20 Consider the GeeqChain instance described above (100 nodes and 40 transactions per second).
11 The bitcoin protocol creates a cryptographic puzzle for miners to solve at the beginning of each block. On the other hand, the merged pool would be able to mount a successful 51% attack and take over the Bitcoin blockchain, gaining whatever additional profits this might entail. GeeqChain offers a new approach to blockchain based on game theory and economic mechanism design. Bitcoin and Ethereum use a network of miners and a Proof of Work (PoW) protocol to establish the integrity of their ledgers.
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It is not actually based on blockchain, but instead relies on repeated validation of transactions by individual nodes.
Just as Ethereum solved many of the limitations embedded in the Bitcoin protocol, GeeqChain solves most of problems remaining in Ethereum. If enough users and nodes support the continued existence of the original chain, they can trade tokens under the original rules indefinitely. When these are combined with a type of unanimity game to achieve consensus, the result is a validation protocol that offers Strategically Provable Security (SPS), 14 effectively, 100% BFT. One agent may be the owner of several nodes, or may simply be a user who makes transactions on the blockchain but does not provide validation services.
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Even then, transactions are not considered finalized until they are buried several blocks deep in the chain (six or more for Bitcoin and 250 or so for Ethereum).
Blocks of validated transactions are created by nodes in the network and appended sequentially. GeeqChain Basics GeeqChain is a flexible platform that is built around interoperable federated instances of blockchain tailored to different use cases. 23 For example, on November 9, 2017, bitcoin decided against a soft fork adding SegWit technology that would have improved performance by moving some unessential data off the underlying blockchain. Users send requests to write new records to a set of decentralized, often anonymous, nodes 2 who must come to a consensus on their validity.
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This can result in a fork in which two different blocks are built on top of the same initial chain by different sets of nodes in the network.
Note that the business logic these GSCs contain may also rely on data records written by users into the chain in addition to token transactions. Any agent who is willing to bear the computational cost of trying to mine a block can join the validation network anonymously and as an equal. Several banks, for example, might set up a private blockchain in which the members vote on whether a new block is correct and should be added to the chain. This is far fewer than the 32,000 or so nodes on the Ethereum network or the 10,000 or so Bitcoin nodes.
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Bitcoin, Ethereum, and most other blockchains trade only in their own native tokens.
At $0.10 per kwh, this means it cost approximately $3.5B to validate the bitcoin blockchain in 2017, although wholesale electricity costs are be considerably lower in certain regions. Users ultimately bear the costs of having thousands of nodes using electricity and wasting CPU cycles to solve the cryptographic puzzles required, to win block rewards and validate transactions. 3.1 Genesis Blocks All instances of GeeqChain begin with a genesis block (block number 1). The new chain would have a genesis block with a new set of validators and GSCs, but no tokens.
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Bitcoin s proposed solution to this problem is called the lightning network and is similar to Ethereum s raiden network.
4 More accurately, if miners controlling more than 50% of the network s hashing power are honest, then the chain is difficult to hijack. Depending on the blockchain and approach to validation, nodes are called miners, stakeholders, delegates, or voters, among other terms. 3.3 Network and Communications Nodes are validators of transactions submitted by users for inclusion in new blocks of the GeeqChain. In effect, GeeqChain is 100% BFT and offers users Strategically Provable Security (SPS) for blockchain validation. In particular, it is not possible to move a bitcoin to the Ethereum blockchain or inversely. GeeqChain as a Solution GeeqChain has the benefit of learning from Ethereum, which in turn, had the benefit of learning from Bitcoin.