Posschain overview

Technology allowed the world to unlock capability extensions that generations before could not imagine. However, the tools now part of our daily lives are controlled by a handful of technology giants. Monopolizing an unethical industry, Big Tech essentially sells out its users’ information.

The people want their privacy back, blockchain shows the most promise concerning protecting user privacy. The distributed nature and various forms of encryption in blockchain provide users a way to interact securely through a fair and private system. Although blockchain’s potential is evident, the technology remains in its infancy. Before mainstreaming, blockchain technology needs to overcome a few obstacles: sustainability, interoperability, and throughput.

Each one limits both the scalability and functionality of blockchain technology. For instance, if all blockchains are not able to communicate with each other due to the lack of interoperability, then blockchain technology is not truly decentralized. If the lack of interoperability within blockchains is resolved, will the influx of information result in backlogs due to low throughput? Will the scaling of blockchain technology have a negative environmental impact that overshadows the benefits?

Proof-of-Stake (PoS) cryptocurrencies, particularly those based on chain-based PoSv3 (Proof-of-Stake version 3), are similar to Bitcoin in that they use the UTXO model and longest chain consensus rules. The key difference is that they replace the Proof-of-Work with proof-of-ownership of coins. Potential benefits of the PoS approach range from reducing environmental impact to better security against 51% attacks. Many cryptocurrencies are in fact forks (or at least descendants) of Bitcoin’s codebase, with the PoS functionality grafted in. However, some design ideas are copied over insecurely, leading to new vulnerabilities that did not exist in the parent codebase.

The development team at PossChain pushed the outermost boundaries of blockchain innovation to arrive at a solution. PossChain transcends all current forms of blockchain technology, mainstreaming the industry by addressing scalability, interoperability, sustainability, and usability.