World’s first private high performance blockchain protocol
Stealth is the fastest cryptographically private digital currency possible. With blazing fast 5 second blocks, Junaeth is a game-changer and offers what state-of-the-art payment systems of the future require: a fast, feeless, private and scalable cryptocurrency.
Stealth’s Junaeath provides almost instant transactions and sets a new standard in the blockchain industry. Truly decentralized, Junaeth relies 100% on the protocol and economic incentives. Junaeth represents a consensus technology that improves upon the EOS and Ethereum protocols, because Junaeth has been developed to support smart contracts, sidechains, on-chain governance, and blockchain oracles.
Junaeth sets a new standard in the blockchain industry
Novel Validation & Reputation System for Blockchain Validators
Junaeth has a unique approach to transaction validation, the core functionality of any blockchain system. Using XST (Stealth’s native currency), transaction validators purchase their rights to process transactions. Validators collect rewards for processing transactions and including them into blocks. Validation rights are tokenized as non-fungible assets called StealthNodes, each of which is given specific slots in a schedule of block validation. This scheduling makes Stealth highly efficient.
Stealth Junaeth also has a novel reputation system for StealthNodes. As StealthNodes sign blocks according to the schedule, they accrue a reputation score called “weight”. StealthNode weight increases with the square root of the net number of blocks a StealthNode has validated, where “net blocks” means the number of blocks validated minus the number of blocks missed in the schedule. StealthNodes earn increased rewards proportional to weight. Typically, the more blocks a StealthNode signs, the more it will earn for each block. Additionally, StealthNodes with more weight are considered more authoritative, and they influence chain trust proportional to their weight.
Stealth is the first blockchain system to have scheduled validators that are purchased. Unlike other scheduled block validation systems like BitShares, Lisk, and Eos, Stealth’s reputation system means that chain trust and block rewards are truly meritorious and based purely on objective performance, uninfluenced by the whims of founders, insiders, and powerful stakeholders.
Stealth Economic System
With five second blocks, Stealth Junaeth is one of only a handful of blockchains that offer nearly instant transaction confirmations.
On top of this speed, Stealth Junaeth supports cryptographically anonymous transactions, making it an unrivaled solution to private transactions. To offer this unique combination of speed and anonymity, Junaeth utilizes block scheduling, requiring that block validators qualify with the network.
As part of their continued, innovative blockchain development, the Stealth R&D LLC team is pleased to announce that their system fairly recognizes and rewards transaction validators on the Stealth blockchain.
Block scheduling is used by other blockchains to achieve fast transaction times. Unlike Stealth, though, all of these blockchains use a political system called delegated proof-of-stake (dPoS), whereby block signers are selected according to their popularity. The biggest pitfall of dPoS is that political popularity does not typically reflect validator performance. When individuals befriend the founders of these blockchains, or if the founders have sockpuppets, then the entire consensus protocol becomes corrupt. The resulting nepotism means that (1) validators in dPoS systems lose their autonomy, (2) reward systems can be exploited, and (3) blockchain performance can suffer.
Recognizing these problems with politics, the Stealth team has devised a purely economic mechanism for selecting validators, where they simply buy their block validation rights directly from the block chain, irreversibly destroying (“burning”) the purchasing funds, permanently removing the funds from the money supply. This process permanently bonds the StealthNode. In other words, Stealth validators don’t need to seek the approval or favor of insiders and founders, as is the case with nearly all implementations of dPoS.
In Stealth Junaeth, block validators only need to acquire enough XST to buy rights to validate blocks on the Stealth blockchain. By exercising these rights and signing blocks, Stealth Junaeth validators may collect rewards.
Importantly, the performance of Junaeth block validators is rewarded by earnings that increase as validators sign more blocks. This highly incentive-driven system means that the legitimacy of block validation cannot be undermined by political considerations. The result is that Stealth Junaeth block rewards are distributed fairly while the reward system exclusively incentivizes optimal performance of the blockchain.
Junaeth has been developed to support smart contracts, sidechains, on-chain governance, and blockchain oracles.
Dr. James Stroud, PhD
Stealth’s Timekeeping System
The fast transactions supported by Stealth are enabled by five second blocks, spaced at highly regular intervals. Each new block is added to the blockchain within a few milliseconds of its scheduled time. This regularity makes for a pleasant user experience, owed to a speed that exceeds most credit card transactions.
Behind Stealth’s five second blocks is a novel network timekeeping technology that the Stealth team calls an asynchronous network clock. To understand the challenge that Stealth’s clock addresses, consider that cryptocurrencies are decentralized and cannot rely on a single timekeeping apparatus (clock) to synchronize every computer in the network. The term “synchronize” literally means “set to the same time”. This lack of a single clock means that it is impossible to keep every computer in the network perfectly synchronized. To function at all, cryptocurrencies must embrace this impossibility. Some cryptocurrencies like Bitcoin are designed to allow for very sloppy timekeeping. Unfortunately for Bitcoin, permitting sloppy timekeeping means that block times must be very slow and highly irregular, often creating frustrating user experiences.
Stealth Junaeth embraces the impossibility of perfectly synchronized network computers, but, with regular five second blocks, must have a much different approach from simply allowing frustrating transaction times. Instead, Junaeth uses a system of two types of clocks.
The first type of clock is a shared network queue. Within each network computer, the queue changes only on blockchain events, advancing to the timestamp of each new block added to the computer’s own blockchain. The second type of clock is the hardware clock found in each computer. Each computer tries its best to synchronize with a common time, even though perfect synchronization is impossible.
As network computers create blocks, these blocks have scheduled and somewhat synchronous timestamps taken from the hardware clocks. To ensure timestamps are adequately synchronous, each network computer will disregard blocks whose timestamps seem out of order according to their relationship with other blockchain events (new blocks). Amazing as it seems, no computer operating on the Stealth Junaeth network compares any network event (new blocks) to the computer’s internal hardware clocks. Instead, network events are only compared to other network events. An emergent property of this asynchronous system is a shared clock (the queue) that keeps excellent time without the need for perfect synchronization between computers.
Stealth Junaeth fuses two different types of blockchain ledgers, each with different strengths, to take advantage of both. The first kind of ledger uses what are known as unspent transaction outputs (UTXOs), that can be thought of as digital traveler’s cheques. Although the reasons are highly technical, a UTXO ledger allows for the addition of cryptographic privacy, hiding both sender and receiver of every transaction on the blockchain. All person-to-person transactions on the Stealth blockchain will use this cryptographically private UTXO ledger. The second kind of ledger is account-based and is used for transaction confirmation. Account-based ledgers can be highly efficient, allowing extremely precise scheduling of block validation.
Each validator, called a StealthNode, is assigned a short quantum of time to validate transactions. StealthNodes are rewarded for each block of transactions they process and they can transfer these rewards to the cryptographically private UTXO ledger after accumulating enough rewards on the account-based ledger. Validators must buy their rights to validate transactions by purchasing StealthNodes, and are rewarded based on performance, making Junaeth not only highly efficient, but also based purely on free market economics.
Fast. Secure. Reliable.
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