NeuroChain Bots to Reduce the Cost of Blockchain Mining
Companies to Spend $187 Billion on Data Mining in 2019
With data being collected every second of the day, the cost of storing and analyzing the data has exponentially grown. According to a study, businesses in the US are predicted to spend over $187 billion in 2019 on data mining, storage and analytics.
Traditional centralized databases require more processing power and more money to maintain as more information is added and more people attempt to access the information.
As we have seen in the past few years, traditional databases are susceptible to data breaches as well as companies selling their data to compensate for the increased maintenance cost by raising prices.
The NeuroChain platform is designed to minimize energy consumption while also ensuring the efficiency and integrity of the network. Unlike Blockchain that relies on a Proof of Work protocol, which requires a tremendous amount of brute computing power, NeuroChain uses a Proof of Involvement and Integrity (PII) protocol to achieve the best performance from a limited number of Bots.
Blockchain’s Proof of Work protocol requires every node involved in the network to verify each transaction. If there are thousands of nodes involved in a transaction, each storing the transaction data of each other, the mining energy required would be astronomical. This also presents a scalability problem. By limiting the number of Bots needed to validate information, the computing power needed to create a new block is significantly reduced.
If the number of bots involved are limited, how do they form a consensus?
The Proof of Involvement and Integrity protocol scores Bots by their relevance in the network as well as their accuracy. Thus, the security of the network is not compromised by limiting the nodes involved.
NeuroChain, let’s build a better world!