Over the last decade, code development has resulted in improvements to how blockchain technology functions. Innovations have been introduced, which have increased the security, reliability, and efficiency of sending transactions via a decentralized and trustless network.
What is FlashSend?
FlashSend is a feature of the SINOVATE blockchain that enables wallet users to send SIN coins in a matter of seconds (less than 2 seconds). It utilizes two elements of the network code protocol, transaction locking and Infinity Node consensus, to facilitate instantaneous transactions.
FlashSend outperforms similar features on other blockchains due to the high capacity, scalable nature of the network. This allows 553 transactions per second, much faster than previous iterations.
Why is FlashSend necessary?
As discussed earlier, 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 minutes, or even hours. By paying a higher fee to transact in this situation, FlashSend can be used to transfer SIN coins instantly and irreversibly by using Infinity Nodes.
By using Infinity Nodes that act as observers and giving them higher authority regarding FlashSend transactions, double-spend protection is guaranteed in a manner that does not result in high transaction fees.
It allows merchants to use mobile devices, instead of traditional centralized 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, and FlashSend will have an initial limit of 10,000 SIN coins per transaction for micropayment functionality.
How does FlashSend work?
FlashSend is a mechanism by which SINOVATE users can send SIN in less than 2 seconds. The possibility is due to a feature called transaction locking that is designed to prevent double-spending. As soon as SIN coins 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 has 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:
– Alice sends a SIN transaction to Bob using a FlashSend transaction. A higher transaction fee is required to initiate the process.
– This transaction is then broadcasted within the decentralized SINOVATE network protocol, and a randomly selected group of Infinity Nodes is chosen to process the transaction.
– These Infinity Nodes verify the inputs of the transaction from Alice and form a consensus. This then locks the inputs to prevent Alice from being able to double send the funds and validates the transaction.
– If consensus is then achieved, the Infinity Nodes sign, and then broadcast a ‘consensus transaction message.’ This takes around two to three seconds. If consensus is not reached, the transaction is broadcast to the regular proof-of-work consensus mechanism to ensure validity, and this would then take approximately two minutes.
– When the Infinity Nodes confirm the ‘consensus transaction message,’ the SIN is received by Bob in less than 2 seconds, and the transaction is written to the blockchain by the normal proof-of-work process two minutes later.
Infinity Nodes are responsible for securely and instantaneously transferring SIN coins from one peer to another. Either selected or randomised, several nodes utilise the pseudo-random ordering based algorithm by using the hash from each block. The proof-of-work mining layer provides the underlying security as new blocks are added to the main SIN blockchain. To be specific, a different set of Infinity Nodes is selected. Selected groups of ten ranked nodes carry out the process.