RaiBlocks(XRB) is the new kid on the block and is challenging the likes of first-generation coins such as Bitcoin. We recently went through RaiBlocks introduction and are pretty much convinced that it can be the next big thing.
In today’s article, we will explore more about RaiBlocks and also go through a detailed tutorial on how to buy it.
So, without any delay, let’s get started.
What is RaiBlocks
RaiBlocks is a digital currency that aims to improve the first generation blockchain. It is all about providing a blockchain that is more secure, powerful and scalable. Bitcoin, being the first generation, did solve the unique problem of decentralization, but failed to take care of other aspects such as transaction time, scalability and energy footprint.
Key aspects of RaiBlocks
- Circulating Supply: 133,248,289 XRB
- Max Supply: 133,248,290
- Method: Proof of Stake voting system. Also uses block-lattice structure.
- RaiBlocks Whitepaper: https://raiblocks.net/media/RaiBlocks_Whitepaper__English.pdf
So, how does RaiBlocks solve all of these? It solves it with the help of block-lattice structure which is a unique way of building blockchain. By giving each RaiBlocks account its own blockchain, it is changing how transaction happens over the whole network.
So, now you might be thinking how does it achieve consensus over the network? It does it by using the simple proof-of-stake voting system.
No transaction time and power consumption
By giving each RaiBlocks its own blockchain, it is also ensuring that there is basically no transaction time. Also, the proof-of-stake system ensures that all the coins are pre-mined and there is no need for powerful computations to make the transactions.
How does it work?
Technically, it works by using the block-lattice structure. The structure gives each account its own blockchain. Each account can now keep track of all the events including activity and balance.
However, there is one global ledger that is used to track all the RaiBlocks accounts. This is a significant improvement over how Bitcoin blockchain works. When a transactions happen, the entire ledger on the network needs to be updated which requires a huge amount of processing power.
The solution is partially distributed network which RaiBlocks implement itself.
To ensure consensus on the network, RaiBlocks uses voting system. Voting system works by using nodes that are always available to make voting possible. It uses balance-weight method to make it possible. Also, there every node can take part in the voting system, irrespective of the balance they carry.
Thanks to how RaiBlocks platform work, all transactions are free of cost. This is possible because of the lightweight protocol and can be confirmed with the help of one UDP packet.
How to buy RaiBlocks?
RaiBlocks grew tremendously in the past couple of weeks. Right now, the price is consolidating a bit. However, RaiBlocks is continually being added to new exchanged. At the time of writing, Binance will add RaiBlocks in a couple of days. So, you might not want to miss the opportunity to gather some RaiBlocks before it hits Binance as it can easily reach an all-time high.
Note: This is not an investment advice. Do your own research before investing (#DYOR)
To get started, you need to have an account on KuCoin exchange.
Once you log in, you now need to go the RaiBlocks page.
Set the number of units you want to purchase and click on Buy!
That’s it! You are now a proud owner of RaiBlocks.
What do you think about RaiBlocks? Comment below and let us know.