Decentralization is implemented by PoW consensus at the expense of almost unlimited number of block-producers (hundreds of millions), and speed from 1000 tps and confirmation of 5-8 seconds due to connection of nodes with each other in the form of a multidimensional regular grid and fast delivery protocol of blocks. The new merged sharding protocol allows us to add new chains without losing network security, increasing the total network speed to 1 million transactions per second.
Traditional blockchains do not use the ordering of nodes with each other. This random organization of links does not guarantee fast delivery of blocks between all nodes. In Tera, nodes organize themselves into an orderly manner of communication.The blockchain takes no longer than 3 seconds to deliver data from the 1st node to the last one. To achieve this, the nodes are connected to each other in a special connection, based on the similarity of the addresses of nodes with each other.
TERA is a truly decentralized blockchain with almost unlimited number of blockchain manufacturers (hundreds of millions). It is not 20/40 nodes as blackany made by consensus of the DPOS. We don't have to pay to create your node and we don't have to vote to become the node that creates the blocks. We have free entry, we have PoW consensus.
Tera blockchain supports 1000 transactions per second, and the block is created every second, while maintaining all the functions of the classic blockchain and providing great opportunities for further development and seamless integration with the existing infrastructure, as well as with new technologies.
Coins are stored in accounts similar to Bank accounts. Account numbers (ID) have a short name. To verify the correctness of the payment, each account has a public name. You can assign a smart contract to each account to manage it intelligently. The system provides safe and easy management of your financial assets.
In the Bitcoin network, to protect the user against double spending, it is necessary to wait for at least 10 minutes, sometimes 1 hour. In the Tera network, blocks are created every second, and the first confirmation time is 8 seconds, but if you want the same degree of reliability as in the Bitcoin network - you need to wait for the same duration. The duration of time you wait correlates to the degree of reliability. There is no magic here; in any PoW algorithm, you exchange time for reliability. In TERA, we have made a more flexible choice. You can wait 8 seconds, 1 minute, or 1 hour (if, for example, transferring sums worth millions of dollars).
Each block has a limit of 130 KB; the average transaction size is 130 bytes, so an average of 1000 transactions per block is placed. Each transaction must have a PoW field, which records the work done to calculate the hash. This field is used to determine whether or not this transaction is included in the block. It must be at least a certain value and must be sufficient to compete with other transactions. Only the first (approximately) 1000 transactions with the highest PoW values are included in the block.
This is the next generation of smart contract development, any service can be implemented as a decentralized program that does not require a centralized server for hosting (serverless technology). The original script of the program is not available for modification by third parties and is free from censorship. They can work forever and belong to no one. Thanks to the static calls of smart contracts, you can use the blockchain directly as microservices, this allows you to use the blockchain in real life without installing any programs.
12.01.2020 With pleasure we want to say Happy New Year to all of you and introduce The Tera Bulletin - 1 where we would like to share with you the recent Tera developments, achievements, short-term and long-term plans and goals.
05.01.2020 In the new year 2020, the community will be able to contribute to the development of the Tera blockchain through donations.
25.12.2019 Video about TERA: https://youtu.be/e4ptiQAagHM
14.12.2019 JINN-lib demo: https://terafoundation.org/JINN/model/model.html