Computecoin’s Novel Design in Blockchain Structure
Computecoin’s Yellow Paper Breakdown Part 1/3
The initial query is, “Why?”
Why does Computecoin want to design this layer 1 blockchain solution called MCP: Metaverse Computing Protocol?
With plans to create a decentralized version of AWS that will offer a variety of web 2 services, including computing and storage, Computecoin has a very expansive vision. Along with numerous web 3 solutions, such as NFT Storage, but in a decentralized manner.
To help developers create web 3 applications with benefits like low latency, low cost, and high reliability, Computecoin is building a Web 3 version of AWS. However, to achieve that, many different ecosystem components must be involved, such as miners to contribute the machines and computing power, officers and judges for the POH: Proof of Honesty Computecoin’s novel consensus algorithm to verify the authenticity of the computing results, and so on.
EVM Compatibility & Seamless Developer Adoption
Unquestionably, it is essential to build a blockchain layer that is extremely specifically built. As opposed to Ethereum or Bitcoin, the Computecoin blockchain is used for a variety of different purposes, necessitating the inclusion of numerous extra features to meet its objectives. For instance, it must be extremely quick and have a very short confirmation time, in addition to having extremely superior performance. For the layer 1 solution to support a large number of Web 3 applications, the developer community’s learning curve must be eliminated. This will allow the developer community to create its apps more quickly after Mainnet’s debut.
This is accomplished in two ways. First off, Computecoin strives to establish a blockchain that is completely compatible with Ethereum or EVM. As a result, developers who have previously mastered programming languages like Solidity may quickly shift. Secondly, the compute and storage API that Computecoin plans to release in the future will be web 2 compatible. For instance, AWS S3 storage will be compatible with the storage interface that Computecoin is currently developing. Making it simple because all web 2 developers who use Computecoin only need to change their addresses — the address to access their blockchain network, the address to the URL, and the address to access Computecoin’s storage — developers won’t need to change anything related to their application. Clients will be able to run their applications just as well as before but at a lower hosting and storage cost thanks to these minor network changes.
POH: Proof of Honesty Consensus Algorithm
Given the sheer number of computing and storage systems connected to the Computecoin network, a mechanism to authenticate those resources and compute outputs is desperately needed. For this reason, Computecoin has implemented a POH: Proof of Honesty consensus algorithm to confirm that the network and those resources may contribute without engaging in malicious activities.
Separation of consensus layer & transaction layer
There are numerous requirements, so Computecoin has developed extremely creative blockchains to satisfy them. In addition to this new blockchain framework, Computecoin has developed a unique consensus algorithm. Accordingly, the top layer is known as a consensus layer and the bottom layer is known as a transaction layer. Nevertheless, the transaction layer and the consensus layer are separated to allow the consensus to operate independently. A DAG is used to execute the consensus layer, which should speed up the process and reduce transaction costs.
Computecoin Miners and Validators
The blockchain is entirely EVM compatible thanks to Computecoin’s design of the transaction and block structures, making it very developer friendly. The witnesses will be chosen from the Computecoin community based on their staking activity. A reward program and the selection of a witness program will also be introduced by Computecoin. Currently, Computecoin’s network contains so many miners that there are more than 200 thousand mining machines. Witnesses will be chosen from those miners based on their network contribution and quantity of staked $CCN; the more $CCN you stake, the more likely you are to be chosen.
However, the Computecoin network is still distinct from the traditional proof-of-stake networks. For instance, BSC, Avalanche Harmony, or Eth 2.0. This is due to Computecoin’s Proof of Honesty work on the mainnet, which effectively means that just because you have a lot of staking doesn’t always make you electable. Because you need to have strong, verifiable computing resources, whether they are CPU, GPU, or storage. Computecoin must confirm that the staking is reasonable. The POH algorithm verifies the resources you contribute before you can stake.
About Computecoin (CCN)
Computecoin Network (CCN) aims to build a low-cost and low-latency decentralized cloud infrastructure that powers all-purpose Web2/Web3 and metaverse applications by aggregating data centers and crypto mining machines.
What Computecoin Does ⬇️
A decentralized cloud infrastructure bridging Web2 and Web3 by escorting developers and end-users's transit seamlessly into the Web3 economy
🌟 For Developers: in-house Web2 compatible APIs and tools for easy deployment of Web3 applications on decentralized infrastructure
🌟 For Users: an Expedia-like one-stop-shop user experience with zero learning curve to transition seamlessly into Web3Related
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