GNY’s Head of Blockchain Talks GNY Testnet, Mainnet, And Consensus
Updated: Apr 24
As a group, GNY’s communications so far have focused a lot on our ML technology, but for the rest of this year the majority of our technical milestones will be focused on blockchain. So with this to the forefront of our mind we caught up with Leo on behalf of the community and dug deep on the blockchains development. There is no shortage of topics to cover including his work on
- data fragmentation and parallel processing enabling 1500+ TPS in each single application chain
- building a chain that can hold multiple tokens.
- cross-chain functionality, within which you could transfer Bitcoin to GNY or LML
Question 1. Leo, thank you for taking time out of your blockchain development schedule to talk with us and our community about what’s next for GNY. What can the community expect to see from you and your blockchain team before the year is out?
Leo: The team is working very hard to prepare for three things:
- Testnet enhancement and debugging.
- Integration with Machine Learning.
- The launch of Mainnet.
When GNY’s Mainnet launches it will allow the community, developers, and enterprises to experience a secure, collaborative platform for machine learning, data capture and analysis.
Question 2. GNY’s Testnet is currently being put through its paces by the community, and by all reports is performing successfully. TestNet is software that is almost identical to the software used by a blockchain’s Mainnet. Testnets are built to experiment with new ideas without disturbing or breaking the main blockchain software. We like to think of it like a sandbox to experiment in and discover improvements that can be pushed to Mainnet.
What functions will Mainnet have when it launches?
Leo: We launched Testnet on the 1st Feb this year. We want the community to join the testnet, host a node, and give us their feedback. We expect to find bugs during this period because you will never know how users will use the platform.
The functions within the upcoming Mainnet can be found now on Testnet, which basically contains three parts:
- Wallet functions: ability to generate an address, login to the wallet, check your token balance, transfer your token to other wallet holders etc.
- Issue your own token. We supply a token standard like ERC20 which can help anyone who wants to issue their own tokens. These tokens can be used to build their own sidechain.
- Machine learning. It’s our core functionality where users can utilize the machine learning power of the platform.
Question 3. The GNY blockchain runs on a delegated Proof of Stake (DPoS) consensus algorithm. This consensus method was selected by the team as it is democratic (token holders vote for those delegates that will secure the network on their behalf), and because it is scalable, being able to process more transactions per second than many other consensus algorithms.
How is the GNY Mainnet different and/or better than the other DPOS chains out there?
Leo: We have implemented a delegated proof of stake plus a practical byzantine fault tolerance (PBFT) consensus algorithm which is more steady than pure DpoS. In PBFT, the proposed block which is committed to the chain would be the most agreed block by the nodes. Using DPOS + PBFT the GNY network could tolerate up to 33 nodes going offline and the chain would still behave normally. It’s more secure and solid than many other DpoS chains out there.