Bitcoin, Litecoin, Ethereum and almost everyone else is using the peer to peer protocol, so what is it?
Peer to peer is 30 years old technology that allows clients to connect between them self without the need for a server. Back in the 60th, the internet creators were considering it.
The biggest problem with peer to peer is the networking speed. It’s slow, very, very, slow! Some clients have a good internet connection while others might not… Just think about a person who is streaming a movie while you are trying to make a transaction via his peer and now also imagine that he is using a public Wi-Fi, it’s slow!
It’s slow, it’s bad, so how does Bitcoin address this problem? Well, in order to protect the users from extremely long delays, Satoshi Nokomoto limited the block size to just one MB.
This peer to peer problem also refer as Bitcoin scalability problem, it’s widely known and been discussed for several years now. But no right solutions so far…
I would like to welcome you to 2018 and offer you the long waited, good and fast solution that does not rely on a peer to peer network but uses modern communicational tools based on today’s technology that is promised to stay up today all the f times.
It’s called the Royal Network!
In the Royal Network instead of making connections between peers, the connection is made between pools. Pools are the most crucial nodes in the system, as all the blocks been submitted from them.
To join the Royal Network, the pool must first mine a block, it promises that only the best pools will be part of the Royal Network. It also keeps the network size small and allows all the nodes to have a direct connection to each other all the time.
With Royal Network block are not limited in size, a pool can make blocks as big as gigabytes of data. It’s not just solving the scalability problem, it TERMINATES it! Asta Lavista p2p.
And there are even more benefits to Royal Network than just incredible speed. Due to its unique structure, it’s resistant to the 51% attack.
In Bitcoin and all other proof of work cryptocurrencies, when two miners find a block nearly the same time, it creates a fork in the system, the entire blockchain is split between the two version of the block. After some time when new blocks are mined one of the versions is getting discarded. It happens quite a lot. The problem is that it allows rewriting the history of transactions. If an evil person or group of people with mining power of 51% will attempt to abuse this weakness, they will be able to make transactions and then rewrite the history, it will allow them to double send their coins. This is why it’s called, “51% attack”.
In Royal Network the forks are not resolved by mining new blocks and void the old ones, but instead, there is a voting system. When a fork is about to happen, all the nodes are voting to select the right block, it creates a consensus, and the blockchain is never split so the history of transactions cannot be changed by definition! The mining power simply not matters.
The voting system can only work in the Royal Network. If Bitcoin or another peer to peer network would attempt to use it, then an evil attacker could create many fake nodes to flood the system and manipulate the voting. Because in the Royal Network it’s very hard to create new nodes, you actually need to solve a block and keep solving them to remain in the network. Therefore only the Royal Network can use the voting system and become resistant to the 51% attack.
The Royal Network is part of a pending patent of Confidence Coin, the very first cryptocurrency to use the Royal Network.