Matrix AI Network based in Hong Kong is developing a prototype of a new hybrid PoS / PoW consensus algorithm. This update was shared with Cointelegraph by Owen Tao, CEO of the company.

Tao describes Matrix at Cointelegraph as:

"Designed as the next-generation chain, MATRIX exploits the latest AI techniques to revolutionize the cryptocurrency landscape." MATRIX stands out previous blockchains by offering breakthrough technologies in the construction of AI-enabled, self-optimizing self-optimizing blockchain networks that enable multi-stripe collaboration and decoupling of data and control blocks. "

According to Owen Tao, it is a unique, unique development that will soon be patented by Matrix. The company's approach in implementing its innovative idea is based on a random clustering algorithm, which is executed in a distributed manner. Owen Tao states that the algorithm ensures fairness in that the probability of being selected as a delegate is proportional to its PDS (and other factors). In addition, the selected node further affects its work schedule to its constituents. "Our design combines both PoS and PoW for efficiency and equity" – Tao concludes

The hybrid algorithm, according to Owen Tao, is designed to speed up transaction confirmation latency. Tao further explains the essence of the function of the algorithm:

"With clustering based on PoS, a small number of nodes will be chosen as delegates. only in the previous blockchains, transactions must be transferred to each node in a P2P network, and latency increases as the number of nodes increases.With our algorithm, the small number of nodes allows significantly more latency. low due to reduced overhead of the broadcast transaction. "

Back to BlockShow

to the public was during the BlockShow Asia 2017 (hosted in Singapore in November 2017) , where Steven Deng, chief scientist of the company's AI, played as a speaker. At the time, the PoW / PoS consensus was highlighted as an important part of the company's development plan for 2018 – specifically, the so-called "Age of Speed", scheduled for mid-2018. Keeping in mind the fact that Matrix is ​​currently working on the prototype hybrid development of the company, it can be argued that the first full version of the algorithm will be launched this summer – probably in June.

Big Plans for 2018

After BlockShow Asia, Owen Tao shared more details on the company's upcoming projects and called 2018 "a great year for Matrix". The company's annual plan is divided into 4 "ages" which, according to Tao, correspond to important phases of Matrix's development.

The first phase, called "Age of Genesis", will include the construction and release of infrastructure. Blockchain Matrix. The second, entitled "Age of Speed", will be dedicated to the development and publication of a PoS / PoW consensus algorithm for a target transaction rate of 500,000 transactions per second. The third phase, "The era of civilization," will include the construction of code generation frameworks and security verification based on artificial intelligence. According to Owen Tao, the main goal of this step is to integrate AI techniques to the Matrix blockchain so that orders emerge autonomously. The fourth and final stage, "Age of Wonder", will mark the development of the prototype mining equipment as well as AI-based extraction mechanisms.