Internet – shiny and new
MaidSafe, one of the oldest companies in the blockchain landscape announced its new consensus mechanism. PARSEC – Protocol for Asynchronous, Reliable, Secure and Efficient Consensus – is said to revolutionize the world of distributed computing.
The SAFE Network, which has been in development by MaidSafe for over a decade and is still in its Alpha stage, is an autonomous, decentralised and secure Internet. Also…it doesn’t use a blockchain.
What does PARSEC do?
PARSEC was developped to solve the Byzantine problem (aka Two Generals Problem) which is normally handled by using the blockchain as a shared ledger of previous agreements. And although everyone can participate, only one random node can update the ledger at a time. The identity of this node is random and anonymous (see Proof-of-Work). But…the SAFE network does not use a blockchain.
For all the benefits of using a blockchain, in order to build a decentralised computing system, it lacks in speed (transactions/second), has storage challenges as the blockchain grows in size,..
PARSEC achieves something blockchain can never do, a mathematical guarantee that all parts of the Network will come to the same agreement at a certain point in time. In blockchain, the longer the chain, the lower the probability of a consensus being reached. However, it well never be at a 100% certainty. With PARSEC, consensus is mathematically guaranteed as certain (as well as having a throughput that dwarves blockchain tech). And this is a huge thing.
…the road from here
The implications for distributed computing are significant. This is a technology that will power the SAFE Network, the only truly next-generation decentralised autonomous internet that promises privacy, security and freedom by default.
Read more at: http://docs.maidsafe.net/Whitepapers/pdf/PARSEC.pdf