Will the Consensus Currency be the Next Mainstream of Blockchain?
1. Origin of Consensus
In the book A Brief History of Humanity, the origin of consensus is explained at the beginning. There are several races in ancient humans. It is like that tiger, panda or domestic cat are felidae. In fact, the modern human was only a branch of a man in ancient times, called Homo sapiens. In history, there were also Lu Dao, the erectus and the Neanderthal. They are all human beings. But in the end, through the evolution of history, only Homo sapiens have survived. That is our current human have survived, and other human beings have been eliminated.
Why did Homo sapiens survive? One of the key factors is the consensus. Because Homo sapiens can use language. The brain of Homo sapiens is the most advanced language module. This function allows humans to imagine the scene through language and finally reach a consensus.
2. Development of Consensus
What is consensus? If we understand from the literal meaning of it, it is a common understanding. We can understand consensus as our common opinions, which can be as big as a world view, a outlook on life, or a view on money. It can also be small enough to identify with a brand and the price of something. All the consensus in the world is inseparable from the background of the times. The biggest factor behind the background of the times is the advancement of technology.
We know the word consensus is con- + -sens- + -us. con- is common, -sens- is the feeling. So we can understand it as the common feeling.
How is the consensus formed? At the earliest, consensus was naturally formed. It was the demand when people had to collaborate. For example, at the earliest time, it was a form of barter. When the barter exchanges cannot obtain the balance, human discovered the beautiful scarcity of shells. At this time, the shells are infused with a consensus of values, and ancient people can exchange through shells. So the initial consensus was naturally formed because of the demand.
With the social division of labor and the progress of mankind, and after the country is established, the consensus of the countries and the consensus of the whole society are guided by the will of the state.
The consensus of the blockchain is accomplished through pre-established consensus mechanisms and some computer technology. Its consensus mechanism determines the ecology of the project and determines whether the ecology is stable and sustainable.
Why do we need consensus because humans need to collaborate. Consensus is a prerequisite for humanity to reach a collaboration. Such as a group, in this group, how to divide the work, how to distribute the results and how to reward and publish the group members. Who is responsible for leading and implementing rewards and punishments, etc. There must be a rule that all members recognize. The recognition of these rules is what we call consensus. What I said above is the origin of consensus and the development of consensus.
3. Blockchain Consensus
In the current human society, if humans suddenly disappear from the earth, what will be left on this planet? That is the house, the car, the clothes and the real thing. All the things that human beings create are left behind. But there is one thing that will disappear. When human beings disappear, they will disappear instantly. That is money! Therefore, money is a consensus, it is a common ruler that human beings found to measure the value of resources. The resources include the houses, cars, clothes, objects or services we just mentioned. So if there is no money, humans can’t make a transaction, whether it’s a legal currency or a digital currency. In fact, it is a consensus to measure the value of resources.
In fact, we know that the essence of the blockchain system is a large system in which everyone participates in common accounting and maintenance. The people are distributed around the world and how could they achieve common accounting and maintenance? This must rely on the consensus mechanism that we have just mentioned, the blockchain presupposition, to reach consensus among the people involved in the entire network. If you know the blockchain, you should know blockchain consensus mechanism that it is currently divided into POW, POS, DPOS, and so on.
At present, the consensus mechanism for Bitcoin and Bitcoin cash is POW. It is allocated according to computing power, and the mining node relies on the hash function operation to fight for the right to generate new blocks. POS is a bit like that you can earn tokens by holding the token, it is a mechanism to obtain benefit based on the user’s currency and currency holding time. EOS uses the DPOS consensus that derived from the POS mechanism.
These kinds of mechanisms have their own advantages and weaknesses. Such as PoW, if you are a currency blockchain, Bitcoin is definitely the winner on this PoW track. Because pow is completely a computing competition.
At present, there are few blockchain projects with using a single consensus mechanism. Many blockchain projects use a hybrid consensus mechanism. However, from the current market reaction, they have not met the expected requirements and effects.
The single or hybrid consensus that can be imagined by our human brain alone must not be able to adapt to various applications required for the complexities and diversity of online and offline. Therefore, we have added artificial intelligence based on the hybrid consensus. Dynamic balance is maintained by artificial intelligence, which dynamically adjusts this consensus mechanism based on users, developers, diverse applications, companies, number of people entering and the latitude.
Why do we consider that consensus currency must be the next mainstream of the blockchain. In the currency circle, we have been discussing what is mainstream currency, what is air currency, and what is value currency. Now, the currency circle is in a bear market, Ethereum has fallen below 1,000CYN, because there are too many legends about the rapid enrichment of the currency circle. At present, most of the people in the currency circle do not have an in-depth understanding of the blockchian technology in the entire blockchain. The definition of air currency and value currency is very straightforward now. If the price of the currency increase, this currency is the value currency. Otherwise, it is the air currency.
Why is this happening, because after the launch of Ethereum, it is easy for developers to develop the cryptocurreny. In the past few years, there has not been a good project in the market for the entire blockchain that everyone can recognize. The tokens issued by projects that everyone can recognize are called consensus currency.
At present, all the blockchain public chain projects are actually in the exploration stage. During the process of exploration, if users, developers, enterprises and application scenarios can form a positive driving force under the influence of the consensus mechanism, and help each other mutually, this project will eventually form the greatest consensus. The consensus of the blockchain must not be a simple consensus on the currency price, but the consensus of the entire ecology. And the rise in the price of the currency is the result of consensus.
The current currency circle is in a bear market. If you pay attention to the news, you will find that the chain circle is a bull market. Because in the last one or two months, many head exchanges have opened the fiat money recharge channel. Many cities have introduced some incentives for artificial intelligence and blockchain technology.
When the currency circle is in the bear market, I think everyone still has to be patient and learn more about the nature of the blockchain. Because the entire market of blockchains is currently non-standard and there is no regulation. Except some head medias, some technology-focused project parties and some self-healing exchanges can do things with their own beliefs and values, others cannot keep up in the bear market.
After all, people who can profit from the k-line through the message analysis in the secondary market are a minority. A project, a company, an ecology, a country, or even a universe, only a universal consensus can guarantee stable and healthy development. If you really want to get huge benefits in this great transformation of the blockchain, the only way is to learn the relevant blockchain knowledge as much as the sponge in the bear market.
4. Five Cores of Judging the Blockchain Project of Consensus Currency
How to judge a blockchain project, can it finally form a maximum consensus, and whether the token it issues is the consensus currency. Here I have several criteria for judgment. What I said is not very accurate. This is based on a preliminary theory that I have studied for such a long time in the blockchain.
Blockchain is a technology group, or we call it a technology cluster. It is to superimpose some original computer technology through some methods.
The first criterion is whether the technical team of the project will show up. If the technical team of the project does not show up, I can basically say that the project is not very reliable.
The second criterion is whether the logic and order of the entire technology development are reasonable. This is very critical, because all technology development is cyclical, iterative, and gradual. It is impossible to achieve the results we want at once, and it must be tested on a large scale in the market.
The third criterion is whether the consensus mechanism you set up can make the ecosystem (users, developers, enterprises, various applications) form a positive driving force.
In addition, it’s critical that your DAPPs or Apps have small applications that are simple and can quickly pass the trust and value. For all Internet projects or blockchain projects, it is easy to absorb traffic. But how to keep the traffic after that, this is a problem that everyone is more concerned about, and it is more difficult to do.
The last one is the planning of the entire project, which is logically universal. Because only after you have universality, your project space will be big enough.
The above is my five judgments on the core of a blockchain project that can form a consensus currency. But I am still learning and recognizing an ecology of the entire blockchain. If there is a chance later, I will share my blockchain experience with you.
5. MAI Consensus Mechanism
MAI’s consensus mechanism is called the PAI consensus mechanism. The core of the PAI consensus mechanism is AI. “P” stands for the traditional consensus mechanism of POW, POS and so on. We have added artificial intelligence to these consensus mechanisms. According to users, developers, companies that have joined MAI, and Dapps, smart contracts that are developed by developers, etc. MAI conducts a large-scale supervised learning. Finally, we will transition to unsupervised learning, making our consensus mechanism more suitable for our ecology.
6. MAI Plan
We will use some simple and convenient small applications to absorb traffic at the beginning. For example, our current 1.0 MAI Star app has a very simple action, which is to scan the barcode of the product which is around us everywhere. We want to get the most customers out of this easiest way.
In the future, our 2.0 MAI Star will have many landing applications. For example, flight delay contracts, auction projects, quiz projects and some popular mini-games. There is also a mobile phone recharge contract in the future. The purpose of these small applications is provide the first development teams we have cultivated with sufficient user base after the official launch of the MAI public chain or Founding version. The core of PAI mechanism is that it is very friendly to developers around the world. In addition to its convenience, if the developers can develop a DAPP that suits their users, the more users they have, the higher income the developers will have. If developers around the world develop high-quality DAPPs or smart contracts on the MAI public chain, then the entire MAI ecosystem will be complete. And more users will be willing to join the MAI ecosystem to use these DAPPs and smart contracts to solve their real pain points and needs online and offline. This is the core of our project.
In addition, MAI will play the original spirit of Satoshi Nakamoto, which is One CPU One Vote. We will gradually push our double-mining and dual-use PC mining machine to every family in the world. After the official version of our public chain is launched, users around the world can also download our mining software on our official website and use their own computers to participate in the construction of the MAI ecosystem and maintain the stability of the entire network.
In the end, I still want to tell you that the bear market is actually a good opportunity for us to understand this most important change and this ecology. You can search the information online or participate MAI community to know more about the Blockchain. I hope that when the bull market arrives, everyone will be able to choose the blockchain project of the consensus currency and gain a huge profit in the big change of the blockchain.
MAI Telegram (English): https://t.me/MaiEN8888
MAI Telegram (Chinese): https://t.me/MAI888888
MAI Twitter: https://twitter.com/MaiPublicChain
MAI Reddit: https://new.reddit.com/user/MAI_AI
MAI FACEBOOK: https://www.facebook.com/MaiPublicChain/
