Smart Blockchain

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In “Smart Blockchain”, one or more block producers smart contract (BPSC) is present in the network, and no successful transaction is performed without BPSC involvement. For a successful transaction in the network, first, the sender must send the cryptocurrency to the wallet of BPSC and then BPSC sends cryptocurrency automatically to the receiver. This simple action has led the BPSC to have all network transactions’ data accurately and flawlessly and then as an accurate and trust financial institution, record transactions’ data into a new block and add this new block to the end of the blockchain so there would be no task for miners in “Smart Blockchain”.

Certainly, in this case, there is no difference between the power consumption of “Smart Blockchain” transactions and the power consumption of regular VISA card transactions. Now, cryptocurrencies’ huge power consumption is only due to the use of the proof-of-work mechanism or the proof-of-stake mechanism, or ….. which does not require any of them in “Smart Blockchain” at all. The data stored by the BPSC is flawless because it is registered at the moment of the transaction occurrence and without human interference. “Smart Blockchain” simply can end the nightmare of spending extra 50TWh electricity and rising 2°C global temperature.

We have come up with a new way to stop all mining operations by miners and block producers in Blockchain networks such as Bitcoin and Ethereum and all their task can be put in a smart contract. As you probably know, the electricity consumption of one single bitcoin’s transaction is 200,000 times more than electricity consumption of a one single VISA card’s transaction, and in our approach, power consumption will be similar to VISA card’s transactions and in total over 50TWh will be saving per year.

In our approach, called the Smart Blockchain, there are one or more BPSC smart contracts for producing blocks into a decentralized network, and no successful transaction is performed without its involvement. For a successful transaction in the network, first, the sender must send the cryptocurrency to the wallet of BPSC and then BPSC sends cryptocurrency automatically to the receiver. This simple action has led the BPSC to have all network transactions’ data accurately and flawlessly and then as an accurate and trust financial institution, record transactions’ data into a new block and add a new block to the end of the Blockchain.

In Blockchain Networks, no financial institution is responsible for the ledger and transaction’s data, meanwhile, people and miners do not trust or even know each other. For this reason, in order to prevent fraud and double spending, … miners have to add new blocks to Blockchain competitively and collaboratively and unfortunately by spending enormous electricity consumption so that no complaint can be made. But in Smart Blockchain, BPSC’s data is flawless, since it is recorded during a transaction without human interference, and no longer there is no need to involve miners and block producers. There’s certainly no task for miners and block producers.

The research published in Nature Climate Change (October 2018) even suggested that Bitcoin mining alone could push global warming “above 2 °C within less than three decades“. Certainly, it is a significant environmental issue, but in terms of technique and implementation, Smart Blockchain can quickly solve this big problem, and even reduce the cost and existing inconvenience, may result to boost the Blockchain technology, as well as developing a variety of smart contracts. For more information about Smart Blockchain, you can read our recent articles on Medium.

Based on the famous legend, NASA was faced with the problem that in weightless conditions the ballpoint pen didn’t function, spent a fortune on the development of the pen that could write in space, which resulted in the creation of Fisher space pen. While the Soviet Union Cosmonauts chose a simpler and thrifty way to use the pencil rather than the pen. (Of course, we know that this story is partially fictitious; Fisher space pen independently was produced with their company’s funds and was sold to NASA after completion. Even after a while, the Soviet astronauts who always used pencils, oil pencils and plastic tablets for writing down, in 1969, for safety reasons, they purchased one hundred Fischer space pens for next missions). However, this story has been narrated for many years in management classes, to convey the advantage of the Soviet approach over American. It means a great focus on writing in space instead of writing with the pen.

Unfortunately, in Blockchain society, the main focus is only on possible solutions for consensus, and the types of proof-of-work mechanisms, proof-of-stake, the delegated proof of stake, etc. are proposed with such mentality. But if we concentrated on the main problem, we will have much more affordable and cheaper solutions. There is no need to create multiple alternatives from a block to choose the correct one by spending a lot of energy and using the types of consensus mechanism. Rather, we need to get the flawless data that can be transmitted without interruptions when transactions are made. There may be several ways to do this, but the most tangible way is to use a smart contract. We have named this method “smart Blockchain “for this reason.

Smart Blockchain needs neither a financial institution nor intermediary, meanwhile, there will be no task to do for miners and block producers in this technology. In Smart Blockchain, one or more smart contracts collect accurate and flawless data from the successful transactions of a decentralized network at the moment of transaction occurrence and simultaneously store and register these data in new blocks like an accurate and trust financial institution but free of charge and at all time.