The Oracle of Liberty: The Eco-Friendly Blockchain Consensus Solution

Mining in current blockchain networks requires huge amounts of energy. According to a Cambridge University study the Bitcoin network alone consumes 97 terawatt per year. This is comparable with the annual consumption of electricity by the Netherlands. Experts find it hard to accurately estimate the rate of emissions created as a result of this energy generation. But they agree on one thing: Mining causes extensive damage to the environment. Especially considering that a substantial share of mining capacity is located in China where electric power is predominantly generated by coal-fired power plants.

Unlike other public blockchains TheOoL network consensus does not require any additional expenditures and energy resources. TheOoL still supports PoW consensus algorithm but its hash code is computed by way of ‘useful work’ directed related with transactions within the network.

Each transaction within TheOoL network is a smart contract with several counterparties: Storage/compute server owners, content owners, and content followers. And each of them generates their own unique transaction identifier. The smart contracts are also intended for non-reciprocal transactions. These identifiers are conveyed to all process actors and serve a hash code that is normally computed as a result of mining in other PoW networks. The codes thus generated are subsequently used for signing of a block in TheOoL blockchain, provided they satisfy conditions of the algorithm (let’s call them ‘useful codes’).

This approach allows to exclude conventional mining and, correspondingly, the energy consumed by such mining.

Moreover, TheOoL network effectively eliminates the possibility of the infamous 51% attack. This is because useful code computation is only performed when useful work is performed, and the network hash rate is defined by the number of transactions, not equipment capacity. Most importantly: Each hash code computed by the network user corresponds to at least one hash code computed by another user of the network. The probability that the hash code turns out to be useful is exactly the same for everyone, i.e. the hash rate is always identically distributed across multitudes of users of the network.