Matrix——More Public Benefit for Crypto Mining (Part 2)
Matrix Holds the Key
The issue of sustainable growth is the greatest hurdle to the rise of crypto and blockchain to the central stage of the financial world. To solve this problem once and for all, crypto enthusiasts and developers have experimented with countless solutions, and Matrix’s AI-empowered blockchain stands out as one of the most promising.
Matrix’s solution is twofold: 1. to build a PoW algorithm that can generate social value; 2. to design a consensus mechanism where only some of the miners do PoW mining.
PoW Algorithm That Creates Social Value
As security is one of the central benefits of PoW, we can’t do without an encryption algorithm. How do we guarantee the same level of security while making PoW mining useful to society? Matrix has the solution.
By adopting a PoW mechanism that integrates AI algorithms (image recognition) with hash algorithms, we can minimize energy waste and at the same time create social value with AI computing. This way, the value foundation of MAN is not only anchored by the value of the energy spent in mining but also the computing power used for AI computing. This socially beneficial way of mining is clearly ahead of the competition.
Picture: How Matrix AI Network Generates a Block
A Hybrid PoW Consensus Mechanism That Minimizes Computing Power Waste
Besides designing more socially beneficial mining algorithms, Matrix further reduces the energy consumption of mining by adopting a hybrid PoW consensus mechanism.
Hybrid PoW is essentially a combination of DPoS and PoW. Statistically speaking, election-based PoW has roughly the same long-term expected return as global full-time PoW, which is to say that the introduction of election-based PoW does not affect miners’ profits, the only concern being that the fairness of result may be compromised. This is the problem for most DPoS election mechanisms, while Matrix, through random clustering algorithms (RCA), is capable of truly random elections.
Picture: The Mechanism of RCA
With the help of RCA, Matrix is able to design a hybrid PoW that is truly fair and secure. Matrix doesn’t require all the miners in its network to do PoW mining in every mining cycle, and only nodes randomly chosen by RCA are involved in PoW computing. This way the energy consumption of mining is greatly reduced. Meanwhile, unelected miners can lease their idle computing power for other people and companies to use just like cloud computing platforms do.
Picture: Matrix’s Computing Power Output Workflow
Most public chains with a PoW consensus mechanism do not consider the energy waste it causes. Matrix, on the other hand, not only realizes the importance of socially beneficial mining but also has a practical way to implement it. This is especially rare.
As Matrix integrates more computing power providers including PoW-based public chains into its network, the original sins of crypto mining will become history, and by that day blockchain will truly become a powerful tool for scientific research and the development of society.