For more than a year, we are trying to get accurate and flawless transactions data at the moment of transaction occurrence in decentralized networks. Since, in this case, there is no need to produce multiple alternatives for a block at first and then the miners, by spending and massive power consumption and using of a variety of proof mechanisms, be able to choose to the valid and correct block.
Ten years ago, Bitcoin’s proof-of-work mechanism was a great idea for a pilot project and the launch of the first decentralized network as well. But this approach for long-term must be corrected, and for years, the amount of power consumed ( more than 50TWh per year ) by a country with ten million populations, cannot be dedicated for bitcoin transactions only. It’s extreme selfishness and not fair.
The research published in Nature Climate Change (October 2018) even suggested that Bitcoin mining alone could push global warming “above 2 °C within less than three decades“. The electricity consumption of the proof-of-work mechanism used in the bitcoin network is huge. Meanwhile, a major share of mining operations is done with electricity from coal-fired power plants in China, cause increasing Bitcoin’s environmental problems and blockchain technology.
Fortunately, we have achieved good results from our efforts: the most tangible and easiest way is to use the concept of smart contract to produce blocks. Maybe that’s why the “Smart Blockchain” is appropriate for new blockchains.
Smart Blockchain is the new generation of Blockchain networks that will allow one or more smart contracts to collect…
In “Smart Blockchain”, one or more block producers smart contract (BPSC) is present in the network, and no successful transaction is performed without BPSC involvement. For a successful transaction in the network, first, the sender must send the cryptocurrency to the wallet of BPSC and then BPSC sends cryptocurrency automatically to the receiver. This simple action has led the BPSC to have all network transactions’ data accurately and flawlessly and then as an accurate and trust financial institution, record transactions’ data into a new block and add this new block to the end of the blockchain so there would be no task for miners in Smart Blockchain.
Certainly, in this case, there is no difference between the power consumption of “Smart Blockchain” transactions and the power consumption of regular VISA card transactions. Now, cryptocurrencies’ huge power consumption is only due to the use of the proof-of-work mechanism or the proof-of-stake mechanism, or ….. which does not require any of them in “Smart Blockchain” at all. The data stored by the BPSC is flawless because it is registered at the moment of the transaction occurrence and without human interference. “Smart Blockchain” simply can end the nightmare of spending extra 50TWh electricity and rising 2°C global temperature.
Also, there would be no concern about the fee of miners and block producers. BPSCs will automatically and completely free accomplish all the tasks of the miners and it just needs to focus on the security and traffic of the BPSCs and the network. “Smart Blockchain” scalability is not comparable to available blockchains and can even compete with the speed of VISA card transactions.