What is RaiBlocks and is it replacing Bitcoin? Programmer explains.

what is going on guys welcome back to my channel and today we’re going to talk about rate blocks which is the scripted currency that has gotten a lot of attention recently it offers instant felis transactions it has no minors it uses a block lattice instead of a block chain and this is exactly what we’re going to discuss today if you haven’t check out Academy that I want to take that’s call and sign up for my online course that will launch in February and it will guide you through this field of cryptocurrencies it will give you the fundamental knowledge you need in order to understand cryptocurrencies and blockchain you will learn about cryptography you’ll learn about how Bitcoin works under the hood how theorem works under the hood how they use blockchain differently you learn about mining consensus algorithms and so on and so forth so if you buy it on presale before February 1st you get more than 50% off and I would love to see you in the course Academy that Ivan attack.com and that being said let’s get into it and take a look at rate blocks in order to really understand why rate blocks is able to offer felis and instant transactions we have to compare it to other cryptocurrencies that can not offer such features for example Bitcoin so what is the technical difference between Bitcoin and rate box well in Bitcoin will have a blockchain and this block chain contains everybody’s transactions so if you send something on the Bitcoin network it will be put in the men pull your transaction will be put in the mantle and then this transaction will wait for a minor to pick it up put it in a block and then this block will be appended to the blockchain so this is how Bitcoin works and as you can see it is it can be some delay before you put your transaction in the man pool before it is accepted into the next block and then put into the blockchain and it is not instant of course however Rev locks has a totally different structure and a totally different mindset in rate box each account has its own blockchain and together when all of the different accounts have their own blockchain this data structure altogether that is what we call block Latsis and so you might be wondering Ivan what is inside these blockchains each account has its own blockchain what is inside those boxes and the truth is that whenever you make a transaction on the rate blocks network your transaction will be its own block in your blockchain and so if we’re looking at an account and we see the blockchain for that account the contents will be all of the transactions that that account has made on the network and something very interesting about rate blocks is the way you send the funds so for example let’s say that I want to send some money to you I would create a send transaction in my blockchain but in order to receive funds you will have to create a receive transaction in your blockchain so as you can see we have a 2-step process here so for me to transfer funds to you I have to create an transaction that is a send transaction in my box chain and you have to create a receive transaction in your blockchain once you see that I have created my send transaction to really understand and see how it works I think we have to look at the white paper so here you can see an illustration from the white paper where they show how this works and as you can see we have different accounts and they have their own block chains and some accounts have sent the transactions so those circles with an S those are the send transactions and you see that they are connected to receive transactions in other accounts and as you remember in order to transfer funds I have to create a send transaction when you see that I have my send transaction created you can create your receive transaction and only then the funds will be yours and this send and receive transactions can differ in time so you don’t have to immediately create a receive transaction if for example your node is not online or you may be in some location with bad internet connection the these transactions can different time and as you can see they do different time in the illustration as well because some sometimes the s transaction is here and the our transaction is somewhere else above the astra transaction so they are in different times but they are still connected and it still works and so this block lattice structure gives ray blocks a very interesting property namely the transactions are handled asynchronously this is in contrast to Bitcoin for example where transactions are handled synchronously so what does it mean sure explanation is that when I send a transaction to you on rate blocks this transaction that we have going on between each other it doesn’t have to cooperate with other transactions it is handled on its own while in Bitcoin this is not the case at all when I send a transaction to you on the Bitcoin network it first gets into the man pool together with many other transactions then it waits to be picked up by a miner and so the miner picks up my transaction and also a bunch of other transactions and so all of them together are then put into a block and then all of them together are then put into a blockchain into the blockchain and that is when they become valid and as you can see all of these transactions need to wait together to get into a block and this is in contrast to ray blocks where I send a transaction and it is handled on its own meaning that we can have instant transactions because there’s no coordination there is no waiting there is no mining and so this is a very important property of ray blocks that makes it different from other cryptocurrencies such as Bitcoin a natural follow-up question to that is of course what about spam prevention because if we have Phyllis instant transactions and someone comes along creates several accounts and starts sending many many spam transactions between these accounts what happens then will the network become unusable will the network become clogged how do we solve this and in fact rate blocks has a spam prevention mechanism and they use proof-of-work in order to secure the network against such spam attacks and when you here proof of work you often think about Bitcoin mining or aetherium that you use proof of work as a consensus algorithm however this shouldn’t be confused with proof of work used in Rea blocks so proof of work used and rate blocks is way simpler your client needs to solve a simple cryptographic puzzle in order to send a transaction and so this is how we make sure that a spammer cannot just spam many many transactions it will be just economically unviable to do and this also means that technically technically the transactions are not instant so technically the transactions are not instant because your client has to calculate this proof of work and it might take a couple of seconds however the transactions look indeed instant they always feel instant why is it so how can we make it work and create the illusion of instant transactions well because this proof of word puzzle can be pre calculated so as you remember we have blockchain in each account so each account they have their own blockchain and in order to solve the cryptographic puzzle you need the last block so as soon as you have the last block you can solve the cryptographic puzzle for the next block so what the clients do is that they pre calculate this cryptographic puzzle and if you just wait a couple of seconds between transactions the transactions will seem instant because this cryptographic puzzle is pre calculated by your client so is this a smart trick to make transactions feel instant while in reality your client has to solve a cryptographic puzzle in order to be able to send transactions another interesting question is of course what if we have a conflict and we have two different versions of the truth this can happen for example if I’m a malicious player and I create two different transactions from my last block so I have a block it was the last transaction and then I create two blocks that reference this last block this should never happen if everything is done correctly but what if I try to double spend then I can try something like this and how will this be resolved well rave locks uses delegated proof of stake it means that you and I if we have some rate blocks you have if you have some funds in the network we can give our voting power to so-called representatives and so these representatives will then vote on which block they want to include in the network and which block they want to discard and so as you can see it is similar to how the voting works in euros for example where we as stakeholders elect witnesses and so in rate blocks we as stakeholders we can give our voting power to a so-called representative and they will vote and something very special with rate blocks compared to other cryptocurrencies is that these representatives will only be involved if there is a conflict if there are no conflicts no competing versions of the truth these representatives will not have to build a consensus they will not be active and now to the question that is on everybody’s mind will rate blocks replace Bitcoin as number one country currency isn’t the future and something we have to keep in mind is that it might very well be the case that Rea blocks has way way way superior technology and many other cryptocurrencies do in fact have more superior technology compared to Bitcoin however no cryptocurrencies has been tested at the scale of Bitcoin yet and so this is something we have to see will block lattice will this system with representatives really work when we discover new attack surfaces when we grow the network and when the price increases even more you will see more and more attacks you will see more and more people trying to hack the network in different ways trying to hack the technology this the software side of things trying to hack the consensus part of things so rave locks really really has to be tested by the community by the world by the grow in popularity and I’m sure it will be tested in the next few months maybe half a year or a year so that is number one number two is another thing we have to keep in mind is is it always the best technology that wins is it always the best technology that is the most popular and I think it is an interesting question that you can think about yourself my view is that historically it hasn’t always been the case I mean is my windows really the best operating system of all time because it is the most popular so technology is extremely important but there are just so many other things and the best technology doesn’t always win something else to keep in mind guys what do you think about three blocks leave your comments in the comment section below the technology is indeed interesting exciting I myself will follow rate blocks I would love to hear your opinions smash the bell button smash the like button and if you are a new viewer you should definitely subscribe to this channel because you will find this channel interesting I myself am a software developer and I’ll see you guys next time

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