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WiMi Announced MHConsensus Blockchain Algorithm Achieving Efficient Data Management

BEIJING, Feb. 16, 2024 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced an improved HBFT blockchain consensus algorithm for blockchains with multiple independent functions, namely “MHConsensus algorithm”. The algorithm aims to achieve more efficient data management and election strategies, and to provide a reliable distributed consistency algorithm to cope with Byzantine faults that may occur in distributed systems.

The Byzantine fault is a non-negligible problem in distributed systems. It involves anomalies in the behavior of nodes, including sending error messages, tampering with information, or being unresponsive, which poses a serious threat to system stability. To address this challenge, WiMi proposed the MHConsensus algorithm, which is designed to ensure that the system can still reach a unanimous consensus in the presence of a Byzantine fault. The algorithm also addresses the consistency problem in distributed systems. In distributed systems, due to network delays, node failures, and other uncontrollable factors, data between different nodes may be inconsistent, which becomes an urgent problem. Unresolved consistency problems will seriously affect the correctness and reliability of the system. The algorithm effectively solves the consistency problem by introducing multiple backup nodes. Each node has its own backup node, when a node needs to update data, it will first send the update request to the backup node and wait for the confirmation of the backup node. Before the data update operation is executed, it must obtain confirmation from most of the backup nodes. This design strategy aims to ensure the consistency of the system even if some of the nodes fail or experience network delays. The key to achieving this goal is to precisely determine the number of backup nodes. Typically, this number should be greater than the number of nodes that can fail in the system. In this way, even if one node fails, the majority of the backup nodes will still function properly, thus maintaining the consistency of the system. This design concept fully demonstrates the rigor and reliability of the algorithm.

In blockchain, the consensus mechanism is an important mechanism to ensure that the nodes in a distributed system agree. The algorithm achieves high throughput of the distributed system and fast confirmation of transactions by dividing the nodes into multiple channels and running the Byzantine fault tolerance algorithm (BFT) in each channel. At the same time, the algorithm also introduces a hierarchical structure to further divide the nodes into master and slave nodes, where the master node is responsible for handling the consensus process of the transaction, while the slave nodes are responsible for verifying and storing the transaction data. This hierarchical structure can improve the scalability and fault tolerance of the system:

Consensus process: The algorithm realizes an efficient consensus process through many channels and layered structure. The master node performs transaction confirmation through BFT and packages the confirmed transaction into blocks, which are then broadcasted to the slave nodes for verification and storage. Slave nodes verify the legitimacy of the transaction and add it to the local blockchain. In this way, the entire consensus process can be completed in a short period, thus increasing the throughput of the system.

Security: In the BFT algorithm, each channel has a master node responsible for handling the consensus process, and the nodes guarantee the legitimacy of the transaction by verifying and signing each other. Even if some of the nodes make mistakes, the other nodes can still reach a consensus by majority, thus ensuring the security of the system.

Scalability: The algorithm realizes the scalability of the system by dividing the nodes into master and slave nodes through a hierarchical structure. The master node is responsible for handling the consensus process, while the slave nodes are responsible for verifying and storing the transaction data. In this way, when the number of nodes in the system increases, the processing capacity of the system can be increased by adding slave nodes, thus realizing the scalability of the system.

WiMi believes that the MHConsensus algorithm has a huge role to play in transactions to ensure consistency and security of transactions. Using this algorithm can achieve consistency of transactions between multiple nodes in a distributed system, provide a high level of security and protect sensitive information during transactions from being tampered with or leaked.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

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Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

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