So this is basically a technology breakthrough? Kind of like a new invention?
Congratulations @maidsafe!!! You’ve cracked a nut that no one else has cracked and have been trying to for a long time. PARSEC (great name) is unprecedented and in typical Maidsafe fashion, doesn’t compromise on security. I hope you publish this everywhere with your name plastered all over it. IOTA and the others will definitely benefit so let’s hope they give Maidsafe the recognition they deserve, that’s why I believe this news should be highly publicized! That upcoming explainer video will be a welcome addition to our arsenal and YouTube, so let’s spread that like wild fire! Again, plastered with “Maidsafe”!
Great work to you all! This is a game changing milestone!
Wow really amazing Maidsafe devs,
I can’t pretend to understand all of the tech, but it looks like a big piece of the puzzle is solved with this algo, congrats. Super happy for you super ants that you only still have to basically add features.
Way to go
Congratulations team. You guys are true pioneers.
Ye are going to change the world. Wow.
What should I say Maidsafe team, one of the best! Thanks it’s a pleasure
First, congratulations to the entire team. I look forward to reading the associated materials and watching the video when it’s released.
Should that read “to agree on state”? I’m having trouble groking the sentence.
I’m going to read the whitepaper now, hopefully I can wrap my head around it. This sounds so good I can hardly believe it!
This IMHO is an example of principled engineering in action.
It is Lisa, and there is much more to come.
Massive congratulations to all! Such a well-deserved and unbelievable accomplishment!
Awesome update! Great job and congratulations for all you hard working folks.
Really great achievement this. Heads up to all at @MaidSafe and especially the designers of this PARSEC.
I’ve read the paper and I have no idea how you do it yet . But this is how I see it in the most simple way…
- A group of nodes connect to each other
- They can all make statements like: User ABC has 2.5 Safecoin
- If 67.1% of them agree that it is true it is true
- Each node can verify that new state by looking at a local (very small) database to confirm the state is correct
- By using disjoint sections (each group of nodes looks at its own little part of the network) the system can be asynchronous and is there for sharded to the level (maybe 15 or 20 nodes) needed. Which is like the most sharded thing out there I guess.
- This removes the need for miners, blockchains and centralized entities that “confirm” the system because all the nodes confirm the parts of the network of which they are part of.
This is like incredibly amazing @maidsafe.
nice! Thats really great!
Yes, it should say “to agree on a state” I just updated that part. Thanks for letting us know.
Yes, big time. There are no known permissionless cryptocurrency networks right now which have achieved byzantine agreement in an asynchronous setting where the consensus is leaderless. If you look at the other papers on this topic in the space right now, they either lack permissionless or use complex mechanisms to get to the same result (Hybrid Consensus) involving other blockchains which can elect the voting committee. This is not just ‘a new invention’, it is the most important invention in the space right now for permissionless imo.
Well done @maidsafe! This sounds very promising!
From quickly skimming through the resources provided I understand, that PARSEC is the result of a combination of multiple existing BFT solutions. From my current understanding the major innovation (maybe not the only one) introduced by PARSEC is, that it’s not only fast & reliable, but also works in a (very) asynchronous setup. Is that correct?
I’ve only recently discovered this nice article which compares multiple consensus algorithms in quite non-technical words.
Marketing could contact the authors to write an update in the near future. Until then, can you maybe explain on a high level what the pros & cons of PARSEC are in comparison to existing BFT algorithms and how the asynchronous problem is solved?
Well there you have it, you have proven me to be a genius for believing in you.
Bigger than Alpha 3? Bigger than Blockchain!!!