RaiBlocks | Could it be the solution to scalability?

let’s you’re not everyone my name is Nicolas Merton here at day two – and today is December 30th of 2017 well folks today I’m here to talk about a cryptocurrency that as I look more and more into the project I get more excited to talk about here in the channel and seeing as I’ve spent the time to do my due diligence and understand the underlying technology I feel like I’m ready to explain it here on the day – – channel and give you all a good full depth analysis as you want might know if you keep on with my channel I tend not to do too many coin coverage videos nowadays because I really try to wait and find projects that bring a sense of innovation or change into the space to fix the larger issues at hand and today is no exception today I’m here to cover a crypto currency known as rey blocks or rai blocks you’re probably gonna have a war somewhere of people debating on how to pronounce it but nonetheless rey blocks red blocks I’m really excited to talk about here today on the day – – channel because it’s a currency that fixes one of the largest issues I think honestly the largest issue in crypto currencies right now keeping us from reaching mainstream adoption so today we’re gonna be doing an in-depth analysis keeping things short sweet and to the point however in a presentation format something usually don’t see on the data – Channel all right so let’s go ahead and dive into it so we first have to focus on the issue that Rey blocks is fixing at its core and it’s the largest issue right now in crypto currencies and it is no other than scalability let’s face it it’s one of the biggest issues for crypto currencies right now if we take a look at the real world and the demand of transactions that are being requested around the world we know that for example Visa and MasterCard process over seven to eight thousand transactions at any given second and this is continuously running on a global network so because of this we need crypto currencies if we want them to be a peer-to-peer system of transaction between different parties we need it to be scalable we need it to be able to process thousands and possibly tens of thousands of transactions to even compete with MasterCard and Visa and right now we just don’t have that because of it things like Bitcoin aetherium litecoin and other crypto currencies are experiencing slow transactions and high fees because there’s such a demand to get onto the network in the limited space that the blocks have through blockchain technology and because of this we have congested networks so people don’t know when they’re Contin their transactions are going to be confirmed replaced in the next block and along with that as well all of this in total is really preventing us from reaching mainstream adoption for making crypto currencies the ultimate peer-to-peer solution without centralized Authority and some people are willing to take some trust Authority without it with to avoid the burden that lack of scalability is bringing to crypto currencies so because of this we need something that can bring that solution and today I’m here to talk about a crypto currency that from this chart alone speaks for itself this is a chart here of the transactions per second with a variety of different crypto currencies as we can see on the Left we have Bitcoin – etherium like coin and even ripple which is known for its transactions that it can process per second however on the right hand side xrb that’s the currency we’re talking about today that’s Rae blocks ray blocks uses a different form of technology that allows to stay decentralized but along with that as well process way more transactions the traditional blockchain technology so what allows it to process so many transactions the sheer amount comparable to Bitcoin which is the most valued cryptocurrency that can only process seven transactions a second well today we’re gonna be diving into it and I’m gonna help you all understand how this technology functions and why it’s so revolutionary and along with that as well I’ll show you all in real time later on in an actual video that I recorded with a community member from the data – discord of making a actual ray block transaction so really excited to show you all that later but first and foremost let’s go ahead and dive into the technology and again as I always say with these coin coverage videos please read the white paper and I emphasize it more on this video because we’re not gonna be talking about the white paper but this is one of the best reads you could have right now in the cryptocurrency space guys to understand this technology it’s rare that you find a white paper that’s exciting to read and I really genuinely liked and going through the white paper and taking some time to understand this technology so I highly recommend you do that alright so let’s go ahead and dive into the technology here and we’re gonna go through and read through some text that I have from online from a variety of different sources and on the right-hand side here this is a diagram of some of the technology we’re going to be looking at in regards to rye blocks and how transactions work but we’ll visit that in just a moment alright so let’s go ahead here and focus on the text Rea blocks is a trustless low-latency cryptocurrency that utilizes a novel block lattice architecture and that’s what we have here on the right hand side and we’re going to talk about throughout the video where each account has its own blockchain and achieves consensus via delegated proof of stake voting we’ll also talk about that later on the video and how nodes interact on the network it offers felis instantaneous transactions as well as an unlimited as well as unlimited scalability making rate blocks ideal for peer-to-peer transactions the network requires minimal resources no high-power mining hardware and can process high transaction through point so all this sounds good and it seems obviously of course with the amount of transactions that it’s processing that it’s not using standard blockchain technology it’s something different and that’s the block lattice architecture we’re going to look at so let’s go ahead and dive into it a little bit so the block lettis infrastructure operates like blockchain but with a few key differences to start each account of rie blocks protocol has its own blockchain called an account chain okay so your transaction information is going to be stored in your account okay so you’re gonna keep track of how much Rai blocks you have whereas traditionally on blockchain technology everything is recorded on a massive public ledger and where every single fully validated node on the network usually people who are mining for Bitcoin has to keep a record up to date of every single transaction in the network you are going to keep a count of yourself on your own account chain and the network itself is we’ll take a look at later keeps record of who has how much Rai blocks they’re sorry who has who has Rai blocks and how many they have okay so it’s like a ledger of keeping balances of who has what rather than for example Bitcoin that keeps an entire history of all transactions so important to keep that in mind now the interesting thing is only account chain users can modify his or individual change so you were the only one of course who can make transactions and change that value once you have Rai blocks in your account okay so in effect this means that users can send an update blocks on their account chain without relying on the whole network so you don’t need to communicate with thousands of nodes and they don’t need to confirm your transactions and everything like that it just simply is a peer-to-peer transaction between you and one other peer okay so in order to achieve this though to do it securely any funds sent on Rai blocks block latus requires two transactions a sender transaction and a receiver transaction and that’s where this diagram comes in over here on the right hand side so we can see here for example we have three different parties we have a B and C these are people so let’s say for example I’m B right here and we have John for example who might be letter C let’s say that for example I want to send him timrai blocks okay so I want to make a transaction from him he’s a cool guy he did something nice to me and I want to send in 10 rival ox so when I send a transaction I’m actually going to create two different tree there’s actually gonna be two transactions within the commerce that we’re doing in regards to me giving int my blocks it’s going to create a send and receiving transaction so as we go over here we can read the quotation here it says after we’ve read that what needs to needs both the sender and receiver transaction to achieve it in order for a transaction to be settled the receiving party must sign a block confirming that the funds were received so in order for the sender transaction which is the second one that’s going to come afterwards we need to get be receiving transaction to sign so basically what this means is that in order to transact these funds over to this second account we need to make sure that be receiving has not only gotten the transaction over the receiving transaction and they’ve sent a signature on that transaction back to the sender where that transaction can be confirmed and go and record into the network as an official transaction now to get a little bit more technical here you might already gonna get the concept however basically each transaction on the Rye block network he is a block so for example we know for Bitcoin for example it’s one megabyte and the blocks for Bitcoin in 1 megabyte and they fit in thousands of transactions and the nodes have to keep a copy of that on the blockchain well whereas block lattice block lattice works a little bit different each transaction remember we keep a count of our transactions when we want to send a certain amount of I blocks we create two new blocks those two transactions they’re receiving and sending so over towards the receiving it’s going to update the balance of that individuals holdings through the new block and there’s also going to be a block created on our end that has the new balance as well with that transaction so it keeps record of who has what and how much okay so that’s generally how it works in stuff I’ll have some diagrams listed down below if you want to look at it to get a little bit of a better understanding visually so we understand that there’s gonna be two transactions in this if only the sending parties block assigned a transaction is pended and or and or unsettled so this means that the transaction will not go through it needs to have that signature from the receiving now keep in mind as well they don’t need to sign anything it’s not like someone saying okay ah that’s a good transaction it’s all done automatically and in fact through the use of user Datagram protocol packets or UDP packets this can all keep transactions are kept to a low cost of computing costs and a lot of that as well allows people to transfer funds when the receiver is offline so the person doesn’t have to be online signing a signature on there it can still go through so now that we got that that’s the big that’s the big mouthful of how the block lattice infrastructure works but that’s how transactions generally work so it’s actually almost purely peer-to-peer and the nodes on the network they keep if anything record on who owns one okay rather than your entire transaction history so going towards the nodes and talking about how it’s delegated proof of stake it’s important understand how things work when there’s sometimes conflicts on the network where I block keeps its network secure using a delegated proof of stake model or DPOs similar to arc if any discrepancies arise with conflicting transactions rie blocks delegate vote robots delegates vote on which transaction to verify as valid so the delegated proof stake offers a number of benefits prepare two bitcoins proof award mechanism whereas proof of work for example is dependent on people putting a lot of computing power into mining for blocks and tossing a ton of transactions into those blocks in this case what we’re doing is we’re doing delegated proof of stake so it requires a lot less computing power and in fact many times there is no need for the nodes on the network to really do anything they don’t have to go ahead and check every single transaction and the reason being is because they only have to do it when there’s a conflict on the network when there’s a conflict in transactions if there’s a double spend or if there is something that for example let’s say someone is increasing their suppose a number of Rai blocks somehow there’s a way that the delegated proof of stake is able to decide let’s say for in the case of a double spend which one is the correct spending so there will never be a double spend because it takes a look about the transactions that shouldn’t be spent it says no this one’s the real one now how do they actually keep consistency on the network and keep people from abusing this well it’s simply through holding stake in ray box so – for example in DPOs you have a right in that voting process to vote on which transaction is right in that double spend you have to have a lot of rival ock in your wallet it’s the whole part of delegated proof of stake the delegation comes from the fact that there’s a weighted vote on the users running notes and it gives them a weighted vote meaning more Authority and the voting process if they own more Rai blocks so there’s an economic and game theory based incentive to want to support the network and make proper transactions so again a lot of interesting stuff here much less energy consumption – valid transactions if needed and again they aren’t always needed in most cases transactions can go through without the authority overtaking it again it’s mostly peer-to-peer unless there’s a conflict and the nodes need to intervene so let’s talk about a few different attacks here because everyone when they hear about new technology they’re like well bitcoins been secured for nine years I want to hear about some you know plausible attacks on this cryptocurrency and how we can combat them well I didn’t grab all of them I have a link down below of different types of attacks and how ray blocks stays ahead of the game in regards to attempting to reject those attacks and a lot of it comes in this sense of game theory and making sure there’s safety model set in place so for example let’s say transaction flooding so this is something that a lot of people to argue with something that has no transaction fee if there’s no transaction fee why don’t I just spam the network with the ton of transactions that’ll show those those evil cryptocurrency do-gooders notice I’m not through Gator so do you think they’re evil but anyways in regards to transaction flooding the reason why someone wouldn’t be able to flood the network with transactions is because every time you make a transaction there is a small proof of work that goes into it so a little bit of computational power you have to put in to send that transaction though it still happens very quick and it’s not detriment of your computer your computer doesn’t flare up and your fan starts blowing like crazy and you could do this on a mobile device as well as they’re working towards making a mobile wallet however the the reason why this would keep some one way is because this little bit of proof of work for one transaction if you were to multiply it to a thousand or 10,000 takes a lot of computational power and if you want to continue to clog up the network that’s going to take a lot of cost on urine for no reason so there’s no obligation to try to flood the network and it would be quite a pain on yourself in the sense of a financial burden to try to do that so it’s not gonna happen in any real legitimate sense along with that as well some people would argue for a civil attack to change ledger entry so for example if I went out and I got an Amazon Cloud server or something like that and I downloaded 10,000 copies of the ledger or fake ledger that appears is the real one and I went over towards the network and I said ah see these 10,000 notes okay me and my my ledger and my copies of the Ledger’s say that this person’s owns this much and yada yada and we should go this way well here’s the thing a cyberattack does not work because cyberattacks would only work if there was no delegated proof mistake so it would work in this case someone could go out and just create a ton of fake notes however you have no voting say and the voting process because there’s no delegation to your notes you have no staking of Rea locks you need to have that so there is a financial incentive for those who have the Rea blocks to be honest and truthful and all those fake nodes aren’t going to do anything because they don’t have any authority they have no delegation to vote on the process of it so again really interesting stuff they’ve got systems in place to fight against these attacks and so far ray box has been doing well there hasn’t been any serious hiccups so now that we’ve talked about this guys I know many of you might be interested out there there are a few different exchanges in regards to buying ray box however it’s best to probably get your wallet set up first and whereas you can download the desktop client on the website I recommend that most start off would do web wallet it’s much faster to start receiving ready blocks and really much easier to use in general so I have a link down the description down below if you want to go open up your first wallet and down here real quick before I jump to showing you all the first transaction that I did not only sending it but also not only receiving a ray block but also sending one I want you to keep in mind when you’re going through the process on the website of creating your own wallet there’s two things that are gonna pop up after you’ve typed in an email and a password into the website first and foremost you’re gonna get an identifier and you need to keep this this is what you’re going to use to logon almost like a username into your wallet along with your password keep in mind though it’s going to be a long string attacks however you can change that in your settings to an alias as you can see right over here so you can make it something like for example data underscore dash or something like that or some kind of thing that would be easy to remember understand along with this as well you’re going to get a seed now you need to keep a copy of both your identifiers for safety reasons as well as your seed the reason being is because your seed is going to be used to access your funds if you forget your password so important to keep that so you can recover your funds just in case just like any other kind of cryptocurrency all right so now before we wrap up the video here I want to show you guys a real-time transaction to prove that this works that you don’t have to pay any fees and that itself can happen within one to two seconds on every single transaction so I’m really excited so without further ado let’s go ahead and jump to the videos okay so we’re going to go ahead and do a real quick Rae blocks transaction here so we’re on the online wallet for the Rae wallet beta and as we can see here I’ve got my address here on the right hand side for one of my accounts so I’m gonna go ahead and just go ahead and copy it and then I’m gonna go over here to discord we got divine here today who’s gonna go ahead and send me one ray block over here to my address okay I’m sending now and just within a matter of about a second and probably I’ll probably a little bit more than a second it was able to send just like that that’s ridiculous that’s awesome man so as you can see we’ve been sending it back and forth the exact same rate block and every time there’s no fees it’s just been going back and forth and back and forth and literally within practically a second we’re able to send a felis transaction between one another so I so I’m gonna go ahead here and I’m gonna send back that one xrb over towards divine I just sent over the transaction now so as many of you might have noticed I nerd it out completely after receiving and sending my first ride block and the reason I did kind of nerd out on it was because it was the first time in my life I got to experience transacting a cryptocurrency without incurring any fees and also both sending and receiving it within a matter of one to two seconds and that’s something extremely revolutionary and to know that that could be happening for thousands of people in any given moment on the network is amazing as someone who doesn’t want to get involved for crypto currencies just to make a lot of money in order invest in the next crap coin and really cares about making crypto currencies a peer-to-peer digital cash that we can use on a network and get away from centralized authority and centralized trust I’m really excited about this I believe that this is a step in the right direction and though the network type or sorry the the structure of the block lattice and everything is still relatively new I think the project started back back towards 2014 or 2015 as much as this is new and exciting and at the same time might lead to a lot of questions on security I am extremely excited to see that new systems like this that are being built can process thousands upon thousands of transactions and they still keep the decentralized aspect in Shack so I’m really excited about this guy’s and I want to say thank you all for watching very much I think it’s one of the best crypto currencies out there right now to keep an eye on whether it not whether or not it takes off in the long term the underlying technology is a step in the right direction and if you guys are feel a little bit nice during this holiday season and I know it’s a little bit after Christmas but if you all want to donate – data – down below some rye blocks you’re welcome to down below in the description I will be accepting rye bucks now I believe in it that much and I really really believe this project could take off long term so I’m excited for it I hope people continue to use it for commerce and we continue to see more innovation in this space of scalability for crypto currencies alright anyways everyone that’s it for the video thank you all so much for watching please like and subscribe and leave a comment down below what you all think about Rye blocks do you think it can last long-term and do you think the block lattice is a step in the right direction in regards to scalability anyways everyone that’s it for the video thank you all so much for watching and I’ll see you all in the next one stay tuned you

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