AMA-Consensus and Vision
We want to create a decentralized fraud-proof platform for DAOs - Alan Mclvor, IBAX COO
The IBAX team has been working on a blockchain system that is fast, reliable. Our DAO system is designed to handle complex business scenarios in the real and virtual worlds. Our virtual machine can be integrated easily into existing frameworks like Ethereum and Binance Smart Chain (BSC). As part of the company's effort to familiarize the outside community with our excellent blockchain network, the team has been working over the past three years. Our COO conducted a Telegram AMA in The Delta Community about the IBAX project. Here is the summary of the Amazing AMA conducted in their community.
Introduction
NN Tracy conducted the AMA section. He introduced our COO to the audience. NN Tracy introduced Alan McIvor as a British businessman with 12 years of experience in Asia, currently serving as COO of IBAX Network. He added that our COO worked as a senior partner in a recruitment firm and consultant based in Taipei. He also worked with MBA students at several Universities. Alan also told his audience that he is an expert in marketing and sales development and has a KOL presence on LinkedIn.
How Advantage over other blockchain networks
A member of the group wanted to know the advantage of IBAX over other blockchain networks.
Our COO explained that IBAX Network is building a new consensus mechanism, DPoA (Decentralized Proof of Authority).
Alan broke down the process of DPoA in three steps:
1. Whenever transaction data is generated, everyone no longer synchronizes the data with each other for the first time but sends it to the authority selected by the node.
2. There are multiple authorities. They will verify the transaction.
3. After the Validator verifies and signs the transaction, ordinary nodes synchronize data from the validator.
Alan continued to explain that IBAX aims to be the world’s first platform that supports the co-existence of multiple consensus economies in a blockchain network environment. For the first time, With IBAX, various types of consensus economies are equal and coexist at the basic level of the system.
He also explained that IBAX is useful for commercial application scenarios and real-world environments. DPoA, the innovative consensus mechanism of IBAX, is the blueprint for the overall development of the IBAX Network.
IBAX distributed blockchain public ledger
Alan explained that the IBAX team plans to build an integrated distributed blockchain public ledger oriented at microservices. He said the IBAX is scalable, genuinely decentralized, fair, and self-governed, ensures cross-chain asset security, and thus supports and connects thousands of organizations and millions of global users.
He also explained that the team wanted to create an autonomous, decentralized, fair, transparent, and fraud-proof platform for Decentralized Autonomous Organizations (DAOs), where each organization can realize its vision on IBAX.
IBAX consensus mechanism
Importantly, on the IBAX platform, it is possible to design a unique consensus mechanism or integrate any group of consensus mechanisms in one to meet the customer’s requirements for any ecosystem (ecoLib). For example, you may use any of the mainstream consensus mechanisms, such as PoA, PoS, PoC, and PoW, or integrate them as one.
DPoA, authorization authority certification mechanism. A self-consensus algorithm to ensure high performance. The representative is elected through the authority evaluation chain by selecting the most authoritative node as the representative.
Key Visions of the project
He said the IBAX project plans to adhere to regulatory requirements as they adapt and change, including within the EU, US, and Asia.
Alan concluded the AMA section by telling the audience that the team is working on a long-term project with a robust project and marketing team. He said, “we want our blockchain used in smart contracts all over the world, we want people to build their ecosystems on our blockchain, we want to be reliable, fast, famous.”
For more information about IBAX, please check the following links:
Twitter: https://twitter.com/IbaxNetwork
Linkedin: https://www.linkedin.com/company/68016504/
Facebook: https://www.facebook.com/ibaxproject
Medium: https://medium.com/@ibaxnetwork