WiMi is Working on a New Mixed Byzantine Fault Tolerant (MBFT) Algorithm to Enhance Blockchain Fault Tolerance
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Insights
The announcement by WiMi Hologram Cloud Inc. regarding the development of a novel mixed byzantine fault tolerance (MBFT) consensus algorithm marks a significant step forward in blockchain technology. The scalability and fault tolerance improvements of MBFT over the traditional PBFT algorithm are likely to enhance the performance of blockchain systems, which could have substantial implications for industries reliant on this technology, such as finance, supply chain management and data security.
From a market perspective, the introduction of MBFT could position WiMi as a more competitive player in the AR technology space, potentially attracting partnerships or clients seeking advanced blockchain solutions. This technological advancement could also signal to investors a commitment to innovation and future growth, which may influence the company's stock valuation positively.
Furthermore, the potential for MBFT to reduce communication complexity and increase transaction processing speed (TPS) addresses key concerns in current blockchain applications, potentially opening up new markets and use cases. The scalability aspect, where the throughput of the blockchain becomes positively correlated with the number of nodes, is particularly noteworthy as it suggests that WiMi's blockchain can handle increased workloads without a proportional increase in latency or resource consumption.
WiMi's focus on enhancing the security and fault tolerance of blockchain through MBFT is a critical development. The introduction of a random node selection mechanism and a credit mechanism could significantly bolster the security posture of blockchain networks against various attacks and faults. These features are designed to prevent the centralization of power within the blockchain, which is a common vulnerability in decentralized systems.
The employment of zero-knowledge proofs and secure multi-party computation solutions mentioned in the future plans for MBFT also highlights a proactive approach to privacy protection. As decentralized transactions become more prevalent, the demand for robust privacy measures will likely increase. Companies that can offer enhanced privacy without compromising on speed or scalability will have a competitive edge. WiMi's initiative in this regard could be an important differentiator in the market, potentially impacting the company's reputation and value proposition in cybersecurity-sensitive sectors.
MBFT's design, which incorporates sharding and layering, represents a significant evolution in blockchain consensus mechanisms. Sharding is a process that divides the blockchain into smaller, more manageable pieces, allowing for parallel processing and increased transaction throughput. Layering, on the other hand, separates the functions of nodes, which can improve consistency efficiency and reduce the load on individual nodes.
The use of a two-stage BFT consensus in each segment, as described, is an innovative approach that could reduce the communication overhead typically associated with blockchain consensus. By doing so, MBFT can achieve low latency and high transaction per second (TPS) rates, which are critical for the adoption of blockchain in real-world applications that require fast and reliable transaction processing.
The customization potential of MBFT, allowing users to tailor consensus algorithms to their specific needs, is a forward-thinking feature that could accelerate adoption across various industries. By enabling such flexibility while maintaining fault tolerance, WiMi is addressing a common barrier to blockchain implementation, which is the one-size-fits-all nature of many existing systems.
Beijing, Jan. 16, 2024 (GLOBE NEWSWIRE) -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it is working on a novel mixed byzantine fault tolerance (MBFT).
MBFT has its origins in the PBFT algorithm, the first consensus algorithm used in the Union Blockchain, but in many ways, MBFT has improved and innovated. MBFT improves scalability while ensuring fault tolerance. It combines sharding and layering to improve the performance of the blockchain. Layering effectively separates the functions of nodes, and by assigning the entire verification function and demodulation process to different nodes, layering reduces the load on a single node and improves consistency efficiency. Sharding can assign transactions to different groups of nodes, and when the number of transactions increases significantly, the system can dynamically increase the number of nodes and shards, thus improving processing capacity and reducing latency. Through functional node division, MBFT improves the efficiency of the blockchain without sacrificing security. In addition, MBFT introduces a random node selection mechanism and a credit mechanism to further enhance its security and fault tolerance. In MBFT, we assign nodes to different consensus groups and design new transaction verification and fault tolerance algorithms for each consensus group. Each consensus group verifies only a part of the transaction. At the same time, the blockchain system can still maintain 1/3 fault tolerance. MBFT algorithm can reduce blockchain forks while ensuring high fault tolerance and speed.
MBFT's two-layer design and sharding greatly reduce the amount of communication between nodes, resulting in higher efficiency. To select consensus nodes, MBFT designs a randomized node selection algorithm based on VRF and Feldman VSS. This design allows the selection phase to overlap with the normal block-packing phase in the normal operation of the system without additional time. Meanwhile, a global reselection mechanism and a credit evaluation mechanism are designed in combination with the characteristics of controllable verification nodes in the federated blockchain.
During the operation of the system, the selection and the block packing can be carried out simultaneously without additional time. In addition, MBFT incorporates the characteristics of node controllability in the federated blockchain by designing a global reselection mechanism and a credit evaluation mechanism. These enable MBFT to use two-stage BFT consensus in each segment, thus reducing communication complexity and ensuring low latency and high TPS, while ensuring scalability of each segment.
Unlike traditional blockchains where all nodes must validate all transactions, the validation nodes in MBFT are responsible for only a certain number of transactions. This change makes the throughput of the blockchain positively correlated with the number of nodes, thus greatly enhancing the scalability of the blockchain.
In the future, WiMi plans to add more features to MBFT. The first will be the employment of zero-knowledge proofs and secure multi-party computation solutions to enhance the privacy protection of decentralized transactions. There are also plans to expand MBFT into a consensus algorithm framework that will enable users to customize the consensus algorithms used in consensus groups according to their needs while ensuring fault tolerance across the blockchain system. This extension will make MBFT a more flexible and powerful tool for future blockchain applications.
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.
Safe Harbor Statements
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Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.
Contacts
WIMI Hologram Cloud Inc.
Email: pr@wimiar.com
TEL: 010-53384913
ICR, LLC
Robin Yang
Tel: +1 (646) 975-9495
Email: wimi@icrinc.com
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