockchain technology that contribute to system reliability and security. This concept plays an important role in creating transaction records that are guaranteed to be authentic and cannot be manipulated by unauthorized parties.
Distributed Ledger
Distributed ledger is a term that refers to transaction records that are distributed or spread across all nodes in the blockchain network. When a new transaction occurs, information about that transaction is stored in the form of a block, and this block is then cryptographically linked to the previous block, creating a blockchain.
The existence of a complete copy of the distributed ledger at every node in the network enables the validation and verification of transactions collectively. Each node has access to all previous transactions and can verify whether new transactions are valid before being added to the next block. This process is known as consensus, and all the nodes in the network must come to an agreement about the validity of the transaction to create network reliability.
Distributed ledger creates transparency and trust in the network. Every transaction is permanently recorded in all nodes, and cannot be deleted or manipulated without collective consent. Therefore, transaction records are verified and guaranteed to be authentic by many parties, reducing the risk of data fraud or misuse.
Immutability
Immutability is an underlying characteristic in blockchain technology which means that any transaction that has been recorded in a block cannot be changed, deleted, or manipulated in any way. Immutability is achieved through the concept of cryptographic hashes and linkages between blocks in the chain.
Each block in the blockchain has a hash that is generated from the data in the previous block, and so on until the last block. When a single transaction or data in a block is changed, the hash of that block will also change. Because the hash of the next block contains information about the hash of the previous block, changes to one block will impact the entire blockchain.
Immutability is one of the reasons why blockchains are so secure and reliable. Once a transaction is recorded in a block, it becomes permanent and cannot be manipulated again. When transaction records are immutable, users on the network can have confidence that the recorded data is an accurate and reliable track record.
#Pi will have much higher network reliability than other blockchains. While Solana suffers from countless unexplained problems, the #Stellar blockchain has historically only had an hour-long freeze. #PiNetwork2023 #Piblockchain pic.twitter.com/tPVOTIUr6X
— BELMED Pi Network⚛️ (@PiBelimed) July 21, 2023
Problems and Challenges at Solana
Solana is one of the prominent blockchain platforms with high levels of transaction speed and capacity. Nonetheless, like other blockchain platforms, Solana is not immune from some issues and challenges that can affect its performance and reliability.
One of Solana's strengths is its ability to handle large transaction volumes and high levels of scalability. However, with its growing popularity and usage, Solana has faced challenges in maintaining network stability during an explosion in transaction activity. High transaction volumes can cause congestion in the network and potentially cause slow or blocked transactions.
smart contracts, known as "single-threaded". This means that smart contracts are executed one at a time, rather than in parallel as on some other blockchain platforms. As a result, if one smart contract is being executed for a long time or encounters an error, it can result in locking other smart contracts waiting to be executed, causing an imbalance in overall system performance.
uses a Proof-of-History (PoH) consensus system that underlies the Proof-of-Stake (PoS) mechanism. The network relies on trustworthy validators to validate transactions and reach consensus. Reliance on multiple validators can become a problem if one of the validators experiences technical problems, crashes, or crashes. This can affect overall network security and performance.
Solana uses a complex, high-performance consensus method, which requires strong technical resources and a sophisticated infrastructure. Developing and maintaining the Solana network requires an experienced and skilled technical team. If there are technical issues that are difficult to solve or updates are required, this can cause challenges in maintaining network reliability and availability.
As a blockchain platform that stores the value of digital assets, security is a top concern. Despite its sophisticated consensus mechanism, Solana is vulnerable to attacks such as the 51% attack and DDOS attacks that can threaten network security and integrity.
Historical Freeze in the Stellar Network
The historical freeze on the Stellar network occurred on May 11, 2017, and was a prominent event in the history of the Stellar blockchain platform. The freeze resulted in the Stellar network experiencing a freeze or failure in transaction validation for about an hour.
The reason for this freeze is due to a planned protocol change (protocol upgrade) in the network. When this protocol change was implemented, there was an unexpected technical glitch that caused the nodes in the network to become unbalanced and unable to reach a consensus on the validity of transactions.
The impact of this freeze is that some transactions cannot be processed or validated during that time period. Even though the freeze lasts only for an hour, it causes inconvenience to users and impacts credibility and trust in the Stellar network.
However, the reaction of the Stellar development team was very fast in dealing with this problem. After the freeze occurred, the team conducted an in-depth investigation and found the source of the problem. They then release an update to fix the technical glitch and ensure that something like this doesn't happen in the future.
In response to this freeze event, the Stellar community and development team are committed to improving network quality and maintaining reliability. They recognize that resilience and trust are key to a successful blockchain platform. Therefore, any protocol changes and other updates are thoroughly tested before implementation to avoid similar technical glitches.
Over time, the Stellar network has continued to grow and overcome technical challenges. This platform continues to be one of the most popular blockchains and is known for its speed, efficiency and low transaction fees. The event of the freeze has also provided valuable lessons for the blockchain ecosystem as a whole, highlighting the importance of thorough testing and careful maintenance to maintain network reliability and performance.
