Safe stream aims to address the dilemma of using blockchain platform, where one has to trade accessibility of platform on one hand with the cost of running and energy usage, and the security on the other. We will introduce a new and revolutionary distributed ledger protocol that replaces Proof of Work (PoW) with Proof of Space (PoSc). This is our core innovation with significant costs reduction, sustainability impacts, and ever increasing democratisation of technologies that could deliver significant social impacts.
Proof of Space
There is an increasing recognition and use of blockchain technologies in various industries from finance to IoT to healthcare. However, the dilemma of increasing costs of the conventional blockchain technologies (high transaction costs), the increasing energy usage, and the reduced accessibility could hinder use of such technologies, or in some cases (for example, platforms based on Proof of Stake) limit it in the hands of a few with greater resources. Such limitations could hinder the use of blockchain technologies and its applications. We have designed a protocol based on Proof of Space (PoSc), that addresses the limitations of the existing protocols and has a disruptive capacity by reducing energy usage (5000 times less than bitcoin), reducing transaction cost, and increase accessibility and social inclusion by utilising a resource that is widely available (storage space of phones, PCs, etc vs high costs mining machines for bitcoin).
The two dominant existing protocols in the market (bitcoin based on PoW, and Ethereum based on PoS) have the mentioned limitations. Newcomers such as Chia Network and Burst coin are working on developing such protocols, and despite being well-funded, still have shortcomings in their networks, which we have addressed. Other organisations, Safe Network and Storj, are working on the idea of using storage space to develop a decentralised storage and communication systems, but do not necessarily develop a blockchain protocol and platform that is at the infrastructure layer similar to the one we aim to create. It is worth to mention none of these networks (with the exception of Safe-Network) are based in the UK.
Following significant research, Safe Stream team members and advisors have designed and perfected a blockchain protocol that utilizes unused storage space for consensus mechanism, delivering a Green and Sustainable cryptocurrency and fully decentralised platform that uses significantly less energy than Bitcoin, and increases social inclusion, trust and reliability, and has the potential to deliver significant cost reductions and economic value to various industries and the UK economy as a whole.