[POPstory14] Updates on the POPCHAIN’s New Technologies
“Mining should not be hierarchical.”
Decentralization, Equality, and Individuality are the ones that are highly valued by the ideology of the blockchain. However, it is questionable that these values are secured in the current crypto-mining system, the heart of the blockchain. Most of the main cryptocurrencies depend on the mass-mining mechanism done by professional mining rigs. These professional mining rigs, which cost tens of thousands of dollars, are not easily accessible to ordinary participants. Such little opportunities for the most people in the mining market results in the enlarged gap in between the rich and the poor.
To revolutionize the content blockchain market, the POPCHAIN Foundation will change this unfair mining structure to conform to the values of the blockchain technology. The technologies are already developed to make them happen, and are at the stage of verification process. In this article, we will explain the features and future of the new blockchain technologies that will be applied to POPCHAIN. This article on the latest blockchain technologies may be a bit complicated. (You can skip the hard part.) We will try to make it easy to understand as much as possible.
CryptoPop, POPCHAIN’s mining algorithm
POPCHAIN has implemented the CryptoPop algorithm. Of course, existing miners may not be glad to hear about the advent of CryptoPop, since CryptoPop — PoW (Proof of Work) mechanism is well suited for CPU, and does not comply to the existing professional mining rigs. Even with the existing mining system that is already popular, POPCHAIN shifts the mining algorithm to ‘CryptoPop’ with the CPU compatibility, in order to achieve both the content and the format of our mission statement.
POPCHAIN aims to be the new alternative for the existing content distribution system. By using the blockchain technology, we try to solve the problems of the distribution market, including monopolies. The Content Cultural Revolution will allow all creators, consumers, and POPBOX operators to be compensated while enjoying various contents. In order to achieve this, there should not be any barriers to the POPCHAIN CASH (PCH) mining that will serve as a vanguard of content circulation to allow more participants enter the POPCHAIN platform.
The SHA256 used by Bitcoin, X11 used by Dash, and Scrypt algorithm used by Litecoin already have corresponding ASIC mining rigs. For those of you who are reading this article and are willing to try start mining, you will have to consider the competition with others who own multiple ASIC mining rigs. This is not an easy task.
We thought that this does not comply well with our mission statement as well as the idea of the blockchain. The CryptoPop technology was then verified and updated on April 28, 2018. Even without professional mining rigs, PCH mining became available for everyone. Anyone can enter the POPCHAIN ecosystem, no matter when and where.
Popnode, a network of your own
So what comes after entering POPCHAIN? As some of you may have noticed, every node is provided with an equal level of authority. POPCHAIN has built a special network called Popnode, a masternode network built on top of user’s network. Popnode will provide a stable PoSe (Proof of Service), including technologies, such as block information verification, high frequency transfer, and network stability improvement.
It may sound a bit complicated. Let’s look at an example of Maternode, used by Dash. It uses a dividend mechanism. If you do not have 1000 Dash as a pledge, you will not get an access to the authority to become a Masternode.
Participants who do not have the budget then will not be able to contribute on any type of decision making. What do you guess will happen next? You are correct. The rich get richer and the poor get poorer. In fact, most of the Masternodes are owned by the development team or big investors. This indicates the possibilities for the platform to be manipulated by the small number of participants for their own benefit. The blockchain ideology does not support such.
POPCHAIN, therefore, has removed the privileges of the Masternode. Popnode now provides idle network and content storage services without limitations on time, space, assets, and any kind. The Popnodes will be provided by the POPCHAIN Foundation in the early stage and by the operation teams of DApps afterwards. The operators of the Popnode will be compensated according to their contributions. This structure meets the spirit of the blockchain. Code development for Popnodes has been completed in June 2018.
GHOST, implemented in POPCHAIN for the first time
UTXO(Unspent Transaction Output) is another concept that may sound esoteric. UTXO, in short, can be said tangle coins or bills of fiat currencies, but in Bitcoin. UTXO is the basic component in Bitcoin of all transactions including transferring money. Transaction verification is also done in units of UTXO.
POPCHAIN’s GHOST(Greedy Heaviest Observed Subtree) will be the first to be introduced to the UTXO type blockchain. The blockchain has always had a contradiction between block generation speed and the stability. However, POPCHAIN will be able to achieve both the high speed and the stability through the GHOST protocol. We have started the development in June 2018, and is 95% complete.
At this point, you might wonder, “What is so good about GHOST?” Simply said, it is a mainchain selection protocol that provides an effective means to shorten the block generation time. The technology is already verified and was implemented in the Ethereum blockchain to solve the problem of increased block rate and centralization. The implementation was successful and it decreased the block generation time into 14s. Bitcoin has also greatly decreased the number of transaction failures.
Cross-chain, Blockchain for All
Each blockchain project is an independent value network with a good intention to change the world. While connecting each of the projects has been a long problem for blockchain developers, the clue to interoperability has been brought up very recently: Cross-chain. POPCHAIN will implement this solution for the very first time in Korea, while it finished the Cross-chain development in July, 2018.
Cross-chain stands as the core technology, realizing the infinite value the blockchain could provide and also being responsible for the research development. The Hash-Locking technology of Cross-chain greatly improves the transaction function of the blockchain. Cross-chain atomic swap protocol will be implemented through the Hash-Locking technology and effectively process the exchange between PCH and other digital currencies.
In other words, Cross-chain atomic swap protocol is an interdependent technology that includes every party in the transaction process. Therefore, users can have their assets and also make transactions with other currencies (BTC, LTC, etc.). There is no need to deposit coins in a cryptocurrency exchange. The entire transaction process will be recorded in the blockchain and resolve the security and digital asset retention problems.
Unfamiliar, but Revolutionary
Here, we have explained POPCHAIN’s four new technologies: CryptoPop that conveys the ideology of the blockchain to mining, Popnode that grants an authority of one’s own on the POPCHAIN network, GHOST that increases the stability and transaction speed of the POPCHAIN ecosystem, and Cross-chain that greatly improves the interoperability of the blockchain.
These are unfamiliar, but definitely revolutionary. It is not only a ‘good skill’ that only serves the blockchain spirit. Having everyone to easily participate and enjoy sharing content on a fast and stable blockchain ecosystem is an essential part of enhancing the quality of the service itself. The new technology of the POPCHAIN will help to redistribute the existing fees of distribution platforms to you and the participants.
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