The evolution of Blockchain has opened doors for research and development in this field. Since Satoshi Nakamoto’s introduction of Bitcoin back in 2008 the world of technology changed completely. It gave the world a new advanced technology to explore. Blockchain system has evolved, from solving problems to keeping up with future development, the cycle has not ceased. The reason it has become a huge success lies in the nature of this system, where it is consensus based and works without intervention of any authority.
Libonomy is one of its kind blockchain that has achieved the goals of innovation and creativity with great success. The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness. Many only talk about a new system of blockchain but Libonomy is on its road to fulfill that ideology already. The uniqueness of any organisation becomes its trademark and the uniqueness of Libonomy is that it offers its clients to explore beyond their imagination and think out of the box. The specialty of Libonomy Blockchain is that it does not use the previous consensus algorithms that have been used for a very long time.
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 Exploit Finding pool that runs a security check-up on the nodes to look for any issues with it, like 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.
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.