Finally! A green version of blockchain, much criticized for its carbon footprint, has arrived. RubiX is greener, faster, and more secure. What more could you ask for?
Key takeaways on RubiX
- RubiX is a carbon-free alternative to the Bitcoin blockchain, which is extremely electricity-intensive.
- The RubiX blockchain is a million times more secure than the Bitcoin blockchain.
- It can handle 10 million transactions with 2 million users, whereas Bitcoin can only handle 7 with the same number of nodes.
- The blockchain is free, you only need one of their tokens for each transaction.
- RubiX offers smart contracts for developers and the possibility to craft NFTs in 48 hours.
What is RubiX? Zero emission, maximum speed
RubiX is a Blockchain-as-a-Service (BaaS) and security solutions company, which recently launched its free and open-source public blockchain. The company is planning to launch its RubiX (RBX) public chain in Q2 2021.There will be native protocol tokens for the RubiX blockchain which will be available for purchase for both companies and individuals looking to invest in the new technology.
What is most special about RubiX is that it reduces carbon emissions by 100%, while at the same time being faster than previous blockchain solutions. The issue with Bitcoin is that it consumes more electricity than most countries in the world, accounting for 0.6% of the world’s total electricity production. That is more than the entire consumption of Norway…
RubiX is also the most secured blockchain to date. It is 1,000,000 times safer than Bitcoin’s ECDSA 256 encryption algorithms, the cryptographic algorithm used on the Bitcoin blockchain to secure transactions.
The RubiX (RBX) proofchain was built on Proprietary “Proof of Harvest” (POH) – a mechanism name coined by RubiX – to facilitate cloud-to-chain migration, which meets the need of a variety of enterprise-level applications, such as NFTs, Dapps, Payments, and Smart Contracts.
“Our goal was to cut down the Carbon Emissions caused by Bitcoin and other Proof of work (POW: the way in which transactions are verified by other participants of the chain) based blockchain mining activities, using a secure proof-of-harvest alternative that’s cryptographically superior to the current blockchain platforms,” says Chakradhar Kommera, Chief Technology Officer at RubiX. “Our solution can be used to democratize an unlimited number of industries and is driven by users, not investors. 100% of RubiX tokens are meant for eco-friendly mining without any carbon emissions. Smart contracts & NFTs consume more energy than simple coin transfers with current POW protocols, hence there is an even bigger need to use a sustainable blockchain technology.”
XSense, RubiX's BaaS solution (Source: RubiX website)
How does the RubiX technology work?
The system rests on real-world Distributed File System (DFS) based on content-based addressing for data storage. RubiX also employs post-quantum and cheating-immune non-linear secret sharing cryptographic technique which help multi-party computation-based consensus. Post quantum refers to the fact that the system is immune to quantum computers. “Multi-party computation-based consensus” is a subfield of cryptography where multiple parties can jointly compute a function with their inputs, whilst keep these inputs private. In other words, it is a technology which allows decentralized functions with increased security.
According to the company, RubiX can achieve 10 million transaction per second with 2 million users, whereas Bitcoin can only perform 7 (not million) with the same number of nodes. There are primarily two types of supported tokens: utility tokens called RBX, and asset tokens – which are non-fungible tokens, unique and non-transferable, like the ERC-721 tokens of Ethereum.
The main difference with bitcoin is that on the bitcoin blockchain, a block once included in a blockchain in the past is only as safe as the number of blocks that have been built on top of it, expending more computational work behind this particular chain. With RubiX, you have a parallel chain architecture, which means that millions of such transactions can be performed simultaneously.
In other blockchains, Proof of Work (POW) consensus algorithm is an energy-intensive process. The protocol requires each node to store the entire global state, making the operation highly inefficient. In RubiX, one node stores the data of its own transactions, but has nothing to do with the transactions of the other nodes. This new method is called Proof of Harvest (POH). It is much lighter to operate and thus, has less carbon footprint.
The system is lightweight enough to operate on laptops, desktops, mobile devices and even IoT devices. It is a highly scalable blockchain solution, with a wide variety of privacy features.
What can I do with RubiX?
For companies, RubiX offers a blockchain solution that is not only green, but also ultra-secure. With XSense, its BaaS product, a company can go for a zero-trust, distributed solution that is completely passwordless.
They also offer smart contracts for developers, which can then become actors of the open source blockchain. They also launched a series of dApps that scale better on decentralized networks. These can be built on top of the network to create a digital version of any real-world asset.
RubiX also prepared a solution to launch your NFTs in less than 48 hours. With the rising popularity of NFTs, the company wanted a simple and easy solution to craft them. The difference with NFTs on other blockchains is that RubiX builds its own solution, with a proprietary QR code which eliminates the risk of having duplicates across platforms. Same, but safer.
RubiX is currently handling more than three million unique weekly active industrial users – more than any other public blockchain at this point of time.
RubiX NFTs (non-fungible tokens) vs. that of other blockchains (Source: RubiX website)
What will be the effect of RubiX on other blockchains?
With such a young blockchain, it is hard to determine its impact on other competitors and blockchain solutions, as this will highly depend on their success, adoption, and growth rate.
However, if the solution does live up to its promises, being faster and more secure than the bitcoin and Ethereum blockchain, as well as being 100% emission-free, it seems likely that it will steal market share from other existing competitors.
In any case, the project could be of very high interest for ESG funds, which usually have to avoid blockchain-related investment due to its extremely high electricity consumption.