Cube Blockchain and Proof Of Time
Introduction to Cube blockchain
Cube blockchain is a permissionless blockchain i.e. it is open to everyone and one does not need any permission to join the network. The main difference between blockchain and traditional databases like SQL, and MongoDB, is that in blockchain everyone can store data. In Cube blockchain, the data is stored ina decentralized fashion. The centralized data structures serve as the hotspot for potential hackers as the data is store in a single location. In Cube blockchain, the data is widely distributed in all the nodes in the blockchain. This gives no room for the hackers to tamper with the data.
What is so special about Cube Blockchain?
The Cube blockchain has an outstanding feature of Proof of Time. The traditional blockchains are based on two types of consensus, either Proof of Work (PoW) or Proof of Stake (PoS). But Cube Blockchain deviates from the convention. It is based on a consensus algorithm that is very new and innovative. PoW and PoS are not genuine and there are ways to forge.
A consensus algorithm in this stance is nothing but the procedure to choose the block validators. Whenever a transaction occurs in the blockchain, it has to be validated before being added to the chain. These validators will receive rewards for their services. In the case of PoW, the mining power can be purchased to get chosen as the block validator. Also, in PoS, the more you stake the greater will be the chance of getting chosen. These two traditional algorithms are not said to serve their purpose. Cube blockchain is based on a new consensus called Proof of Time. Here, the validators are chosen based on the relative age of the node.
Proof of Time explained
PoT with the help of BEAT, and Honey badger protocol, makes the network fast. A change in the network will be updated to all the nodes in the network within a very short span of time. The propagation time in the traditional blockchain is more than 150 seconds. PoT reduces this and makes the network more efficient. 51% attack is not possible in PoT, unlike PoS and PoW, as they buy time like they do buy stakes and mining power. The validators are chosen in a time-based fashion. The node age of the chosen validator will be set to zero after validation to ensure that everyone in the network receives a fair chance of validating the blocks.
In Proof of Work, the miners need to solve complex puzzles to get chosen as the validator. This requires a lot of computational power and mining hardware. This escalates the cost of electricity. Environmentalists claim PoW to be a threat to society. All you need is 51% of the computing power in the network to validate the block. But, in PoT, the users are allowed to validate based on the age of the node. One must need 51% of the relative age of the network to validate, which is practically impossible to buy.
The chosen validators can validate transactions that occur in the cube blockchain ad receive CUB tokens for their service. Thus, Cube blockchain remains unique and stands ahead of its fellow competitors who still depend on age-old consensus algorithms.