Radix Cryptocurrency-Major Competitor To IOTA
What is Radix?
Radix cryptocurrency, the IOTA killer. Radix has created a new type of consensus called tempo which is similar to a DAG but with noticeable improvements, especially the ability to timestamp. In the whitepaper it states they have created a distributed ledger that preserves the total order of events allowing for the trust-less transfer of value, timestamping, and other functionality such as smart contracts without any specialized hardware or equipment.
So tempo is the name of the ledger system used in Radix. An instance of the tempo is called a universe, and any event occurring within that universe such as a transaction is called an atom. A Universe is split into Shards, where nodes are not required to store a complete copy of the global ledger or state. However, without a suitable consensus algorithm that allows nodes to verify state changes across shards “double spending” would become a problem.
Heres the problem with DAGS, they scale in theory not in actual practice, A DAG is a horizontal architecture, but the issues is it needs a consensus algorithm that is also horizontal otherwise double spends become a problem. Currently IOTA can only guard against double spends if all nodes have all transactions.
Temporal Proofs provide a cheap, tamper resistant, solution to the double spend problem..” “Before an event can be presented to the entire network for global acceptance, an initial validation of the event is performed by a sub-set of nodes which…results in: A Temporal Proof being constructed and associated with the Atom, and a network wide broadcast of the Atom and its Temporal Proof.”
Basically, every transaction or event in the universe, is ‘stamped,’ so to speak, with a temporal proof, consisting of space-time coordinates, and signatures. This information is used to prevent double spending and settle disputes on the ledger. Part of this ‘stamp,’ is an integer value, or ‘timestamp,’ of the logical clock of every new node that encounters the atom, on its trip through different nodes and shards in the universe. The Radix shard space is key to this scalability – with 18.4 quintillion shards that can all be run concurrently, while the Tempo consensus makes sure double spends cannot occur across these shards without being detected and rejected. It’s pretty amazing tech, and would recommend if your into the tech side of crypto to definitely give the tempo consensus whitepaper a read.
Radix Cryptocurrency Scaling
Radix cryptocurrency also has some pretty big things in the works regarding the acceptance, and stability of radix tokens. Radix is going to allow for debit cards that are completely independent of payment providers such as Visa. Radix uses a standard EMV card to broadcast transactions to the Radix Public Network. The transaction is then verified and validated on the Radix network just like any transaction would happen through a normal bank. Current solutions in cryptocurrency require the merchant to adopt new hardware and confusing tech. This is one of the main things holding crypto back from mainstream adoption. Radix cryptocurrency can be enabled on standard Point of Sale solutions that are in current use! Here is a short video of an actual Radix test transaction happening through a standard point of sale machine.
Another reason mainstream adoption hasn’t happened for merchants and vendors is the extreme volatility. Radix, is going to create a relatively stable value that will give the token holder major benefits as adoption grows. The token economics will use an elastic-supply. Instead of the price fluctuating like crazy, Radix’s supply will fluctuate. When demand for Radix tokens increase, your Radix tokens won’t increase in value, but you will be supplied with more tokens. When demand decreases, Radix will decrease the overall supply of the tokens, which will most likely be done thorugh a reserve and burn. The full economics of Radix have not been released, as the economic whitepaper is supposed to release this quarter.
Radix Cryptocurrency Smart Contracts?
So who is behind Radix? Dan Hughes is the Chief Technology Officer and the brains behind the project. He has been working on the consensus and technology for Radix for 6 years. Prior to Radix, he has helped develop the software required to securely deploy NFC based payments in mobile phones.
Another interesting team member is Stephen Thorthon, their chief research scientist who is an expert in physics, cryptography, and software development. He set up the first transatlactic private encrypted internet, ported open SSL to run on mobile, and wrote the firmware for encrypted mesh routers for the Mod.
You may be asking yourself, how in the hell can I participate in this ICO…well unfortunately or fortunately, however you look at it, there will be no ICO. The public launch is planned to happen in quarter 3 of this year. During this time investors will be able to to purchase radix stable tokens from their decentralized exchange. The Radix cryptocurrency tokens will have an initial short pegged period to $1 USD. After this period the token will be allowed to float free, and the economics will bring a stable value, whatever that might be.
Now chico crypto looks for working products, and of course the radix testnet has been functioning for since April of 2017. The radix website has a live dashboard of the function statistis of the Radix network, It has transaction per second, finality time, number of nodes in the testnet, and even a live updated graph. It’s pretty slick. Now there is an argument, that none of the code is open, but even bitcoin was private at one time, with the release of developer testnets the code and github will be released prior to the mainnet launch in quarter 3.
As of writing this article, in the testnet, the Raidex cryptocurrency network has processed over a billion transactions with a transaction confirmation time of .2 seconds. Well viewers what do you think, I think I may have just stumbled on a crypto gem, and the IOTA killer. They project is aiming to bring crypto into the mainstream by solving many of the setback other cryptos face. What do you think? Comment me your thoughts, or a beer recommendation.