Information about Ban
BanccChain™️ Blockchain relies on the creation of peer-to-peer distributed networks, which do not require a central authority to facilitate transactions. Network participants, which are known as “peers,” are able to interact and transact directly with one another. All of the transactions between peers are recorded on a continuous ledger. Each network participant maintains their own separate and identical copy of this ledger. This means that the greater the number of peers participating in the network, the more redundant and more secure the ledger becomes. Peer-to-peer distributed networks are decentralised by design, with no central server or authority.
The records of the blockchain exist nowhere and everywhere at once, which means they have no single point of weakness or vulnerability common in traditional databases. Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system.
Bancc™️ will be using their own blockchain called "BancChain™️" with a new slighlty modified consensus algorithm called Tokenized-Proof-of-Authority (tPoA) users can delegate (stake) their coins towards one of the 300 BancChain™️ validators that are eligible for a possibility of selecting and validating transactions. Hence, by doing this computational work both the user and the validator are rewarded with a block reward.
Because PoA is generally seen as a semi-centralised consensus algorithm, the BancChain™️ introduces a new modified version of it with tPoA, we can increase the decentralisation of the blockchain by 150x times meanwhile we are keeping the high throughput of 100,000 Transactions per second (TPS), which not only saves substantial computing resources compared to other chains with less decentralisation, and stopping leaving an big impactful mark on the climate.
This makes the blockchain, efficient (100K TPS), eco & user friendly but also inclusive. The tPoA supports a very strong point in making cryptocurrency & blockchains inclusive, there are some high technical expertise to setup an validator and maintain it over a longer period of time,
It's also an economic burden to it with validators costing up to 100K of dollars. With tPoA we can make it more inclusive and offer up to 45,000 thousands of spots for supporting the consensus. It will almost become like Decentralised Autonomous Organisations (DAO) within Decentralised Autonomous Organisations.
The Founder and Chief Technology Officer of Bancc™️ is currently writing a research paper, demonstrating a bit more on how the tPoA will work. The link will be available when the paper is finished.