Phronesis: Transforming DeFi and Web3 with AI and Low Transaction Fees Sep 12, 2023 Sep 12, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsSeptember 12, 2023 by Kelly Cromley

Phronesis: Transforming DeFi and Web3 with AI and Low Transaction Fees

In an ambitious endeavor set to reshape the Decentralized Finance (DeFi) and Web3 sectors, Phronesis is harnessing Artificial Intelligence (AI) and its proprietary consensus technology. Phronesis’ innovative approach extends its utility to real-world applications across diverse sectors, including supply chain, gaming, finance, energy, and more. Central to Phronesis’ evolution are two pioneering elements: Sophia, an AI Statistical Consensus Mechanism, and the Indirect-Low Transaction Fee Management Protocol. These groundbreaking components set Phronesis apart, with the overarching goal of facilitating lightning-fast transactions at minimal costs, effectively removing barriers in the blockchain landscape.

Sophia, the core of Phronesis, transcends conventional AI systems. It operates as an intelligent algorithm employing a statistical consensus mechanism to meticulously analyze node metrics. This mechanism categorizes validators, streamlining transaction processing within the network. Consequently, the block production process accelerates significantly, resulting in transactions that are not only faster but also more reliable and cost-effective compared to those burdened with high fees on other blockchains.

Sophia’s innovative mechanism classifies validators into three distinct groups based on transaction fees, each assigned its dedicated validators for immediate processing. This streamlined structure benefits end users, node operators, and developers alike. Moreover, Sophia ensures the integrity of the entire Phronesis block sequence through a deep learning mechanism that continuously monitors the network.

Taking another stride in innovation, Phronesis integrates machine learning for auto-response, bolstering network security against potentially harmful actions. Sophia’s mechanism further encourages active participation among validators by strategically utilizing metrics to switch validator categories, ensuring a responsive and agile network. In essence, Sophia represents a transformative milestone, placing artificial intelligence at the heart of the system.

The Indirect-Low Transaction Fee Management (Indirect-LTFM) Protocol stands as a distinct feature of Phronesis, revolutionizing transaction processing by effectively minimizing fees. This protocol diverges from the conventional blockchain systems where users often contend with high transaction fees to expedite processing.

The Indirect-LTFM Protocol champions fairness within the blockchain ecosystem. In traditional systems, high transaction fees serve as incentives for validators, frequently fostering greed among these crucial network participants, including miners who maintain and safeguard the ledger from threats. Phronesis, however, offers a pioneering solution to this challenge. It manages low transaction fees through a unique system comprising super, fast, and average nodes, which collaborate strategically to prioritize low-fee transactions even in high-volume, high-fee environments.

The outcome is a protocol that maintains high-speed transaction processing at a significantly lower cost, embodying the essence of the Indirect-LTFM Protocol—an innovation poised to redefine blockchain technology, courtesy of Phronesis. Phronesis distinguishes itself as the first EVM (Ethereum Virtual Machine), Proof-of-Stake Layer 1 blockchain that leverages the Sophia Protocol and the Indirect-LTFM (Low Transaction Fee Management) Protocol. This groundbreaking technology enables transactions to be completed in under 0.9 seconds at an average cost of USD 0.00001 per transaction, achieving an impressive metric of 31,000+ transactions per second.

The Lucky Transactions Protocol, another facet of Phronesis, mandates validators to promptly include extremely low-fee transactions in new blocks. This strategic approach bolsters blockchain scalability and positions Phronesis for widespread adoption across diverse real-world use cases. Phronesis, with its fusion of AI-powered consensus mechanisms and innovative fee management protocols, is charting a transformative course for the blockchain industry. By significantly reducing transaction costs and enhancing transaction speed, Phronesis is poised to unlock new possibilities across DeFi, Web3, and a myriad of real-world applications. As the blockchain community eagerly awaits the full implementation of Phronesis’ groundbreaking solutions, it is evident that this technology heralds a new era of efficiency, accessibility, and scalability in the blockchain ecosystem.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.