WiMi is Working on the Blockchain Collaborative Hybrid Consensus Algorithm to Optimize Blockchain Performance and Security

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May 02, 2024, 11:40 ET

BEIJING, May 2, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it is researching Blockchain collaborative hybrid consensus, which is an approach to optimize the performance and functionality of blockchain systems by combining multiple consensus algorithms and mechanisms. Traditional blockchain systems typically use a single consensus algorithm, such as PoW (Proof of Work), PoS (Proof of Stake), or DPoS (Delegated Proof of Stake), to ensure the security and consistency of the network. However, these single consensus algorithms have some limitations in terms of performance and functionality.

The collaborative hybrid consensus can improve the performance of the blockchain system by combining multiple consensus algorithms and mechanisms to take advantage of the strengths of different consensus mechanisms, while maintaining the security and decentralization of the blockchain. The collaborative hybrid consensus can be divided into two layers: the base consensus layer and the collaborative layer. The consensus layer refers to the underlying consensus algorithms, such as PoW, and PoS. the collaborative layer refers to a more advanced consensus mechanism by collaborating different consensus algorithms on top of the consensus layer. For example, PoW and PoS can be combined to simultaneously balance security and efficiency. In addition, other consensus algorithms, such as Authoritative Consensus or Byzantine Fault Tolerance, can be introduced to enhance the fault tolerance and attack resistance of the system.

By the collaborative hybrid consensus, a blockchain system can be better adapted to different application scenarios and needs. For example, when requiring high throughput, a combination of PoS and Byzantine Fault Tolerance can be used. In scenarios that require high security and attack resistance, the combination of PoW and Authoritative Consensus can be used to enhance the security of the system.

The advantage of the collaborative hybrid consensus studied by WiMi is that it can fully utilize the advantages of different consensus algorithms and make up for the shortcomings of each consensus algorithm. By working together, it can improve the performance, and security of the blockchain system and provide users with better experience and services. By combining multiple consensus algorithms, the risk of a single consensus algorithm being attacked can be reduced and the security of the system can be enhanced. Even if a consensus algorithm is attacked, other consensus algorithms can still maintain the operation of the system. In addition, the collaborative hybrid consensus also supports diversified application requirements by choosing appropriate consensus algorithms according to different application scenarios.

In practice, WiMi first integrated different consensus mechanisms into a framework. This framework is able to dynamically select the appropriate consensus mechanism based on network conditions and requirements. For example, in scenarios requiring a high degree of security and decentralization, the framework may choose to use PoW, while requiring high performance and low energy consumption, PoS or DPoS may be selected. The core of the collaborative hybrid consensus is a dynamic switching mechanism that allows the blockchain system to seamlessly switch between different consensus mechanisms. This switching can be automatically adjusted based on factors such as network load, transaction volume, and number of nodes. The dynamic switching mechanism ensures that the blockchain system always operates in the optimal consensus mode, thereby improving overall performance. The collaborative hybrid consensus will also likely introduce multi-signature and sharding techniques to enhance security. Multi-signature requires multiple nodes to jointly participate in transaction verification to ensure that transactions are secure and valid. Sharding technology, on the other hand, decentralizes the storage of blockchain data on different nodes, which improves the fault tolerance and attack resistance of the system. The collaborative hybrid consensus also promotes collaborative governance and decision-making mechanisms between different blockchains. Through cross-chain technology and decentralized mechanisms, the collaborative hybrid consensus enables multiple blockchains to jointly participate in the decision-making process.

The collaborative hybrid consensus can also be applied to cross-chain interactions. When cross-chain interactions are performed between multiple blockchains, the collaborative hybrid consensus can ensure transaction verification and security between different blockchains. By introducing multi-signature and sharding technology, the consensus can improve the efficiency and security of cross-chain transactions. In addition, the collaborative hybrid consensus is also suitable for blockchain systems that require high performance. By dynamically switching between different consensus mechanisms, it ensures that the system is always running in an optimal state to meet the demands of high concurrency and low latency.

The Blockchain collaborative hybrid consensus applies to various complex and changing application scenarios, and is one of the important directions to promote the development of blockchain technology. It is of great significance to study and optimize the collaborative hybrid consensus of blockchain. In the future, WiMi will further promote the optimization of blockchain and the application of collaborative hybrid consensus, and will continue to optimize the cross-chain interoperability, privacy protection, sustainability, energy efficiency, and smart contracts, etc., so as to promote further development and application of blockchain technology.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

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SOURCE WiMi Hologram Cloud Inc.