Business Interactive Reward Coin (BIRC) Uses Proof of Interaction Protocol
The burning topic in the blockchain industry is the Casper protocol which was declared by Ethereum. One the key goals of the Ethereum advancement team is the transfer from the PoW which consumes colossal amounts of energy to the PoS which is known to be efficient when it comes to the consumption of energy.
The blockchain system which is safeguarded by the consensus mechanism PoW was recommended by Bitcoin founder Satoshi Nakamoto. The system requires great computing as well as extraordinary performance internet substructure. Statistics indicate that the electrical energy used by international miners of the virtual asset Bitcoin exceeds the annual electrical energy production of approximately 160 countries.
In many ways, PoS is a classification which produces more virtual assets to miners who already possess coins for the same system. The coins are largely awarded in accordance with the coin age, which are calculated by the sum total as well as the period during which the coins are in the hands of the miners.
In PoS, proceeds from mining as well as the coin age are in direct ratio. This means that the proceeds are not determined in accordance with the performance capacity of PCs.
Pol Attains A Commercial Value Of Virtual Assets
Unlike PoW and PoS, the blockchain startup Business Interactive Reward Coin (BIRC) recommends the establishment of a new model which is christened ‘Proof of Interaction (PoI)’. In this concept, mining is carried out by one finishing the ‘interaction actions’. Eventually, the returns are calculated in accordance to the sum total of interactions instead of using the concept of CPU power or coin age.
BIRC uses both indexes which defines the relations circumstances of shops as well as guests. This is not like the PoW or the PoS which are used by the innovative blockchain technology as solutions. Instead Pol is largely a useful solution for commercial activities which are not online.
The Pol is able to solve some of the challenges of offline commercial operations which have been in existence for long, a key example is the problem of there being no significant reward for those who intend to give reviews or comments.
The same case arises with O2O ineffectiveness as well as matters regarding reliability of consolidated commenting contrivance. Under the Pol, virtual asset applications can be incorporated into day to day life faster.
Under Pol, each relations scenario has 3 significant interactive activities that comprises the review, comment and finally posting an image. All the three are titled interactive actions which have been custom-built in accordance with diverse circumstances. All the application scenarios as well as activities will be established gradually on the BIRC’s procedure.
A proposal from BIRC indicates that the Pol will eventually issue the commercial open API to third party application stands for double connections. When held in comparison with the innovative blockchain technology, the technology does not have the ‘killer application’ for individuals who desire to utilize virtual assets.