RAIblocks

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RAIblocks
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The founder, creator or developer of RAIblocks is Colin LeMahieu and just like the name "RAIblocks" suggests or sounds this cryptocurrency has a lot to do with mining and with the blocks in the blockchain. In most of the cryptocurrencies including Bitcoin, the way the transactions are verified is by using the blockchain technology and by using a bunch of miners. RAIblocks uses a very different method or approach of verifying transactions.

The block lattice and the features of RAIblocks

In the case of RAIblocks, each account has its own designated blockchain, and each block inside the chain only has one transaction. So, for example, you want to transfer RAIblocks to a friend then there will be two transactions taking place, a send transaction which will decrease your account by the amount you are sending and a receipt transaction which will be activated by your friend or the person who is receiving it on the other side. The receipt transaction increases their account by the amount transferred, Sending and Receiving are asynchronous. This means that the transactions can not take place until and unless the person receiving it on the other side has his wallet open. So, for example, you send some RAIblocks to a friend, but if his wallet is offline, then he won't receive it until he opens his digital wallet and creates the receive block.

Now because each RAIblock owner maintains its own personnel blockchain there is no need for a miner to verify any of the transactions and thus there is no environmental damage, and no fees have to be paid to the miner as a reward for mining.

A double spend has a different meaning in RAIblocks because each send transaction has to go back and refer to its previous block an double send can only occur if someone attempts to refer the previous block more than one time in two or more different transactions. If this occurs then a voting system is used to verify the real one, when an account is created on RAIblocks a voting proxy is made, and this node is always online and controlled by an individual. The more RAIblocks a node has, the more the vote is worth. This is precisely why a 51% attack is almost impossible or very costly because the attacker will have to own 51% of all the RAIblocks which will cost millions of dollars. However, if an attacker gets through this then the most he can do is make the network useless, he can not steal all the cryptocurrencies nor can he make more of it.

Conclusion

The block lattice technology has been used for a few years now however not a lot of research and study has been done on it compared to the bitcoin blockchain. In the blockchain world if not much research has been done then this means that there may be many flaws which are yet to be discovered and can be discovered any day by a hacker who could well exploit the RAIblocks if he or she decides to use it for the wrong means.