How is it that XtraBYtes expects to be the most secure cryptocurrency around? At present, Bitcoin and all other coins employ one untrusted, randomly selected node on a Peer-to-Peer (P2P) Network to sign and create a block transaction. In contrast, XtraBYtes is creating a trusted STaTIC nodes network that relies upon consensus to move transactions forward. The XtraBYte founders do not believe relying on unknown and “un-trusted” peers via a P2P network is conducive to security.
Using multiple nodes, such a network would be impossible to hack. That is, In order to create fake STaTiC signed blocks, all private keys held by the STaTIC nodes would have to be known. This is because the node network requires consensus for any transaction to move forward. Once the STaTIC network validates a transactions (they do not create them), a number of ‘virtual nodes’ are tasked with created blocks from these validated transactions.
If a hacker seeks to take over node, that rogue node will not achieve consensus with the other STaTIC nodes and will be asked to correct itself. If it does not, it will be blacklisted from moving forward.
Even if a majority of the nodes were somehow to be compromised, the transaction would not move forward. Conversely, if only one STaTiC signs the block correctly then it is still valid. Later, if other STaTiCs validate they will also sign. Meaning more security. As such a single malicious actor cannot undermine the integrity of the blockchain.
To Review: With XtraBYtes Proof of Signature (PoSign) system, all STaTiC nodes sign the blocks. The end result of multiple signatures is the highest possible security.
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We don’t just publish articles, XTRABYTES is a whole new blockchain platform that allows DApps to be programmed in any language, utilizing a new consensus algorithm called Proof of Signature. In doing so, XTRABYTES presents a next – generation blockchain solution capable of providing a diverse set of capabilities to the general public.