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DOVER, DE, May 13, 2019 (GLOBE NEWSWIRE) -- (via Blockchain Wire) Quantum Proof-of-Stake (qPoS) is the groundbreaking technology behind the Stealth cryptocurrency. QPoS represents a key breakthrough to achieve the so-called holy grail of crypto; a fast, feeless, private, and scalable blockchain.
The fast transactions supported by Stealth are enabled by five second blocks, spaced at highly regular intervals. Each new block is added to the blockchain within a few milliseconds of its scheduled time. This regularity makes for a pleasant user experience owed to a speed that exceeds most credit card transactions.
Behind Stealth’s five second blocks is a novel network timekeeping technology that the Stealth team calls an asynchronous network clock. To understand the challenge that Stealth’s clock addresses, consider that cryptocurrencies are decentralized and cannot rely on a single timekeeping apparatus (clock) to synchronize every computer in the Stealth network. The term “synchronize" literally means “set to the same time”. This lack of a single clock means that it is impossible to keep every computer in the network perfectly synchronized. To function at all, cryptocurrencies must embrace this impossibility. Some cryptocurrencies, like Bitcoin, are designed to allow for very sloppy timekeeping. Unfortunately for Bitcoin, permitting sloppy timekeeping means that block times must be very slow and highly irregular, often creating frustrating user experiences.
Stealth qPoS also embraces the impossibility of perfectly synchronized network computers, but, with regular five second blocks, must have a much different approach from simply allowing frustrating transaction times. Instead, qPoS uses a system of two types of clocks.
“The first type of clock is a shared network queue. Within each network computer, the queue changes only on blockchain events, advancing to the timestamp of each new block added to the computer’s own blockchain,” explained Stealth’s co-founder and lead developer Dr. James Stroud. He continued, “The second type of clock is the hardware clock found in each computer. Each computer tries its best to synchronize with a common time, even though perfect synchronization is impossible.”
As network computers create blocks, these blocks have scheduled and somewhat synchronous timestamps taken from the hardware clocks. To make sure timestamps are adequately synchronous, each network computer will disregard blocks whose timestamps seem out of order according to their relationship with other blockchain events (new blocks). Amazing as it seems, qPoS network computers do not compare any network events (new blocks) to the computers' hardware clocks. Network events are only compared to other network events. What emerges from this system is a shared clock (the queue) that keeps excellent time without the need for perfect synchronization between computers.
The combination of cryptographic anonymity with super fast confirmation times makes Stealth qPoS an unrivaled solution to private transactions.
Stealth’s timekeeping system integrates with its economic-driven consensus mechanism that provides privacy using state of the art cryptography in combination with streamlined blockchain execution. It enables the fastest cryptographically private digital currency possible. Stealth addresses many of the current concerns about slow confirmation times that exist with other blockchain technologies, especially privacy coins. Stealth also supports a unique reputation system for stakers.
Stealth R&D will be hosting an exclusive presentation on the new revolutionary technology Quantum Proof-of-Stake at 4:20 pm on May 14th at this weeks Consensus conference in New York
About Stealth R&D
Stealth provides the fastest cryptographically private digital currency possible. The Stealth blockchain provides almost instant transactions with absolute privacy protection using state of the art cryptography combined with streamlined blockchain execution. This new technology is called Quantum Proof-of-Stake (qPoS).
Stealth R&D LLC is a registered Delaware (USA) limited liability corporation. For more information visit https://stealth.org/
Consensus is the annual gathering of the cryptocurrency and blockchain technology world. Since 2015, Consensus has attracted every major company, developer, founder and investor in the cryptocurrency and blockchain world to engage in an annual discussion about the future of the industry. Consensus is designed to be a big tent for the industry: it convenes industry participants ranging from enterprise consortia to cypher punks. This convening power breaks down the barriers that separate companies in the industry and allows everyone working on the technology to spend three days learning from their peers. Previous speakers reflect the richness and diversity of the Consensus crowd, ranging from titans of Wall Street and rulers of the Fortune 500, to pioneering cryptographers and the core developers who power the world’s most valuable cryptocurrencies.
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