I have written an earlier article on Monet and its salient features, you can find it here
Evolution of distributed computing
With the growth in computing power of computers and devices such as smartphones, there has been a general shift from centralized servers to fat clients. This has enabled applications to leverage more custom use of computer resources even though the management of the resources was made more difficult unlike in a traditional client-server model. The maturity of web applications in the 2000s and the general reduction of computer resources such as mass storage and other external factors heralded the rise of cloud computing.
In the traditional client-server model, the server outputs resources commensurately to the network load created by all the clients that it serves. Use of failover and load-balancing are employed to ensure optimal operation of the applications as the server scales. The downside of client-server model is that a server can be targeted by hacking and other security risks because servers create a single point of failure.
Future of distributed computing? Blockchain & mobile device penetration
Blockchain technology is a protocol for computers to communicate and interact in a trustless manner. This improves on antecedents of peer-to-peer networks. All the clients are co-equal in a non-hierarchical network. Other peers make up for resource downtime in case of one the nodes on the local network goes offline.
✅The increase in mobile phone internet usage is revolutionary. There are more than 5 billion mobile device users leading to the increased creation of web and mobile apps. The developments of computing power of these devices make them fitting to offer more resources.
Think of it this way. The ‘old’ way of building applications required employees to be within the workplace where they can be able to use the resources available. Now, with the 8-5 workday coming under intense scrutiny, organizations are looking at other innovative ways to add flexibility to work. Whether staff change location, if they can be able to leverage mobile devices and carry out robust applications on the go without being limited by location, whether at home or on site.
In addition, for developers, web apps are popular over standalone desktop applications because of the ease of deployment.
☑️A Hashgraph/blockchain P2P solution: Monet
Monet is a project that uses hashgraph and blockchain to create an all-inclusive architecture for the next generation mobile applications. Right now, the limitation with using the existing blockchain infrastructure are the technical constraints. Monet solves this cleverly by using Hashgraph for application runtime functions. Hashgraph technology is able to arrive at consensus much quicker and therefore a higher throughput. Monet creates localized ad hoc blockchains that offer the totality of a computer’s running resources, enabling the application to obtain those requirements frtom the P2P network instead of the traditional client-server model. These blockchains are created on demand and they serve short time periods after which they are closed.
Why Hashgraph?
The tension between Hashgraph and blockchain is a never-ending debate. Hashgraph may not have haloed blockchain ideals but it offers more improved blockchain benefits without the compromises. In a permissionless blockchain, the nodes involved in consensus are not known beforehand therefore, the underlying protocol has to factor in the lack of trust between strangers. As such, the protocols also have to be bootstrapped for malicious Sybil attacks. The fact that a permissionless blockchain has to factor in resources to take care of these two issues vastly reduces the overall performance of the system. Ethereum supports up to 20 tx per seconds which is not sustainable for vast application of dapps. Cryptokitties comes to mind.
Hashgraph is designed towards a market of decentralized applications with clear advantages over blockchain. In a hashgraph, the identities of nodes are known beforehand. These are severely vetted to ensure security of the overall chain. No defense against Sybil attacks has to be installed thereafter, ensuring that resources are dedicated towards performance. This enables the amount of transaction throughput to be increased severally unlike public blockchains like Ethereum or Bitcoin.
Babble Blockchain
Babble is the standout product of the Monet ecosystem. Based on Hashgraph, Monet is a fit-in software that provides BFT consensus to applications in any programing language. This enables native mobile apps to leverage resources in a P2P environment easily by boostrapping the Babble component.
Local environments are created on demand through a connection of nodes which meet certain requirements. Transactions carried out in these localized environment are catalogues on the main Monet blockchain, the Monet Hub through a gossip by gossip protocol. The use of Inter-Blockchain Communication Protocols enables communication and cross-checking of verified local transactions in a trustless manner. Through this, the whole network is made aware of transactions that have been recorded within an ad-hoc blockchain. Most of the technical performance qualities of Monet have been covered in the earlier article here.
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To join the Monet community today, follow the following important links:
Telegram: https://t.me/MonetNetwork
Website: https://monet.network/