Bitcoin has witnessed several highs and lows since its introduction to the world in 2009 by Satoshi Nakamoto. In the past, Bitcoin and Blockchain were used synonymously due to a lack of awareness and understanding of the difference between the two. As the interest and the advancement in the technology underlying Bitcoin, i.e. Blockchain is evolving, the distinction between Bitcoin and Blockchain is getting clearer.
Blockchain, a distributed ledger technology which is based on an element called “trust”, forms the basis for establishing itself as the solution to many business problems, mainly breach of security, lack of transparency and ability to perform microtransactions at lower transaction costs.
Microtransactions at zero cost
There are many existing projects in the blockchain space which have evolved over a period of time to provide numerous use cases for the application of the technology. The Blockchain is forming to be an underlying reason for the growth trajectory and increased efficiency in various industries. However, one of the biggest challenges of existing blockchain networks is its ability to carry out micro transactions at lower costs. RAYS NETWORK, with its breakthrough technological development, will make it possible to carry out microtransactions at no price!
RAYS NETWORK allows you to spend as little as $1 without any transaction fee. The network boasts of Bullet-proof protocol which facilitates this feature as it has the built-in capacity to process bundles of transactions in each block.
Multi-Transaction System (MTS)
Currently, there exists no such blockchain network that allows a user to send payments to multiple wallets at the same time. With RAYS NETWORK, multiple transactions will be made possible just by a single click. For example, the head of an organization can send payments to all of its employees by just a single click.
The application is not just restricted to digital currency payment. Through RAYS, one user may send data to hundreds of other users or systems in the blockchain.
How will Micro and Multiple Transactions be made possible?
The Bulletproof protocol will allow RAYS to process microtransactions and multiple transactions at zero costs. Bulletproofs are zero-knowledge arguments of knowledge. A zero-knowledgeproof of knowledge is a protocol in which a person verifying the transaction can convince a verifier that some statement holds without revealing any information about why it holds.
Bulletproof Protocol which is logarithmic in size reduces the block transaction size tremendously. For instance, if all the Bitcoin transactions were confidential and used Bulletproof instead of other proofs, the total size of the UTXO, which is unspent transaction outputs set, would reduce from 160 GB to 17 GB. Hence, Bulletproof Protocol is logarithmically smaller as compared to other linear privacy protocols.
The design of the proof is such that a confidential transaction in digital currencies can be processed without revealing the actual transaction. The amount transferred is hidden in the proof and the cryptographic proof in every transaction validates the transaction. Bulletproofs shrink the size of the cryptographic proof from over 10kB to less than 1kB. Thus, enabling RAYS NETWORK to process multiple transactions efficiently.
Apart from providing Microtransactions and multi-transaction systems, RAYS’ prime features include:
· Customized Delegated Proof of Stake (CDPOS)
· Bulletproof Protocol for Privacy
· Flexible Blockchain Network (FBN)
· Enterprise Privacy Blockchain Solution (EPBS)
· RAYS PAY
· Research Laboratory
· Quantum Proof
· GDPR Compliance
In the upcoming articles, we will shed light on these features individually. Until then, let us rise with RAYS!
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