Libonomy.com – A New Consensus Algorithm Blockchain

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This paper introduces the new way of solving the issues of consensus algorithms in an improved, stable, and safe way. There is a lot of research being carried on regarding Artificial Intelligence and its integration in the world. Blockchain is not to be left behind in the race. Artificial Intelligence is computer programming that knows no error. With Artificial Intelligence (AI) as the basis of the consensus algorithm, the blockchain system can be redefined.

The working of the system is not too complex, an overview of the system needs to be addressed before moving forward to the technicalities of the system. When the nodes join the Libonomy Blockchain system, the AI will run its analysis on the nodes. The analysis is carried forward on the contribution and participation of the nodes in the blockchain.

The data regarding the capability of how far the nodes are willingly taking part in the blockchain is gathered as well as the speed of the transactions and communication is gathered, all this information is combined to understand the nature of the nodes in the respective system. Once, the analysis is completed the data is transferred to the algorithm which then classifies the information depending on the nature of the nodes and assigns a pool to each one of them.

There are four different types of pools. The Power pool is the main pool where the transactions are verified and validated. There is an Exploit Finding pool that runs a security check-up on the nodes to look for any issues with it, as its contribution in the blockchain. The Maintenance pool is a pool for all the nodes that are not assigned to any other pool and are associated as a backup. The Audit pool is assigned for the application of rules and regulations. When the nodes have been put in their respective pools, digital signals are passed to create a network, meanwhile, the idle nodes are cut off.

Libonomy (blockchain part) State of the project·        

Core of the blockchain is finished· the First phase of the Testnet has been successfully launched ·        

Block Explorer website has been launched (very limited functionality in 1st phase of the testnet, more coming in 2nd phase of the testnet) ·        

AI engine will be released within the next two weeks ·        

Node wallet library released within next two weeks  https://libonomy.com/roadmap   There is no or less communication between blockchain with another blockchain. This creates hindrance in getting a connection across and expanding the horizon of the blockchain. Libonomy Blockchain has the feature of interoperability that will allow multiple blockchain systems to run under the umbrella of Libonomy blockchain.

The Libonomy Blockchain can support public blockchain and private blockchain, both. Corporations and businesses can use the blockchain in their new business projects that can take the plan a step ahead in any sector of business. Government, education, health, identity management and many other sectors can integrate the blockchain in their organisations to make it easy for them to manage work with the benefit of stability and security. 

DAPPDAPP poolSmart contractSDK
SDK
Chain cluster Private blockchain Public blockchain
Blockchain interaction channelNode poolVirtual votingPulse communication
Digital assests Inter blockchain communication state engine multi-currency wallet
AI Engine Feature Extraction Engine
APPLICATION LAYER
BLOCKCHAIN LAYER
NETWORK LAYER
CONSENUS LAYER
COMPONENT LAYER

Smart contracts are mostly implemented in blockchain to enhance the system, however, with Libonomy Blockchain the AI engine will verify and validate the smart contracts, creating them on their own keeping in the nature of nodes and the network in consideration. Libonomy blockchain provides its own blockchain SDK using which users can utilize the system in their own platform or build dApps on top of it, which are completely decentralized and cost-effective. The use-cases for Libonomy Blockchain are limitless and versatile because of the nature of the engine and the whole system bringing innovation and creativity together.

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