SmartX Technology: Decentralized Social Entertainment Blockchain
One of the developmental challenges for industrialization and blockchain technology is the issue of transaction speed. Even though some blockchain networks expand purely based on block size increase, the method is not desirable. Besides, the sub-networks such as Lightning Network or cross-chain technology could improve TPS but yield security issues.
SmartX is a decentralized social entertainment platform that operates on blockchain technology. It operates on B-DAG (Blockchain Directed Acyclic Graph), a system that ensures scalability without compromising security.
SmartX uses a blockchain network to resolve the issue of centralization while preventing bottlenecks brought about by token circulation. This, in the end, enables it to link social entertainment service providers and users worldwide. SmartX also aims to use entertainment as a gateway to developing a trustworthy and secure social entertainment ecosystem of the future.
Since SmartX is a decentralized, mineable BlockDAG project with a “transaction-based DAG,” it can achieve unlimited performance expansion, equivalent to that of a traditional blockchain. The system supports the B-DAG technology, which allows it to integrate transactions immediately they are generated.
Importantly, the SmartX structure will eventually check double spending since the algorithm is stable and consistent worldwide. Once a node recognizes the global data of an Epoch, the system will achieve double-spending detection with the DAG-PM, which is a stable sorting algorithm.
Block Mode: SmartX blockchain is different from the traditional BTC blockchain. It is a transaction (TX) block. Besides, the system has a master component (MC) that generates Epoch at a particular interval to reference to previously unreferenced transactions.
Account Model: Similar to traditional trading systems, SmartX uses a balance account model. If, during every Epoch consensus processing circle, it’s discovered that an output account for a certain TXBlock does not exist, the system creates the account across the network, and transfers the input amount to this account. In that situation, the input must have sufficient balance.
Reference Relationship: The witness nodes in the network generate MC and all the TX under the corresponding Epoch at the same time. Both the MCs and TXs will refer to each other based on the convention rules.
Pledge Mining: SmartX will have several genesis nodes by default together with a default amount of 10 million pledged tokens in order to allow participants who are more willing to participate in node operation to proceed. Besides, SmartX will allow the mining nodes to join and leave at any time. The purpose of this is to choose nodes that have a stronger willingness to participate.
One of the prime benefits of SmartX Technology is security. B-DAG projects offer more security and safety when compared to traditional blockchain ecosystems. SmartX embraces a better design and algorithm to shield it from attacks such as Time Hijack and Sybil Attack. The system also features a set of mechanisms specifically meant for double-spending detection.