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The hottest topic in the global blockchain field is the Casper protocol announced by Ethereum. Transferring from the high energy consumption of PoW to the energy-efficient PoS is the core goal of the Ethereum development team.
The blockchain system protected by the consensus mechanism PoW was proposed by Satoshi Nakamoto. It needs powerful computing and a high-performance internet infrastructure. According to statistics, the electrical power consumed by global miners for Bitcoin mining is more than the yearly electricity output of 159 nations.
PoS is a system which issues additional coins to miners who already own coins for that system; coins are awarded according to coin age, and coin age is calculated by total amount and duration of time the coins have been held by the miners. In PoS, profit from mining and coin age are in direct proportion, profit is not determined by the performance level of computers.
PoI Achieves a Business Value of Cryptocurrency
In contrast to PoW and PoS, blockchain startup Business Interactive Reward Coin(BIRC) proposes a brand-new mining concept, ‘Proof of Interaction (PoI)’. In PoI, mining is performed by completing ‘interactive actions’, and profit is calculated by ‘total number of interactions’ rather than by computing power or coin age. For these two indexes, BIRC defines the interaction scenarios of shops and guests. This is completely different from PoW and PoS. PoW and PoS are solutions for blockchain technology, but PoI is a practical solution for offline business activities. It can solve some of the problems of offline business activities that have existed for a long time, for example having no substantial reward for shop commenting or review, O2O inefficiency, or issues with the credibility of centralized commenting mechanism, among others. At the same time, under this technology architecture, cryptocurrency applications can be integrated into daily life more quickly.
Every interaction scenario has three necessary interactive actions (1. Review, 2. Comment, 3. Post an image) and one or more additional designated interactive actions customized according to different scenarios. For example, there is a designated ‘watching’ action for exhibition activities, and a ‘running’ action for fitness centers. These application scenarios and actions will be constructed progressively on the BIRC’s base layer protocol.
Constructing an Offline Business Ecosystem, Speeding up cryptocurrency business applications
BIRC that proposes Proof of Interaction will release the Business Open API to 3rd party application platforms for two-way connection. For example, POS system developers can connect with BIRC, and in this way interactions in restaurants can be recorded on the BIRC blockchain in real time. Developers of IoT-supporting treadmills can feedback ‘run-data’ through API, then PoI can issue rewards according to pre-defined scenario.
Compared with the flourishing blockchain technology, the blockchain-application field still lacks a ‘killer application’ for people willing to use cryptocurrency. Currently, cryptocurrency is still just financial hype for some engineers and financial speculators. BIRC will constitute a complete offline business ecosystem with its Business Open API. It is estimated that by 2020, the barriers to using cryptocurrency will have been reduced significantly and the last mile of cryptocurrency application will be achieved.
Business Interactive Reward Coin(BIRC)
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