IMHO neither Bitcoin nor ETH/ETC is free from following fatal design flaws that stem from Blockchain technology itself:
- The blockchain distributed ledger pioneered by Bitcoin is effective at preventing double-spending, but inherently attracts (1) user cartels in the form of mining monopolies and (2) incompressible delays, as a result of linear verification and a winner-takes-all incentive lottery.
- We propose to forgo the “blocks” and “chain” entirely, and build a truly distributed ledger system based on a lean graph of cross-verifying transactions, which now become the main and only objects in the system.
Our new cryptocurrency codenamed “Substar” under active development will be the world’s first unchained (Blockchain-free) decentralized cryptocurrency capable of hyperfast validation (< 1sec) and built-in resistance to 51% and 33% attack vectors that plague all contemporary decentralized cryptocurrencies e.g. Bitcoin and Ethereum. Unlike Bitcoin and Ethereum, Substar will not be constrained by hardwired slow validation of transaction.