WiMi Announced the Innovative Application of RAFT Consensus Algorithm in Blockchain to Build a Secure Data Management Model

BEIJING, May 15, 2024 /PRNewswire/ — WiMi Hologram Cloud Inc. (NASDAQ: WIMI) (“WiMi” or the “Company”), a leading global Hologram Augmented Reality (“AR”) Technology provider, today announced that RAFT consensus algorithm is used in blockchain to guarantee data consistency. RAFT consensus algorithm, as a concise and easy-to-understand distributed consistency protocol, is especially suitable for closed or semi-closed network environments with stringent performance and deterministic requirements, such as federated chains, private chains, or internal components of specific blockchain systems. Its main technical advantages include efficient, fast and orderly log replication and efficient data synchronization.

The RAFT consistency algorithm adopts a Leader-Follower architecture, where only one active leader node in the system is responsible for handling client requests and log replication. This design simplifies the system state management and makes the decision-making process more centralized and efficient. The leader node can quickly respond to client requests, avoiding the time-consuming negotiation between nodes that may exist in the traditional consensus mechanism, and significantly improving the decision-making efficiency of the system. When the leader node fails or the network is partitioned, RAFT can determine a new leader in a very short time through the election mechanism. The election process follows strict rules to avoid competitive conflicts among nodes, ensuring that the system can quickly restore services and maintain high availability. Compared to other consensus mechanisms that may have long leadership vacancies or double spending problems, RAFT’s election mechanism provides a more stable operating environment for the blockchain system. The leader node records incoming client requests sequentially into the log and is responsible for replicating the log entries to all follower nodes. RAFT ensures the sequential consistency of the logs across different nodes through a series of rigorous mechanisms. The log entries are considered committed upon confirmation by the majority of the nodes. This mechanism ensures the global consistency of the data, which guarantees a consistent evolution of the node state, both in normal operations and in abnormal situations such as network partitioning and node failures.

WiMi’s RAFT consensus algorithm can be deeply integrated into the blockchain system architecture to achieve significant improvement in the performance and reliability of the blockchain system. Its application scenarios mainly include efficient consensus in alliance chain/private chain scenarios, performance optimization in sidechain/subchain design, and reliability enhancement of system components. RAFT can be used as the underlying consensus mechanism in alliance chain and private chain projects for specific industry alliances or partners. Since the participating nodes are strictly authenticated and relatively limited in number, RAFT’s strong leadership mode can ensure rapid consensus, significantly shorten transaction confirmation time, and easily cope with highly concurrent transaction scenarios. At the same time, the orderly log replication mechanism ensures the precise synchronization of node status, which fundamentally enhances the data consistency and reliability of the system. When building multi-chain architecture, Raft can also be utilized to provide efficient internal consensus services for sidechains or subchains. Sidechains/subchains focus on processing specific types of transactions, executing specific business logic, and interacting with the main chain through cross-chain protocols. RAFT algorithm enables sidechains/subchains to independently and quickly process relevant transactions, effectively dispersing the pressure on the main chain and improving the scalability of the whole system. At the same time, RAFT ensures the consistency of data within the sidechain/subchain and avoids the business chaos caused by data inconsistency. In addition, the RAFT algorithm can also be utilized in key components such as storage modules and management services of the blockchain system to ensure the consistency of data within the components. For example, RAFT is utilized to manage replicated state machines to ensure that each node state machine executes the same instructions in the same order to avoid state divergence. In the management service, the RAFT protocol is used to ensure that the system configuration information is synchronously updated to prevent service interruption or data confusion caused by configuration inconsistency.

In the future, WiMi will continue to explore the in-depth integration of the RAFT consensus algorithm with other consensus mechanisms, which is expected to further broaden the application boundaries of blockchain technology and adapt to a wider range of more complex blockchain application scenarios, empowering more industries to achieve secure, efficient and trustworthy data management, and injecting strong momentum into the development of the digital economy.

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

This press release contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company’s strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services.

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.

View original content to download multimedia: Read More