How the Wise Public Block Chain Mesh Network Can Help With Scalability

Ever since the introduction of blockchain technology the rate at which the financial sector of the world moving is at the high speed. The rate of development in the sectors like education, health, transportation and agriculture has been a tremendous way. This is why introduction of blockchain technology into M2M economy and powering of IOT is one of the great things in this era. Let’s not forget how the adoption of blockchain technology has impacted the whole world and there has been lots of positivity where applied.

With the current block chain ecosystem, different projects are currently competing with one another for resources and hashing power so that each individual chain will have enough security. This causes a massive inflation of hashing power and confirming a transaction becomes even more expensive.

A good example of this is Bitcoin. A standard intel i7 would take about a couple million years to even verify one block. Yet even with all this wasted computing power, the Bitcoin network can still only handle about 8 transactions per second at full capacity. This might sound like a lot, but when compared to the Visa network that handles about 20,000 transactions per second. This puts things into perspective on the issue of scalability.

This is due largely in part to Bitcoin’s 10 minute block time, where the difficulty to ‘mine’ or verify a block adjusts itself according to the amount of computing power there is currently on the network. This adjustment happens periodically in order keep the block creation time at 10 minutes. Reducing this block time has been considered but this will result in a lot more orphaned blocks and forks at the current computing power that Bitcoin is currently at.

Wise’s solution to this is by using the Internet of Things (IoT), where everday appliances contribute hashing power to compute the ever growing chain of transactions happening.
Wise proposes an intermediary network, or a layer of fast networks, not unlike the lightning network that is currently implemented in Bitcoin. The main chain would be used to settle transactions, where this side chain will be used to perform quick and seamless transactions. The difference being in that, Wise aims to unite the current block chains in an interconnecting mesh using Wise as the settlement layer. By doing this, using the wise interface and adding the throughput of the other block chains together, Wise hopes to solve the issue of scalability that is currently plaguing the block chain ecosystem.

This can potentially be done by means of IPFS. Traditionally, each node stores the whole chain of transactions. There are a couple of downsides to this approach. The first being that, the total throughput of the network is actually limited to one node being able to confirm a block. Another is being wasted space. As it currently stands, the Bitcoin block chain is currently at 197 giga bytes of space.
By using IPFS, the blockchain itself isn’t stored in each individual node, yet store off chain somewhere in another storage chain. The network will then work together working on different parts of the chain and come up with a hash that will verify the current block. The mesh network will act as a mediator and point each individual node at the area of the block they will be working on. This solution resolves many of the problems being faced by the block chain economy. The computing power necessary to further verify transactions isn’t limited to one node, which will result in much more efficient use of computing power due to parallelization of the task being handle. This will also save storage space since there will only be one copy of the block at any given time.

But does this not mean that the block chain itself is no longer decentralized, since there is only one version of it. This is in fact not the case. The IPFS protocol is a block chain in its own right. This results in the ledger itself being decentralized. In order to update the single ledger in unison, the nodes of the network will have to reach a consensus, and this has is then given to the IPFS chain which will then update the block. This solution will result in true decentralization. The solution presented is applicable to multiple arrays of different block chains. Resulting in a combine and very scalable network, where and increased number of nodes and computing power will also increase the total throughput of the chain.

There have been some challenges facing the IOT which needs to be address and that’s why WISE project has come up with solution to these problems. The identified problems include the SECURITY, DATA RELIABILITY and AVAILABILITY, PRIVACY ISSUE, and DEVICE INTEROPERABILITY. It is discovered that IOT has a lot of security issues and damages which the attention of the different private and public sectors have been drawn to it. High security should be the priority and main objective of every private and public sectors. The world have recorded lots of losses and attacks as a result of insecurity in which much attention has been drawn to this and all sectors have been advice to make the security of their companies as number one priority. Thanks to WISE platform which has come with a new project with increased security feature.

PRIVACY issue has been another one facing majority of the sectors. There has been series of threats received as a result of the use of GPS, CAMERAS and VOICE RECOGNITION. This is why WISE platform has introduced a blockchain based project which will rectify the issue of threats received as a result of use of GPS and CAMERAS.

Another issue’s not to forget mentioning is the issues of device interoperability and likewise the reliability of DATA and its availability. All these issues are not just mere problems because these have been affecting both the public and private sectors over the time and this is why I’m happy to inform you that WISE platform is ready to solve the problems through the introduction of blockchain technology.

WISE network objectives is to bring a solution to the problems affecting the IOT industries through the use of blockchain enabled system on a CHIP known as WISE SMC (AMS-SoC). The use of SMC by WISE platform will in the area of RADIO-WAVE, IMPLEMENTATION of BLOCKCHAIN technology, MANAGEMENT of DATA, and ARTIFICIAL INTELLIGENCE.

The advanced features of WISE SMC have been identified to be ADVANCED SECURITY, MACHINE LEARNING WISDOM, MESH NETWORK, and wNET which is a secured communication protocol. Individual WISE device is programmed with multi-layered security solutions which will help in the connectivity protection and ECU Protection.

WISE TOKEN => This is a utility token designed to power the blockchain of all WISE SMCs.

Token Symbol => WSE

35% Allocated to Token Sale

30% Allocated to Business functions

20% Allocated to Token Reserve

5% Allocated to AIRDROPS

4% Allocated to Advisors

6% Allocated to Team

WISE TEAM is made up of experienced members in the field of IOT and micro-chips. The experienced of the members and their skills will help them achieving their objectives and aims.

TEAM


For more information about WISE check the links below:

Website => https://wise.cr/

Whitepaper => https://wise.cr/docs/Wise-Network-Whitepaper.pdf

ANN Thread => https://bitcointalk.org/index.php?topic=5101714

Telegram => https://t.me/wisecr

Facebook => https://www.facebook.com/WISE-Network-567111977077858/

Twitter => https://twitter.com/network_wise

Linkedln => https://twitter.com/network_wise

Github => https://github.com/GBTTech/wise-erc20-token-smart-contract

Youtube => https://www.youtube.com/channel/UC9uQAInb_3IdCCa5L2up3NQ

PROFILE : https://bitcointalk.org/index.php?action=profile;u=2209658