RAIBLOCKS

Scalable, instant, and feeless.

RAIBLOCKS

WHAT IS IT?

Written by: Levi Szallasi Website: www.raiblocks.net

In today’s crypto-industry, even with its technological leaps and bounds forward, there are several underlying problems. Cryptocurrency mining has received a bad reputation, with calculations revealing projections of its substantial contribution to energy consumption, and in turn, climate change. With an incentive to use incredible amounts of energy to send transactions, results an inefficient, unsustainable system that is difficult to fix.

Transaction fees and delayed transaction times, thanks to common methods of mining, are almost universal, often exceeding the transaction times and fees charged by banks – the very institutions which prompted the creation of the first cryptocurrency.

These are significant problems, with more issues such as scalability either already existent, or on the horizon. Scalability refers to the ability for a Blockchain to cope with an increasing number of users, and therefore an increased number of transactions to confirm. With less than 0.05% (using optimistic estimations) of the world’s population as users of the largest cryptocurrency, Bitcoin, there is a huge amount of room to grow. With the number of users

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and therefore transactions growing sharply, the ability for cryptocurrencies to be able to scale is a priority.

RaiBlocks (XRB) offers a solution to these issues, aiming to be a digital currency which offers a low latency, high throughput medium of exchange, with no fees. Also differing from other cryptocurrencies, XRB doesn’t require any high-end performance equipment to reach consensus. Rather, every transaction creates its own block, and each block is stored in its respective generator’s own Blockchain, which only they can modify. These individual Blockchains collectively form a data structure called a “block lattice”.

Contrary to a conventional Blockchain, where a transaction only need to be sent, and is then passively received after a miner has confirmed it, RaiBlocks uses a 2-step system to transfer funds. A sender creates a “send” transaction, and the receiver must also create a “receive” transaction. With individual Blockchains running independently of each other, and due to possible differences in time between a “send”, and a “receive” transaction being initiated, the structure of the Blockchain is asynchronous, allowing RaiBlocks to have instant transactions.

Security from attacks on the system by spamming transactions is handled by a Proof of Work security mechanism, not to be likened to the consensus mechanism. This works by forcing each client to solve a simple, low-demand cryptographic function for each transaction sent, making it economically unfeasible for attackers to spam the network.

RaiBlocks is scalable, instant, and feeless by design – it’s designed to do one thing, and do it well.

Currently, RaiBlocks is listed on seven exchanges, with most of the volume being traded on KuCoin, and dedicated RaiBlocks exchange, BitGrail. The vast majority of XRB is being exchanged for Bitcoin (BTC), but on BitGrail it can be exchanged for other major cryptocurrencies, such as Ethereum (ETH), Bitcoin Cash (BCC), and Litecoin (LTC). RaiBlocks has also expressed interest in listing on 2 major exchanges, Bittrex and Poloinex, with over USD$1 billion in volume being traded on the two combined. Being such a unique cryptocurrency, as of January 2018, it is the 21st largest cryptocurrency on the world’s leading price tracking website, coinmarketcap.com, as indicated by market capitalisation. Both its value and market capitalisation have a firm hold in the market, helping RailBlocks to enhance its positioning among different digital currencies.