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"Beyond Blockchain: Convergent Consensus" by Mike Anderson (Strange Loop 2022)
Discover the future of blockchain technology with Convergent Consensus, a scalable and secure approach to decentralized computers, security, and scalability, using Conflict-free Replicated Data Types and proof of stake.
- We have a size problem in blockchain technology, making it difficult to scale.
- The blockchain problem is not just about scaling, but also about decentralized computers and security.
- The speaker proposes a new approach called “Convergent Consensus” to solve these problems.
- The Convergent Consensus algorithm is based on a primitive called “CRDT” (Conflict-free Replicated Data Type) that allows peers to share and merge their beliefs about the state of the network.
- Each peer runs a single-threaded virtual machine (CVM) that maintains a global state and can update it by adding new blocks.
- The algorithm uses a Merkle tree data structure to keep track of the global state and prevent tampering.
- The algorithm only requires a small fraction of the data to be stored, making it more efficient.
- The algorithm is designed to be fault-tolerant and can recover from temporary network connections or failures.
- The algorithm uses a proof of stake system, where peers are incentivized to participate by receiving rewards.
- The algorithm can handle thousands of blocks per second and can scale to support billions of queries per second.
- The algorithm is designed to be optimal and can provide a higher level of security than traditional blockchain systems.
- The speaker wants to collaborate with others to improve and expand the algorithm.
- The algorithm is currently being developed as an open-source project.