Blockchain has been subjected to the number of issues ever since its launch, security, transaction speed, efficiency, and high-power consumption are few to name. The complex and inefficient consensus mechanism of popular blockchains like of Bitcoin and Ethereum are still lack of the necessary security, ease of smart contract deployment, greater TPS, and efficiency. Though, things are about to change now as Matrix AI has brought a unique solution to overcome the abovementioned issues. If we analyze the core structure of Bitcoin and Ethereum blockchain, the consensus mechanism of each is the real reason behind their inefficiency and security vulnerability. The consensus mechanism that Bitcoin blockchain operates in the popular Proof -of-Work or POW and Proof-of-stake or POS is the core consensus that keeps the Ethereum blockchain functioning. Let’s analyze these two mechanisms in order to know the issues associated with it.

Bitcoin’s POW

Bitcoin’s blockchain utilizes the proof of work consensus to keep the bitcoin blockchain ecosystem in sync. POW is basically the process of solving the mathematical riddles by using ample amount of computational power in order to get the transactions validated. Moreover, the mechanism also deals with how the new blocks are formed and information stored in it, and how these blocks are chained to the genesis block, to make the bitcoin’s blockchain. it essential play major role in whole Bitcoin mining process as it controls the when the new blocks formation and reward release.

But there are major drawbacks of using proof of work scheme. First is the ridiculous amount of electricity consumption and the second is the 51% attack. In following years with no more mining bounties being given, the miners will be given only the transaction fees. Since including the transaction are quite an expense for miners they will accept any fees which will gradually cause people to pay fewer fees and miners to earn less money.

51% attacks refer to an attack on a blockchain by the group of miners controlling more than 51% of network mining hash rate or the computing power. So basically, there are three things which attackers are capable of. First, the attackers can prevent new transactions from gaining confirmation. Second, they can halt payments between some or all the users. Third, they can reverse the transaction that was completed while they were in control of the network. That means they can double spend the coin.

Ethereum’s POS

Proof of stake is an alternative process of transaction verification on the blockchain. Unlike the proof of work system, in which the user validates the transaction of computational work, a proof of stake system requires the user to show ownership of the certain number of cryptocurrency units.

In POS scheme, the blocks are not meant to be mine but minted or forged as per Ethereum terminology. Users who validate transactions and create new blocks in this system are referred to as forgers in order to validate transactions and create blocks, a former must first put their won coins at ‘stake’.

With PoS the problem is, an individual who owns more cryptocurrencies or has put more money at stake are likely to receive the most rewards compared to the user with fewer coins at stake. In simple words, those who can hold the larger number of tokens for the longer period of time receive the better rewards and those who can afford only afford a smaller number of tokens may be even wasting the electricity and computational power by keeping the device on.

To overcome the issues associated with both the consensus of PoW and PoS the hybrid consensus mechanism was introduced called the hyper model. The hyper model is the combination of PoS and PoW. Though, Matrix has even revamped this hybrid model to make the mining even more efficient while keeping the blockchain more secure with the help of AI integration.

Bitcoin’s PoW & Ethereum’s PoS Vs. Matrix’s PoW+PoS+AI

In order to make the coin mining efficient and secure, the Matrix AI blockchain utilizes the power of AI with the perfect blend of PoW and PoS. The abovementioned issues of high power consumption, security, and keeping of the certain number of coins at stake can be easily overcome by combining those two consensuses. Though, Matrix AI scientist has thought a step above and decided to deploy the AI to track the transaction, block formation and how they chained together to form the blockchain. That, as a result, makes the mining even more efficient.

Unlike Bitcoin and Ethereum blockchain that requires special hardware and costly maintenance, the matrix mining hardware are way more efficient, lighting fast and pocket-friendly. Along with adopting the PoW+PoW, Matrix has also replaced the old-fashioned Hash computations with value-adding computation called Markov Chain Monte Carlo (MCMC) computation. According to Matrix, MCMC based mining provides a stronger bridge between the assets in virtual and physical worlds. The MCMC utilizes the Metropolis-Hastings (MH) algorithm to make the mining convenient and least expensive. On the explanation of this algorithms can create a book but we will just introduce it here and rest you can read on Matrix white paper.

Like of Ethereum’s EVM, the Matrix AI has developed their own Matrix’s specific or dedicated hardware, a first-generation mining machine, which way more advanced and faster than most of the existing mining machines.

These mining machines utilize the Field-Programmable Gate Arrays or simply FPGAs that stores the logic directly in mining hardware. Field-Programmable Gate Arrays and advanced computation meet the four basic requirements that made the mining easy namely; low energy consumption, greater computation power, convenient mining, and superior heat dissipation. Moreover, the Matrix mining Machines will be available to the public for dedicated mining and the details regarding the purchase of these machines will be released later.