In a world that becomes progressively more advanced each year, technology must be able to keep up with the latest trends and demands. This alone has fired a spark for artificial intelligence to become one of the fastest growing industries in the past decade. From enhancing products and services to optimizing internal business operations, means for artificial intelligence can be found in countless industries.
The Libonomy team is the first one to adapt this technology for blockchain use. By definition, the blockchain is a system that can be described as a public, distributed, immutable and transparent network without a central authority. However, with great traits evenly great issues are introduced. In a decentralized system, complicated algorithms have to be proposed to reach a consensus with the network participants. In other words, a simple setup is needed that assures users they can trust the system even though they may not trust specific network participants.
One of these algorithms (known as consensus algorithm) is known as a ``Proof-of-work” protocol, was not designed to sustain the requirements of future technologies and undoubtedly had fundamental flaws. Thus, there is no surprise that more and more blockchains with different consensus algorithms were introduced over the years to satisfy the demand for the technology. Despite that, to preserve the idea of decentralized and fair network, a very complex algorithm is necessary. Some aspects like less energy usage, higher security, speed of the network, and other factors were improved, but none were able to forge a solution that would fix everything in one technological infrastructure.
The authors of Libonomy project also spotted this trend and were quick to put together a team that would hone the ability to fulfil all needs for this technology- within any industry. With the help of artificial intelligence, they envision the construction of a safer, faster, more energy efficient, more decentralized, scalable and an overall better blockchain than most markets have produced.
In addition, they are going to offer the long-discussed interoperability solution. Libonomy are not just interlinking different blockchains under their platform, but also connecting private and public blockchains.
In addition, Libonomy will not be limited to public or private solutions; it is a hybrid ecosystem that can be used for both parties. Private blockchain same as public will be able to utilize all the layers of blockchain including decentralized application platforms with smart contract debugging features. Furthermore, setup time for private blockchains is decreased and security increased, as well as future expansions made easier.
Libonomy has finished the core of the blockchain and will be releasing public Testnet and network explorer on May 15th, 2020. After that, they will gradually release different parts and functionalities of the blockchain during the following months. Full road map and more information can be found on their web page.