Introduction to Globo Protocol
The Globo Protocol is a special consensus algorithm and data structure making it possible to work with microtransactions faster, fairer, and more secure compared to other Blockchains. For instance, it surpasses Ethereum and Bitcoin blockchains in the efficiency. This becomes possible due to two special techniques: the Random note about the Random note and Virtual Voting.
The Globo network can be used for linking devices with each other and allows them to exchange data. The devices inside the Globo Network will handle thousands hashing transactions per second locally and machines wouldn’t need to pay huge fees. Transfer ZERO GloboX with verified transactions from one machine to another without VPN as this payment/transactions system solves the issue. The SmartWeb Group and PayPal are working in collaboration to create tons of use cases to bring the billing process into the machine to machine communication.
Outstanding speed enabling fast microtransactions utilization
Bank-grade consensus security level (resilience to different types of attacks, mathematical proof of ordering fairness, etc.)
Using timestamps for verification
Transactions verification; eliminated need to use VPN
No fees for making transactions
How Does It Work?
Random note algorithms
The Random note is a term from computer science, which means calling any random node and exchanging information with it that it does not have. The minimum bandwidth or ‘baseline’ required in distributed ledger technology is that the transactions go to each node. That’s the reason why that random node protocol can achieve exponentially fast sync transfer. And what about the Random note about the Random note, it is all about attaching a small additional piece of information to the Random note or transaction payload, which communicates two hashes with the last two people who talked to. This information allows Globo Protocol to be built and updated all the time as the information is ‘random noted’ on each node.
The Horst function
SmartWeb Group has implemented a special hash function for a work with microtransactions named ‘Horst’ function. This enables the Globo Protocol to handle numerous transactions per second, thus providing extra-high efficiency. This protocol became a star in the automatization process in more than 60 countries and for more than 50 corporations (see references). The hash algorithm used for its creation described in a white paper about DB Prism (the Deutsche Bank project). The largest shareholder and CEO of the company was Andreas Burwick, the CEO of the SmartWeb Group.
3 Steps to Make Transaction
To broadcast the transactions to your neighbors you need to cover all these three steps and wait for a transaction to be accepted by the network.
Constructing the signing inputs bundle
In Globo Network, there are two transactions types:
Value transfer transactions (they have to sign inputs)
The transaction with no value transfer
Bundle constructing is fairly simple. When it comes to the transaction inputs signing, that works libraries on the client’s side. Don’t worry about the private key or gets seeded sent to third party people!
Tip Selection Process
In this process, your local tangle is normally traversed to choose 2 randomly chosen transactions. While this, your transaction will validate them and add to the bundle construct. After that, they will be given branchTransaction and trunkTransaction names correspondingly.
Proof of Work
The network accepts each transaction in a bundle only requiring a nonce. For each such a transaction, a little Proof of Work is required to enable spam-resistance and Sybil-resistance. The bundle should be: (1) constructed, (2) signed, (3) the tips are added to the bundle. Only then this need appears.
Bank-Grade Consensus Algorithm
The Globo Network uses Global Consensus Mechanism. This consensus algorithm envisages the last Blockchain link agreement. When the protocol is built, it’s easy to know which node would actually vote. That’s due to the fact we know both what and when every node knows it.
What does it mean for us? Asynchronous Byzantine Fault Tolerant system means that we know for sure when we will achieve consensus. The math proofs make no assumptions about the Internet connection speed due to DDoS attacks, firewalls, botnets, viruses, etc. It also guarantees high speed as we use fair ordering as well as the Random note protocol with a timestamp on every event taking place in the network. 5 different approaches to reach distributed consensus:
Proof-of-Work (Bitcoin started to implement this)
Leader-based systems (PBFT, Raft, and Pacts)
Economy-based systems, or Proof-of-Stake in other interpretation
Voting-based systems (which are, unfortunately, too slow to be used in the wild)
The Globo Protocol, a solution embracing virtual voting with incredible efficiency as it sends votes without uploading them to the Internet.
The Globo Protocol was able to become the only bank-grade consensus algorithm due to the following properties:
Asynchronous Byzantine fault tolerance mathematical proof;
All major attack kinds resilience: firewall/virus attacks, DDoS, Sybil attacks, network partitions;
Mathematical ordering fairness proof, access, and timestamps.
Blockchain vs Globo Protocol Terms
The Globo Protocol’s team do not endorse the sensational statements that it can outshine Blockchain. Despite the protocol has some advantages over how the Blockchain-based algorithm operates, the last thing we want is to diminish its significance. Blockchain can be rightfully named an older brother of the Distributed Ledger Technology. We’re grateful and proud to follow this way proposing new views and ideas, implementing better algorithms and solutions. We can see no reason why Blockchain and the Globo Protocol couldn’t keep a fruitful tandem. The only thing that differentiates us from Blockchain appliance is better efficiency in enterprise cases, which does not interfere with the Blockchain area of utilization.
We admire networking and respect, which are usually present in a community. That’s why all the efforts Blockchain scientists and developers pushed to give Blockchain a rise are deeply admired and valued by our team. Moreover, we are working in the same field with these specialists and have the same goal. Together with this, we believe that our protocol will lay the foundation for a new invention. Every great thing was nascent previously. Then, perhaps, you also will be able to become a part of this great start, and after some time you can safely say you stood at the origins of a new invention.
Secure & Fast Protocol
Performance test results are coming
You don’t have to trust us that the Globo Protocol is super-fast. The formal performance investigation results will be available very soon. At the same time, we will provide the software allowing you to personally validate the results for yourself. The thing is that the number of transactions p/s, if provided, would be meaningless. To evaluate results to the fullest, one can see all of the details such as a number of nodes, CPU, transaction size, bandwidth, latency, etc. This details will be provided in our report, containing everything needed to characterize results.
How Globo manages security
In the Globo Protocol, each node contributes to transactions validation. This approach is different if compared to the Blockchain where only a small subset of participants (miners) is responsible for validating them. At the same time, this new method envisages only very small fees needed to make transactions enabling using it in micropayments.
There are many consensus algorithms, each having different features and characteristics. A BFT consensus algorithm guarantees a moment in time where all participants reach consensus. This type of an algorithm guarantees the consensus has been reached. PoW consensus algorithms instead envisage that participants slowly gain confidence that consensus is near and has no guarantee they’re not wrong.
The BFT has different levels of assumptions made about the network and message transmission. Among them, an asynchronous BFT is the strongest algorithm. The Globo Protocol uniqueness is in supporting asynchronous BFT as the highest level consensus while remaining very efficient.
Outside interferences prevention
At the same time, asynchronous BFT unwillingly allows attackers to control the network: delete, slow down separate messages, etc. The assumption which holds the basis is that less than ⅓ of participants are attackers. So, this kind of a system is secure only if they can not interfere the messages timing too much. That forces developers to create hybrid systems which are partially asynchronous. A partially asynchronous system proves Byzantine assumption that messages get passed over the Internet in only 10 seconds, which ignores the botnets reality. In simple words, they prove to be slightly secure in the real world (or asynchronous less-than-Byzantine) but not fully secure in a fantasy world (less-than-asynchronous Byzantine).
A Sybil attack is best known as an attempt to compromise a network creating numerous spurious identities. By acting in collusion they inappropriately impact the network, especially in public DLTs (where no special permissions are required for new nodes). The Sybil protection is implemented by appropriately weighting & allocating different nodes votes. The Globo Protocol can be deployed in some different vote weighing models: to weight its working abilities, its willingness to risk some value, or a node’s stake in some currency.
A Distributed Denial of Service attack (DDoS) aims to disrupt the whole network transactions flow by targeting a few computers. The DDoS vulnerability level varies for different DLTs. For example, when leader-based systems give unique permissions to a current leader it becomes a bottleneck and a target for the DDoS attack, no matter if the leader is changing as other nodes always know the current leader. Instead, PoW systems are rather resilient to DDoS as it’s a real problem for attackers to predict an appropriate miner: for an attack to become successful, the attacker should know which miner to target. The Globo Protocol has its own resilience practice as doesn’t use PoW due to its inefficiency and cost, but neither does it have a Leader.
As for the fairness, it refers to the DLTs ability to prevent the transactions ordering manipulation. The fairness in the Globo Protocol is implemented as all transactions serialization with cryptographic timestamp addition. This differs from what blockchains usually do as miners there determine the transactions order in each block as the transaction order is important in some cases. To make the system fair, the Globo Protocol orders transactions according to the median timestamp.