BEIJING, May 2, 2024
/PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or
the "Company"), a leading global Hologram Augmented Reality ("AR")
Technology provider, today announced that it is researching
Blockchain collaborative hybrid consensus, which is an approach to
optimize the performance and functionality of blockchain systems by
combining multiple consensus algorithms and mechanisms. Traditional
blockchain systems typically use a single consensus algorithm, such
as PoW (Proof of Work), PoS (Proof of Stake), or DPoS (Delegated
Proof of Stake), to ensure the security and consistency of the
network. However, these single consensus algorithms have some
limitations in terms of performance and functionality.
The collaborative hybrid consensus can improve the performance
of the blockchain system by combining multiple consensus algorithms
and mechanisms to take advantage of the strengths of different
consensus mechanisms, while maintaining the security and
decentralization of the blockchain. The collaborative hybrid
consensus can be divided into two layers: the base consensus layer
and the collaborative layer. The consensus layer refers to the
underlying consensus algorithms, such as PoW, and PoS. the
collaborative layer refers to a more advanced consensus mechanism
by collaborating different consensus algorithms on top of the
consensus layer. For example, PoW and PoS can be combined to
simultaneously balance security and efficiency. In addition, other
consensus algorithms, such as Authoritative Consensus or Byzantine
Fault Tolerance, can be introduced to enhance the fault tolerance
and attack resistance of the system.
By the collaborative hybrid consensus, a blockchain system can
be better adapted to different application scenarios and needs. For
example, when requiring high throughput, a combination of PoS and
Byzantine Fault Tolerance can be used. In scenarios that require
high security and attack resistance, the combination of PoW and
Authoritative Consensus can be used to enhance the security of the
system.
The advantage of the collaborative hybrid consensus studied by
WiMi is that it can fully utilize the advantages of different
consensus algorithms and make up for the shortcomings of each
consensus algorithm. By working together, it can improve the
performance, and security of the blockchain system and provide
users with better experience and services. By combining multiple
consensus algorithms, the risk of a single consensus algorithm
being attacked can be reduced and the security of the system can be
enhanced. Even if a consensus algorithm is attacked, other
consensus algorithms can still maintain the operation of the
system. In addition, the collaborative hybrid consensus also
supports diversified application requirements by choosing
appropriate consensus algorithms according to different application
scenarios.
In practice, WiMi first integrated different consensus
mechanisms into a framework. This framework is able to dynamically
select the appropriate consensus mechanism based on network
conditions and requirements. For example, in scenarios requiring a
high degree of security and decentralization, the framework may
choose to use PoW, while requiring high performance and low energy
consumption, PoS or DPoS may be selected. The core of the
collaborative hybrid consensus is a dynamic switching mechanism
that allows the blockchain system to seamlessly switch between
different consensus mechanisms. This switching can be automatically
adjusted based on factors such as network load, transaction volume,
and number of nodes. The dynamic switching mechanism ensures that
the blockchain system always operates in the optimal consensus
mode, thereby improving overall performance. The collaborative
hybrid consensus will also likely introduce multi-signature and
sharding techniques to enhance security. Multi-signature requires
multiple nodes to jointly participate in transaction verification
to ensure that transactions are secure and valid. Sharding
technology, on the other hand, decentralizes the storage of
blockchain data on different nodes, which improves the fault
tolerance and attack resistance of the system. The collaborative
hybrid consensus also promotes collaborative governance and
decision-making mechanisms between different blockchains. Through
cross-chain technology and decentralized mechanisms,
the collaborative hybrid consensus enables multiple blockchains to
jointly participate in the decision-making process.
The collaborative hybrid consensus can also be applied to
cross-chain interactions. When cross-chain interactions are
performed between multiple blockchains, the collaborative hybrid
consensus can ensure transaction verification and security between
different blockchains. By introducing multi-signature and sharding
technology, the consensus can improve the efficiency and security
of cross-chain transactions. In addition, the collaborative hybrid
consensus is also suitable for blockchain systems that require high
performance. By dynamically switching between different consensus
mechanisms, it ensures that the system is always running in an
optimal state to meet the demands of high concurrency and low
latency.
The Blockchain collaborative hybrid consensus applies to various
complex and changing application scenarios, and is one of the
important directions to promote the development of blockchain
technology. It is of great significance to study and optimize the
collaborative hybrid consensus of blockchain. In the future, WiMi
will further promote the optimization of blockchain and the
application of collaborative hybrid consensus, and will continue to
optimize the cross-chain interoperability, privacy protection,
sustainability, energy efficiency, and smart contracts, etc., so as
to promote further development and application of blockchain
technology.
About WIMI Hologram Cloud
WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud
comprehensive technical solution provider that focuses on
professional areas including holographic AR automotive HUD
software, 3D holographic pulse LiDAR, head-mounted light field
holographic equipment, holographic semiconductor, holographic cloud
software, holographic car navigation and others. Its services and
holographic AR technologies include holographic AR automotive
application, 3D holographic pulse LiDAR technology, holographic
vision semiconductor technology, holographic software development,
holographic AR advertising technology, holographic AR entertainment
technology, holographic ARSDK payment, interactive holographic
communication and other holographic AR technologies.
Safe Harbor Statements
This press release contains "forward-looking statements" within
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," and similar statements. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements. Among
other things, the business outlook and quotations from management
in this press release and the Company's strategic and operational
plans contain forward−looking statements. The Company may also make
written or oral forward−looking statements in its periodic reports
to the US Securities and Exchange Commission ("SEC") on Forms 20−F
and 6−K, in its annual report to shareholders, in press releases,
and other written materials, and in oral statements made by its
officers, directors or employees to third parties. Forward-looking
statements involve inherent risks and uncertainties. Several
factors could cause actual results to differ materially from those
contained in any forward−looking statement, including but not
limited to the following: the Company's goals and strategies; the
Company's future business development, financial condition, and
results of operations; the expected growth of the AR holographic
industry; and the Company's expectations regarding demand for and
market acceptance of its products and services.
Further information regarding these and other risks is included
in the Company's annual report on Form 20-F and the current report
on Form 6-K and other documents filed with the SEC. All information
provided in this press release is as of the date of this press
release. The Company does not undertake any obligation to update
any forward-looking statement except as required under applicable
laws.
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SOURCE WiMi Hologram Cloud Inc.
