THEKEY at blockchain connect

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China and the United States are the world leaders of blockchain technology. The Blockchain Connect global summit held in San Francisco on 26 Jan 2018 is the first high-level conversation between China and US in the space of blockchain and it undoubtedly set the tone for the future of blockchain.

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The summit attracted more than 1,500 blockchain practitioners worldwide. Speakers included leading blockchain scientists, entrepreneurs, investors and developers from China and the United States. Ken Huang, a blockchain expert and advisor of THEKEY, was invited by the conference organizer as a VIP panelist to talk about consensus algorithm of blockchain technology. Ken pointed out that the fundamental problem of the blockchain consensus algorithm is how to achieve a common agreement of transactions under distributed and decentralized computing environment and keep the balance between liveness and safety. In the field of distributed systems, there is a famous FLP impossibility theorem. The paper that proposed this theorem was authored by Fischer, Lynch and Patterson in 1985. It later received the Dijkstra award. The FLP theorem states that in an asynchronous model system, if there is at least one faulty node, no deterministic algorithm can solve the consensus problem. Therefore, most of the consensus algorithms are trying to circumvent the impossibility theorem of FLP by making some assumptions. For example, Proof of Work(POW) and many types of Proof of Stake (POS) algorithms assume majority of nodes are trustworthy and the network is either synchronized or partially synchronized.

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The use of identity verification technology to increase the credibility of the node can be an innovative consensus algorithm for some consortium chain use cases. THEKEY is working with world class universities both in China and internationally to study how to conduct multi-dimensional, real-time and dynamic verification of identity. The team has already achieved excellent results and obtained a number of patents on identity verification technology. The first generation products are broadly used in China. The second generation products have incorporated the blockchain technology. Although this technology is mainly used for personal identity verification, the same technology could also be modified and potentially applied to server nodes validation or IOT device validation.


    Adapted from: CoinTime Author: cointime Executive editor: jessie
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