Using a decentralized or distributed network increases the general security of transactions. It also creates a (nearly) incorruptible and permanent record without the need of a trusted third party. What’s more, it’s a solution to the double spend problem which has long been an issue hindering the development of a “digital cash”. That, along with other problems, such as internet bandwidth and data storage likely prevented technologies like blockchain from being developed and implemented earlier despite the best efforts of computer scientists and entrepreneurs.
In order for a decentralized network to have all of its parts agree it needs to have a standard logic or set of rules to follow. This set of rules is called a consensus protocol.
The first blockchain was Bitcoin which used and still uses a consensus protocol called “Proof Of Work”. The proof of work system is a mining and computer power-based system in which participating users are required to solve difficult mathematical problems to validate and authenticate transactions. The proof of work system provides complete decentralisation of power and control over the distribution and implementation of major technical and economic changes in the network.
To attack bitcoin, the proof of system requires the hacker to own at least 51% of the network’s hashrate or computing power, which is virtually impossible considering the size of the bitcoin network and its considerably high hashrate. However, small proof of work-based networks are easier to hack because attackers can gain 51% of their computing power at a much lower cost.
Proof of Stake is an alternative to the Proof of Work system that has managed to create a rift in the crypto community. With the Proof of Stake system, blocks are created and rewards are given to those who hold the largest amount of a given cryptocurrency (forgers). The more coins that you hold, the better your chances are of discovering a block.
However, the Proof of Stake system gives coin owners the ability to monopolize the entire network. If they purchase large amounts of coins at once and hold onto the majority of the coins in existence, they increase their likelihood of monopolizing the network, forging most of the future blocks, and earning the coins made from these blocks. This creates an oligarchy whereby it is in the best interest of these coin holders to make changes that benefit them the most.
Technology evolves and changes constantly and blockchains and their consensus protocols should be no exception to that rule. Given the fact that there are several dozen blockchains that have been successfully used for years to secure billions of dollars on their networks using other protocols. With cautious testing and application of these alternatives, we can fulfill the vision of a global peer-to-peer digital cash and re-engineer our financial infrastructure to create a more fair, transparent, and resilient economic system.
One such a project aims to improve the existing electronic transaction system is FESSChain. FESSChain is introducing a new consensus, named Proof of Proof (PoP). It's a combination of AI and basic features of sharding into a new blockchain. FESS chain verifies every block with Bitcoin blockchain mined blocks, which makes FESS practically unhackable. Even if someone hacks into the blockchain, the very next block verifies back and returns where the original verified block was mined.
FESS offers a quicker and safer way to transact in an electronic environment through application of cutting edge technology. FESS blockchain is a multi layered system, in which each and every transaction before being recorded is verified either with its timestamp or the Bitcoin blockchain or both. FESS Chain will enable fragmented and parallel processing of transactions.
The primary objective of FESS Chain is to create a Universal Settlement System(USS) on their blockchain which offers both security and high transactional speed at the same time. Also, their platformance will be augmenting for a Fiat-less Economy and Integration of all possible practical use cases with blockchain.
FESS Chain offers a super secured multi-layered blockchain with a unique authentication which verifies every transaction with the highly diversified and secure Bitcoin Blockchain and/or the timestamp of that transaction. This makes their blockchain practically unhackable that too without compromising the speed.
FESS is introducing Proof of Proof (PoP) methodology, a combination of with AI and basic features of sharding into a new blockchain. FESS chain verifies every block with Bitcoin blockchain mined blocks, which makes FESS practically unhackable. Even if someone hacks into our blockchain, the very next block verifies back and returns where the original verified block was mined.
Trust and Transparency :- The complete decentralized architecture on FESS instills the much needed trust and transparency within all transactional networks.
Security:- A double layered authentication method of transactions, based on blockchain technology makes it virtually impossible to hack into Fess system.
Speed:- The unique parallel processing algorithm ensures 450-900 transactions per second(TPS), way ahead of existing solutions.
Diversity:- Fesschain platform through its token powers individuals and business for their various needs.
Token name: Fesschain
Total supply: 10 billion
Total initial supply: 650 million
Token for Sale: 6% (600 Million)
Team & Corporation: 24% (2.4 Billion) (Partially Unlock)
Token for Mining: 25% (2.5 Billion)
Development & FESS drop: 34.4% (3.44 Billion) (Situational Unlock)
Airdrop/Bounty & others: 0.5% (50 Million)
Maintenance (Reserved): 10% (1 Billion)
ICO Marketing Expenses: 0.1% (10 Million)
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