NYZO – The highly efficient blockchain that actually works for everyday spending.
Programming Language: Written from Scratch in Java
Consensus Mechanism: Proof of Diversity (NYZO invented Proof of Diversity)
No ICO, No premine. More detail: https://nyzo.co/buildingNyzo
Nyzo is an open-source, highly decentralized, democratic, and highly efficient blockchain.
- Fast: 7-second block duration
- Scalable: can support thousands of transactions per second
- Sustainable: includes a plan for immunity technological obsolescence
- Democratic: will be 100% community controlled within one year
- Open-source: all-new, concise, readable code
- Secure: blockchain is independently mathematically verifiable
- “It (NYZO) actually works well: it’s secure, scalable, and fast. **It also doesn’t require kilowatts of power to process a single transaction. ** It’s fully decentralized and fully democratic.” – NYZO
About NYZO Codebase
- The codebase does not use a single line of code from any previously existing blockchain project.
- NYZO is not a derivative of another project, and it is not just a few new features or a slight design change from other projects.
- NYZO didn’t fork an existing codebase and swap out one part of the process to make it seem like they created something new.
- NYZO didn’t duct-tape together a bunch of huge libraries to create a massive, unwieldy project.
- The only dependency is a small library implementing EdDSA cryptography.
- The source is simple and easy to read.
- The Nyzo source is licensed under the Unlicense, and the cryptography library it uses is licensed under the CC0 license.(These are exceptionally permissive licenses that give as much control as possible to the community)
Nyzo is exceptionally flexible and extensible — the sender data field of Nyzo transactions allows for virtually unlimited possibilities for applications that utilize the Nyzo blockchain — but this flexibility is not obtained at the cost of reliability or stability.
- The block time is seven seconds, and the system scales well to high transaction volumes.
Transaction fees are low and predictable.
Proof of diversity (Not POW or POS)
- It is a totally new proof system that relies on diversity of participation for strength.
- While proof-of-diversity has its own unique concerns that must be addressed to ensure integrity of the blockchain, it is immune to many of the attacks and problems inherent to proof-of-work and proof-of-stake systems, and it is significantly more efficient.
- Unlike proof of work, which can be manipulated at will by anyone in possession of sufficient computational resources, proof of diversity requires active participation in a particular blockchain to have any influence on that blockchain.
- There is no mining.
- Simply participating in the mesh gives a node the opportunity to verify transactions, and the queueing system is designed so that transaction fees are distributed equitably to all participants.
- Very little computational power is required of a node, and having superior computational power will not allow a node to gain a larger share of transaction fees.
Proof of diversity(POD) vs Proof of work(POW)
- POD is faster and at the same time decentralized
- NYZO: “in speed, we simply take the first hash that is computed so instead of going through millions, billions, or trillions (or more) hashes, we just take the first and proof-of-diversity will naturally get more decentralized over time unlike PoW, which actually has a tendency to get less decentralized with the big mining operations if we look at block 0 of Nyzo, we had 100% of the cycle and then we let a few other people in and if there’s a manipulation of the system to try to keep control of the cycle, the best you can ever do is keep the current level of decentralization but if the system works properly (and we’re going to keep working on it to make it work properly), then it will always be more decentralized tomorrow than it is today and it is almost impossible to go in the other direction, as long as there aren’t bugs in the system and we’re doing everything we can to work the bugs out of the system”
- At early stages, NYZO developers plan to continue contributing to the official Nyzo repository indefinitely, and NYZO developers will let the community decide whether they want to use developers’ implementation.
- While the proof-of-diversity blockchain has some rules that must be followed, these rules are incredibly simple, and all of the consensus rules can be modified or replaced without jeopardizing the proof of diversity.
- At any point in time, the decisions of the active verifiers in the current verification cycle determine the direction of the blockchain.
- NYZO: “from our perspective, we think that we’re still far enough from any legitimate concerns from quantum computing” “it’s one of those things that can be changed later without risking the authoritative form of the Nyzo blockchain” “yes, a 3000-qubit quantum computer would likely allow someone to forge a version of the current Nyzo blockchain (if they had one right now), but everyone would still know what the authoritative version of the blockchain is, and we would have plenty of lead time to switch to a quantum-resistant scheme”
- If technological advancements render the current Nyzo system or blockchain obsolete, and a new blockchain needs to be released, all the coins in that system should be derived from original Nyzo coins.
- The way the sustainability program works is described in detail in the nyzo whitepaper.
- “Applying this(the sustainability program) transitively, we can imagine a fifteenth generation of Nyzo enabling global commerce 200 years from now, with every last coin in that system having a lineage traceable back to the Genesis block of the original Nyzo blockchain.”
- NYZO: ‘our real goal is that if you want to buy anything digital, then Nyzo would be by far that most reasonable, most efficient choice and we think we’ll have no problem scaling to tens of thousands of transactions per second of course, it will take a lot more computing power from the verifiers to do that but the really fun thing about Nyzo is that verifiers can actually be profitable not like PoW where more and more people will start mining if the coin becomes more valuable’
*People behind NYZO:* Anonymous team
Learn More: https://nyzo.co/whitePaper
We consciously avoided putting any features into the blockchain that can be implemented as add-ons (smart contracts, for instance) – NYZO
The blockchains that do work well sacrifice decentralization for effectiveness, though. If you’re going to do that, you’re missing the whole point of blockchain. – NYZO