Over the last decade, code development has resulted in improvements to how blockchain technology functions. New innovations have been introduced which have increased the security, reliability and efficiency of sending transactions via a decentralized and trust-less network.
As many people know, the first blockchain called Bitcoin launched back in 2009. It still remains the best known cryptocurrency, despite its current limitations. This has not prevented other entities from designing, and then launching, other cryptocurrencies which have built upon Bitcoin.
SINOVATE, formerly known as the SUQA blockchain, has adopted proven blockchain technology to create a unique and revolutionary method by which to quickly, reliably and securely transfer SIN between wallets. FlashSend is a feature of the SINOVATE blockchain that will enable wallet users to send SIN in a matter of seconds (less than 2 seconds!). It utilizes two elements of the network protocol, transaction locking and Infinity Node consensus, to facilitate instantaneous transactions.
WHY IS FLASHSEND NECESSARY?
It is known that transactions get confirmed by miners who direct processing power to successfully find block hashes. They then receive a reward as an incentive. If there are too many transactions being processed, the time taken to find the next block can take 2 minutes. By paying a higher fee to transact in this situation, FlashSend can be used to transfer SIN instantly and irreversibly by using Infinity Nodes.
“By using Infinity Nodes as observers, and giving them greater authority with regard to FlashSend transactions, double-spend protection is guaranteed in a manner that does not result in high transaction fees.”
It will allow merchants to use mobile devices, instead of traditional centralised point of sale (PoS) systems, to settle commerce face-to-face without the inconvenience of waiting too long. No central authority is required to observe or validate the transaction.
HOW DOES FLASHSEND WORK?
FlashSend is a clever mechanism by which SINOVATE users can send SIN in less than 2 seconds. This is possible due to a feature called transaction locking that is designed to prevent double-spending. As soon as SIN have been locked for a FlashSend transaction, they cannot be spent again.
The second element of the FlashSend mechanism is a feature called Infinity Node consensus. A select group of Infinity Nodes have authorization to validate a FlashSend transaction as soon as they receive the broadcasted ‘lock transaction message’.
What follows is an example that breaks down the process:
1. Person A sends SIN for an item from Person B using a locked FlashSend transaction. A higher transaction fee is required to initiate the process.
2. This transaction is then broadcasted within the decentralized SINOVATE network protocol. It quickly reaches a select group of Infinity Nodes.
3. These Infinity Nodes form a consensus as to the validity of the ‘locked transaction message’.
4. If consensus is not reached, then Person A must wait for 1 confirmation (approx. 2 minutes) to ensure validity. If consensus is achieved, the Infinity Nodes sign, and then broadcast, a ‘consensus transaction message’.
5. Once the Infinity Nodes confirm the ‘consensus transaction message’, the SIN are received by Person B in less than 2 seconds.
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Christopher P.Thompson
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