RaiBlocks December 2014 and began the beta implementation shortly

RaiBlocks is a minerless cryptocurrency with no transaction fee that works upon a unique development of the blockchain known as a ‘block lattice’. With improved latency, a novel scalability solution, energy efficiency, and true decentralization, RaiBlocks aims to deliver on what most altcoins have failed to adequately achieve. In the teams own words: “RaiBlocks is designed to be a scalable, instant transactions and zero fees by design cryptocurrency.”HistoryRaiBlocks is the brainchild of Colin LeMahieu who wrote the first RaiBlocks paper in December 2014 and began the beta implementation shortly afterward.In October 2017, RaiBlocks’ captcha-based faucet distribution system came to an end after 2 years. November saw the QR Code standardized, the desktop wallet updated and the alpha test of the mobile wallet.FeaturesPerhaps the most notable thing about RaiBlocks is its block lattice structure which means that each account has its own blockchain, with each block containing a single transaction. This personal blockchain cannot be changed by anyone else and is controlled by the account’s private key. When funds are sent, two blocks are created: one send block on the sender’s personal blockchain and one receive block on the receiver’s blockchain. The receiver then ‘pockets’ any outstanding funds by signing the receive block with their own private key so that the transaction may be added to their personal blockchain. Effectively, the only thing needed for a successful transaction is the user’s cryptographic signature on the send and receive blocks. When the node syncs, it scans through the ledger to ensure that the signatures are authentic and the transaction is confirmed. In order to avoid double spend attacks and conflicting transactions, the confirmation system uses ‘representatives’ which are special nodes in the system, always online and run by trusted individuals, that act as voting proxies for each account. In these cases, a so-called ‘balance-weighted vote’ is used to reach consensus – the weight of a representative’s vote depending on how many RaiBlocks are linked to it.Seeing as each RaiBlocks account maintains its own blockchain, there is no need for miners to verify transactions in the system. As well as doing away with the tendency towards mining becoming centralized over time, this also solves the highly polemic energy concerns that have been plaguing the likes of Bitcoin and others in recent months. It also means that the system is safe from mining attacks and allows for truly feeless transactions no matter what volume of transactions are being made.The RaiBlocks’ team motto is “doing one thing and doing it well”, and considering the fact that they have managed to develop a trustless, low-latency, infinitely scalable cryptocurrency with no fees and instantaneous, secure transactions, it would only be fair to conclude that, at least until now, they have managed to live up to it.