The new Blockchain economy
Use an inexpensive and fast cryptocurrency wallet to store and manage digital assets such as Ethereum, Bitcoin and other cryptocurrencies.
Mining is a process in which computer processing power is used to group new data (e.g., information on a new transaction) into a block and then send it to the rest of the network for verification.
Mining is crucial for the blockchain network’s activity; thus miners earn rewards for the work done. Fincor’s mining software is a fast, simple in use and intuitive tool that allows mining even for users who do not possess specific technical skills.
A node is a computer or another device connected to other devices thus forming a blockchain network. To be more precise, nodes are software that allows users to interact with the network.
Nodes play a vital role in any blockchain because their core purpose is to confirm transactions and blocks, as well as to verify blocks thus ensuring the security and uptime of a blockchain network. In order to run a validator node on the Fincor blockchain, a user needs to run a Mac or Linux OS with at least 8 GB of RAM.
the unity of all consensuses
A major challenge in the blockchain industry is that there are multiple blockchains built on different consensus algorithms. Different systems cannot communicate and exchange data with each other (or such interaction requires extreme amounts of time and resources).
That’s why Fincor developed a new hybrid Proof-of-Unity (PoU) consensus. The PoU protocol is an AI-based Fincor consensus algorithm that allows PoW, PoS, DPoS, and pBFT-based blockchains’ compatibility with Fincor. PoU is an autonomous protocol with AI mechanisms and a multi-pooling approach that helps to reach consensus and run a secure, scalable, fully decentralized and interoperable blockchain.
Thanks to its efficient resource management and decision-making algorithm, PoU also allows any commercially available system to be utilized in order to run the blockchain.
Proof of Work (PoW)
Algorithm for protecting distributed systems from abuse (DoS attacks, spam mailings, etc.). The essence of the algorithm is:
- the need for space to perform a rather complex and lengthy task;
- the ability to quickly and easily check the result.
PoW requires a great amount of energy to solve computational solutions which are achievable in a finite time frame. It does not require any human input for computational tasks to perform fairly. However, it requires a lot of computing power. With the increase in network traffic, the computation power is also required to be increased in the Proof of Work (PoW) system which results in high electricity usage, and carbon emissions due to the usage of energy heavy consumption computation systems. Verification of the block requires a lot of resources and time.
We solved this problem by sharing the load between the pools. PoU consensus Proof of Work (PoW) consumes significantly less energy. With this purpose, we aim to save our planet by minimizing pollution – get involved and support our goal.
Proof of Stake (PoS)
The alternative to the PoW concept. A user can mine or validate block transactions according to how many coins they hold. The more coins owned by the miner, the more mining power they have.
Delegated Proof of Stake (DPoS)
Delegated Proof of Stake (DPoS) is another alternative to PoW, as well as to the PoS consensus. DPoS requires less energy consumption than PoW and is more secure against manipulations by stakeholders than it is in the PoS case. Under DPoS, the distribution of coins (and thus the distribution of influence) is more balanced which in turn ensures higher decentralization of the network.
Practical Byzantine Fault Tolerance (pBFT)
Practical Byzantine Fault Tolerance derives from a dilemma known as the Byzantine Generals Problem, where several generals have to reach a consensus on when to attack a city while having no secure means of communication between each other and also implying that some of the generals may be corrupt and unreliable. In terms of blockchain systems, pBFT is a capability of a system to keep operating even if 1/3 of nodes fail or act maliciously. In order to build a pBFT system, various consensus algorithms like PoW, PoS, and DPoS are used.