I don’t have much technical knowledge about consensus mechanism used in blockchain. So please excuse me as I might sound stupid.
I am trying to understand how maidsafe is different than other projects. So from my limited understanding this is what I got out of my reading- most of the blockchains aren’t scalable or fast enough because every node needs to update it’s ledger entry for every transaction on blockchain. It also means that every transaction needs to be validated by all nodes in the chain. However in safenet, the transactions can be validated by a group of nodes (e.g. 32 nodes ?) and the groups will somehow interact with each other and keep the network always in sync.
Did I get it right? I am just trying to understand this on a high level.
When you want to move this coin to another person here’s what will happen:
You tell your close group:
I’m the owner of 1 Safecoin at this address and you prove it with a signature.
You close group will connect to the group responsible (close to the address) of that coin and asks:
Hey, we have someone claiming to be the owner of 1 Safecoin at this address. Here’s his signature.
The group responsible for the coin will reply:
Yes, that is indeed the owner of this 1 Safecoin
And now both groups will change the ownership from you to another person’s address.
So in this case 2 groups were involved with the transaction. In reality maybe 2 extra groups are asked as well. Groups that are close to you (account managers) and groups close to the Safecoin (Datamanagers).
@polpolrene does a good job of expressing this concept regarding safecoin. Now realize that ALL operations (data storage and changes, anything that needs to be secure) goes through the same basic operation. The whole network, and all the data and communications data on it, is designed to be as secure as you would expect your financial transactions to be–and far, far more secure than financial transactions are in legacy systems (witness all the hacks, etc.).
Is there rany document/whitepaper describing the consensus mechanism and how it gurranttees security? I want to learn more but wasn’t able to find any resources. I found some old links to maidsafe documents in this forum but they were all broken.