Self Amending Blockchains : Evolution in the Blockchain Industry
Months prior to the Tezos ICO, Kathleen Breitman of Tezos spoke of her vision when it came to self-amending blockchains, in an interview with IB Times, addressing the irony of the fact that consensus systems often show rigidity in their functions when their own rules need to change.
Kathleen said : “The question we asked ourselves was that even though we are sitting on a consensus-forming technology, there are problems on agreeing about what to do with the network. Why not fold it in and use the blockchain to resolve the consensus issues over protocol changes?”
With ideologies such as these, the concept of a self amending cryptoledger came into existence.
As the name literally implies, Self Amending Blockchains mould themselves according to the changes approved by the majority of the users on the chain, on their own. There by decreasing execution time, increasing efficiency of the chain and finding wider applications in the modern world while ensuring significant uniformity and public acceptance.
In one of our previous articles, we wrote about the Tezos Blockchain and how the Tezos ICO achieved unprecedented heights. This article compares three different self amending blockchains in the market – Tauchain, Tezos and EOS.
Recapitulating the Tezos Blockchain, as we described it in the article, is a new type of blockchain which allows for consensual upgrades to it’s protocols, which empowers it to govern itself. It is a highly secure digital ledger that’s decentralized because of the way it records information and transactions.
The website states : “Tezos facilitates formal verification, a technique which mathematically proves the correctness of the code geoverning the transactions and boosts the security of the most sensitive or financially weighed smart contracts”
In a laymans words, Tezos can instantiate any Blockchain-based ledger. It evolves by amending its own protocols, which even includes a way to amend the voting procedure as per need.
It is basically a language functioning on smart contracts. The application of formal verification has been made tremendously easy on the Tezos Blockchain. Since the functioning of Tezos relies on a less computationally-intensive and less power-consuming Proof Of Stake (Read: Proof Of Work versus Proof Of Stake) algorithm, the bonded stakeholders (forgers) validate transactions only after a consensus has been achieved.
In a cryptocurrency universe where the rules are determined by the users, Tauchain, has been created with the purpose of giving many such independent universes a platform that may or may not share Tau’s timestamping.
Yes, Tauchain and Tau are separate entities, not to be confused with each other, inspite of common misregard.
Tau can be expressed as a decidable programming language which is not on a turing-complete platform, one most programmers prefer these days. It can be spoken of as a modified turing machine, one which has overcome the halting issue of the same. On top of being capable of securely executing anything a finite turing machine can, Tau has built-in P2P and blockchain.
The Tauchain is a sidechain-enabled blockchain that runs on the Tau language. The Tauchain stores social norms and scientific theories – whatever is based on fact and on rules. After storing an ontology of said local rules, its software determines its actions using a Reasoner – tools that infer new rules based on old ones. The tauchain node can thus be treated as an extremely intelligent agent able to communicate with other agents written over the same language.
Since the Tauchain software requires automatic validation from the client, the code is always free of bugs. The chain is being promoted as one on which it is impossible to write a code which will not work and thus the client no longer needs to trust the coder vice versa.
According to IDNI : “It’s interpretations, uses and consequences are far from being a P2P network only. They include software development, legal, gaming mathematics and sciences, logic, crypto-economies, social networks, rule-making, democracy and votes, software repositories, decentralized storage, software approval and verification… and many more aspects”
In the present-cryptocurrency era, merely one look at the blockchain industry is enough to make anybody realize that everyone involved in this industry is fighting to build and commercialize smart businesses, decentralized organizations et cetera, and that all of them encounter the same problems while climbing the code ladder – account systems, multi-sig, recovery processes et al. EOS believed that the best way to combat such an issue is to provide an operating system, which could provide all the common features that all these applications needed. Hence, Epic Operating System was launched as the first blockchain-based operating system in the market.
EOS is a consensus blockchain operating system that uses parallelization to provide access to blockchain scalability to millions of users, thus enabling millions of transactions per second.
According to Steemit: “EOS provides parallel processing of smart contracts through horizontal scalability, asynchronous communication and interoperability….. it has the ability to provide applications with databases, a schema, multiple indices and handles all the complexities of scheduling multiple tasks across CPU cores or even clusters along with authentication and key management so that one can focus on business logic and not cryptography…It is basically the operating system that we have all been waiting for”
Epic Operating System is the way to massively improve the efficiency of smart business development. Its scalability, usability, governance and flexibility are the main factors why EOS might gain extreme popularity in the coming months.
Self Amending Blockchains are undoubtedly the new vision in the crypto-industry. Tezos, Tauchain and EOS are merely stepping stones on the bridge to a revolutionary new era. One based on transparency, decentralization and technological advancement.
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