libonomy

[libonomy]

Smart Contracts in 2020

Smart contracts are digital contracts that validate, verify and apply a negotiation. Smart contracts define the rules as a traditional contract but without any involvement of a third party in between. Smart contracts will regulate any transaction, shares or any unit of value with transparency. When an asset is transferred in a program, it runs code and a condition is validated. The blockchain records the data so it is safe and unchangeable, this is how it works. One of the main features of smart contracts is that it has no involvement of a third party.

Smart Contracts in 2020

The client has full control over the smart contract, in a way the client is not robbed off and is safe from any sort of fraudulent activity. The documents are saved on a libonomy blockchain and blockchain is the most reliable advanced technology to keep any records. It is never lost nor manipulated. The cryptography, mathematical equations, keep the records secure. It is not easy to solve a cryptographic algorithm to steal any data. Smart contracts save time and cost without the involvement of an intermediary. These smart contracts have no errors in recording data. With a great number of advantages comes a good number of issues as well. Ethereum was first developed with the introduction of smart contracts. An advanced public blockchain platform coded and processed smart contracts. The payment was carried along with ETH tokens, but it included various industries like real estate, etc. The smart contract is self-executed in the Ethereum platform. Its first token, ERC20 emerged in 2015 and later ERC721 appeared in 2017. Both have the same functions and follow a certain set of rules already executed by a smart contract.

The only difference is that ERC20 is a fungible asset, which can be swapped and ERC721 is a non-fungible asset, which cannot be swapped and has one ownership at a time. Their strength is immutability and it is their weakness too. If a client enters a wrong code then the smart contract will still perform its task without having involved the client. It is also vulnerable to hacking. There have been cases with ICOs using the Ethereum platform. KICKICO experienced an attack on its smart contract by accessing the token of the program and losing $70 million. Bancor lost $13.5 million when their wallets were compromised in withdrawing ETH from BNT. There were many cases like this, which discouraged the morale and the image of the companies. LiboX’s virtual machine will implement Libox contracts that will verify and validate, but it will also highlight vulnerabilities by running tests and bringing ineffective action. The X1 contracts will have standard functions already set up and transfer functions that will be in sequence. It is up to the client to choose whether they want to use this feature. If they use it then there will be certain restrictions of following the whole procedure.

If they choose not to use it then the virtual machine will run tests and highlight vulnerability to the client, just to make them aware of possibilities. From financial tokenization, ICO, IEO to medical field and public organizations the standard has already been set up for these and many other particular industries. The clients will not have to define the standards but it will be modified according to their business plan without any issue. The nature of the virtual machine secures the whole platform fully and saves from any hacking attempts. The virtual machine has greater scalability; if the speed of transaction per second increases so does the Liboxcontracts. There are certain hindrances in interoperability, but our Libox contracts can interact with other cryptocurrency Libox contracts. The core language is JavaScript so it is more accessible to everyone to follow. The Liboxcontracts are cost-effective, including the developer and the finished product.

[libonomy]

Libonomy Blockchain

The evolution of Blockchain has opened doors for research and development in this field. Since Satoshi Nakamoto’s introduction of Bitcoin back in 2008 the world of technology changed completely. It gave the world a new advanced technology to explore. Blockchain system has evolved, from solving problems to keeping up with future development, the cycle has not ceased. The reason it has become a huge success lies in the nature of this system, where it is consensus based and works without intervention of any authority. Blockchain records data that is immutable, which is encrypted and given a unique hash. The hash of the previous block is connected to the hash of the new block. To solve the hash and add further data on the blockchain a consensus is reached among the nodes that are connected. Consensus protocols still have to face many problems and their latest solutions have also become a problem. POW, POS and DPOS have still failed to provide a solution for Byzantine General problem and double-spending. Blockchain is one of its kind blockchain systems that will use Artificial Intelligence at its core, with dynamic threshold, utilizing all the benefits of POW, POS and DPOS and introducing a whole new system which is much more transparent, decentralized , fast and robust.

Overview Of Libonomy

Libonomy is one of its kind blockchain that has achieved the goals of innovation and creativity with great success. The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness. Many only talk about a new system of blockchain but Libonomy is on its road to fulfill that ideology already. The uniqueness of any organisation becomes its trademark and the uniqueness of Libonomy is that it offers its clients to explore beyond their imagination and think out of the box. The speciallty of Libonomy Blockchain is that it does not use the previous consensus algorithms that have been used for a very long time. These consensus algorithms have their own drawbacks and Libonomy believes in providing an error-free consensus engine that has been architectured carefully. It uses Artificial Intelligence consensus algorithm, an automated computer generated engine that saves energy, time and gives high speed of transaction. The system being generated through AI is safe from any human corruption and it is fully decentralized that it endorses complete transparency as well. The exclusivity of Libonomy is not the only commendable factor of it but the stability that it offers on its many platforms as well. Libonomy pioneers in providing safety and security to all its clients that use it with great trust. It is a cost-effective platform that believes in giving the best to its clients only. It saves the energy of resources and time of its clients so that everything is carried down effectively and efficiently.

Blockchain Technology

The working of the system is not too complex, an overview of the system needs to be addressed before moving forward to the technicalities of the system. When the nodes join the Libonomy Blockchain system, the AI will run its analysis on the nodes. The analysis is carried forward on the contribution and participation of the nodes in the blockchain. The data regarding the capability of how far the nodes are willingly taking part in the blockchain is gathered as well as the speed of the transactions and communication is gathered, all this information is combined to understand the nature of the nodes in the respective system. Once, the analysis is completed the data is transferred to the algorithm which then classifies the information depending on the nature of the nodes and assigns a pool to each one of them.

There are four different types of pool. The Power pool is the main pool where the transactions are verified and validated. There is Exploit Finding pool which runs a security check-up on the nodes to look for any issues with it, like its contribution in the blockchain. The Maintenance pool is a pool for all the nodes that are not assigned to any other pool and are associated as a backup. The Audit pool is assigned for the application of rules and regulations. When the nodes have been put in their respective pools, digital signals are passed to create a network, meanwhile the idle nodes are cut off.

There is no or less communication between blockchain with another blockchain. This creates hindrance in getting a connection across and expanding the horizon of the blockchain. Libonomy Blockchain has the feature of interoperability that will allow multiple blockchain systems to run under the umbrella of Libonomy blockchain.The Libonomy Blockchain can support public blockchain and private blockchain, both. Corporations and businesses can use the blockchain in their new business projects that can take the plan a step ahead in any sector of business. Government, education, health, identity management and many other sectors can integrate the blockchain in their organisations to make it easy for them to manage work with the benefit of stability and security.

Smart contracts are mostly implemented in blockchain to enhance the system, however, with Libonomy Blockchain the AI engine will verify and validate the smart contracts, creating them on their own keeping in the nature of nodes and the network in consideration. Libonomy blockchain technology provides its own blockchain SDK using which users can utilize the system in their own platform or build dApps on top of it, which are completely decentralized and cost-effective. The use-cases for Libonomy Blockchain are limitless and versatile because of the nature of the engine and the whole system bringing innovation and creativity together.

Components Of The System

Transaction Per Second

TPS of a node is modeled as an evaluation function that takes node properties, nature of the network and safety elements as its independent variable.

Computing Power Ratio

Computing power ratio is the ratio of calculating force of a node to calculating force of the whole network,.

Exploit Finding Nodes

EF Nodes guarantee the security of the network. These nodes will be put off the network if any false nodes are found in the power pool.

Maintenance Nodes

Maintenance Nodes are backup nodes that are pulled out and assigned into their respective pool. AI engine will kick out the nodes from either pool, in case of a corrupt node.

Audit Nodes

Audit nodes will carry out the auditing of the pool on a constant basis. If any of the power nodes fail to fall within the threshold assigned by the audit nodes, the node will be removed from the network.

Virtual Voting

Every node in the network can spread signed information to its randomly chosen neighbours. With virtual voting, each node can determine if a transaction is valid, block upgrade and threshold upgrade. Signal Passing Digital pulse is generated with each communication, which is pulse based message communication the fastest possible technique for better communication and achieving high throughput of the whole network.

Gossip Algorithm

Multi-Layered Gossip involves attaching a small additional amount of information to a pair of gossip that contains the history about the nodes.

Power Nodes

These power nodes can be picked under a mechanism by an AI engine. The power nodes are namely classified into Lightening Nodes, Middle Nodes and Lower Nodes.

Neural Network

Neural Network is the main core used in this blockchain. It is inspired from the human brain, and neural network will help in classifying and clustering information. It will help in organising, storing and managing.

Network Proposal System

The network of Libonomy Blockchain is explained below, to grasp the working of the system.

The AI consensus engine will generate dataset of the nodes consisting the analysis of their performance, strength in being part of the blockchain and history of any activity in the algorithm.

After the dataset is received it is then passed on to the prediction algorithm.

The training of the machine takes place in a learning algorithm which is Neural Network based on the dataset received from the nodes that are connected to the network.

The Neural Network is being used to make predictions and dynamically classify nodes into their respective pool with dynamic threshold, as defined by the state engine of the blockchain.

The network has become a distributed network with high speed communication and data transfer. The transaction per second of this network is highly competitive against other known networks.

The High Speed Autonomous Blockchain is taken into consideration

Pulse based message communication is used for data writing and sharing on distributed ledger. Pulse based message passing is one of the most advanced techniques to transmit and receive messages.

Pulse Based message communication will keep the nodes dedicated towards the network.

There is a continuous communication taking place of large datasets of the nodes, while still not overloading the network with the requests.

Cryptographic hashing is still happening, while still maintaining immutability and perfect blockchain.

Multi Node pools are created for transaction verification, blockchain maintenance, and rules creation.

The system is avoiding hard forks, while allowing blockchain upgrades.

Gossip communication between multiple node pools is taking place for transaction verification and blockchain is upgraded.

Network is being upgraded and the blockchain keeps on scaling with a consistent architectural structure.

As the signals will pass the gossip protocol will be working to its full potential, then the Virtual Voting will utilize this information to upgrade the pools and data will be shared. Based on the rules accepted and generated by the AI engine and Pools, the State Engine Machine will maintain the system’s state and upgrade it dynamically.

The second stage begins with:

Public Blockchain Testnet is created which is identical to the software of the cryptocurrency, but does not disturb the main cryptocurrency software as it is an experiment.

All the nodes from all around the world are allowed to contribute to the network.

AI engine will keep maintaining the dataset for future upgrading of the blockchain and remove all the issues.

Application layer will be used to create DEX, smart contracts and other DApps.

X-Virtual Machine will be part of the blockchain system:

Virtual Machine compiler will run and build smart contracts and DApps.

It will allow auditing of smart contracts.

Software Development Kit (SDK) will be installed in one package for developers to use the blockchain.

The above implementation plan of the Libonomy Blockchain fully considers the operation needs of the development of consensus algorithms, the building process of a Blockchain with AI engine and the ability enhancement process of the Blockchain community, so as to make the Libonomy Blockchain available as soon as possible, popularize it in the community and carry out process. Also, gradual improvements will take place in the Blockchain through constant iteration and upgrade.