The update of the node network of the Bitbon System replacing the Ethereum PoW consensus algorithm with Community PoS developed by Simcord has been carried out in accordance with the Bitbon System White Paper.
We would like to point out that this update is a preliminary stage of launching Consensus building mining in the Bitbon System. The preliminary stage includes the use of the Community PoS consensus algorithm with a representative set of Assetboxes to ensure the functioning of Community PoS until the official launch of mining. The network of the Bitbon System will be significantly expanded with the launch of the full version of Community PoS with participation of Bitbon System Miners.
The launch of the new consensus building algorithm of the Bitbon System increases the transaction processing speed up to 5,000 per second, which is more than 380 times faster than the network speed of the first cryptocurrency, Bitcoin, and more than 290 times faster than that of the original Ethereum. Essentially, the efficiency of the Bitbon System blockchain has come close to the transaction processing speed of global financial networks, such as Visa and Mastercard.
Moreover, as a result of this update, the load on the technical components of the Bitbon System decreases, therefore, decreasing the energy consumption for servicing tokens of the Bitbon System, which is a big technological achievement in the development of the Bitbon System and in the field of distributed ledger technologies as a whole.