Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,09 trillion. Bitcoin is up by over 2% to reach around $27,200. Ethereum increased by nearly 6% to close to $1,700. XRP gained almost 2% in value during a highly volatile week. Almost all altcoins are trading in the green, with virtually no exceptions. The DeFi sector maintains the total value of protocols (TVL)…
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Phronesis, a groundbreaking innovation in the blockchain industry, is revolutionizing transaction-demanding sectors. It aims to reshape the Decentralised Finance (DeFi) and Web3 sectors by harnessing Artificial Intelligence and proprietary consensus technology. Phronesis’ utility can be extended to real-world application solutions in various sectors such as supply chain, gaming, finance, energy, and more.
The introduction of Sophia, an AI Statistical Consensus Mechanism, and the Indirect-Low Transaction Fee Management Protocol sets Phronesis apart. With the aim to provide lightning-fast transactions at minimal costs, Phronesis paves the way for blockchain with no barriers.
Putting Artificial Intelligence at the System Core
Sophia, the AI at the heart of Phronesis, is more than a conventional system. It’s an intelligent algorithm leveraging a statistical consensus mechanism to analyze intricate node metrics.
This mechanism sorts validators, facilitating transaction processing in the network. The block-producing process is significantly accelerated, making transactions much faster and more reliable with an incredibly lower cost than those with high fees on other blockchains.
Sophia’s mechanism classifies validators into three groups based on transaction fees. Each group has its dedicated validators for immediate processing. This efficient structure benefits end users, node owners, and developers alike. Sophia also ensures the system’s integrity through a deep learning mechanism that monitors the entire Phronesis block sequence.
The system goes a step further, integrating machine learning for auto-response. It safeguards the network from any detrimental actions. Sophia’s mechanism encourages validators’ active participation.
It strategically uses metrics to switch validator categories, keeping the network responsive and agile. Thus, Sophia is a game-changer, putting artificial intelligence at the system’s core.
Promoting High Transaction Speed at a Low Cost
The Indirect-Low Transaction Fee Management (Indirect-LTFM) Protocol is a distinctive feature of Phronesis. It revolutionizes transaction processing by efficiently minimizing fees. The protocol departs from conventional blockchain systems, where users often need to pay high transaction fees for speedy processing.
The Indirect-LTFM Protocol promotes fairness in the blockchain environment. In traditional systems, high transaction fees incentivize validators. This frequently leads to greed among validators and miners working to maintain and protect the ledger from threats.
Phronesis, however, introduces a solution to this problem. It handles low transaction fees through a unique system involving super, fast, and average nodes. These nodes work together strategically, selecting low-fee transactions even in high-volume, high-fee environments.
The result is a protocol that maintains high-speed transaction processing at a lower cost. This is the essence of the Indirect-LTFM Protocol, a game-changing innovation in blockchain technology by Phronesis.
Phronesis is the first EVM, Proof-of-Stake Layer 1 blockchain that uses Sophia Protocol and Indirect-LTFM (Low Transaction Fee Management) Protocol. This revolutionary technology allows transactions to be completed in under 0.9 seconds at an average cost of USD 0.00001 per transaction, achieving a current metric of 31,000+ transactions per Second.
The Lucky Transactions Protocol enforces validators to include extremely low-fee transactions in new blocks in a timely manner. The strategy increases the blockchain’s scalability and widespread adoption for various real-world use cases.
Anyone curious about Phronesis and its technology can find out more by visiting the official website. Through this, visitors can access information on all of the features this new blockchain platform offers. Moreover, the social media pages below offer a great way to stay up-to-date on the latest news about Phronesis.
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