BEIJING – WiMi Hologram Cloud Inc. (NASDAQ:WIMI), known for its holographic augmented reality (AR) technologies, announced today a new blockchain consensus mechanism designed to enhance network efficiency and security.
The mechanism integrates an improved distributed consistency algorithm with a hash entropy algorithm, aiming to address issues such as performance bottlenecks and vulnerabilities in traditional blockchain systems.
The company’s improved distributed consistency algorithm is said to ensure a uniform state across all network nodes through advanced message passing and state synchronization. This approach is expected to be more scalable and fault-tolerant, potentially solving problems associated with single points of failure in existing mechanisms.
In conjunction with this, the hash entropy algorithm is employed to bolster the security of transactions within the blockchain. By leveraging cryptographic principles and the inherent features of hash functions, the algorithm works to encrypt and validate data, reinforcing the integrity and resistance to tampering or fraudulent activities.
WiMi’s initiative is part of a broader effort to adapt blockchain technology for more extensive use in various sectors, including finance, the Internet of Things (IoT), and supply chain management. The company believes that its new consensus mechanism will not only quicken transaction processing and reduce energy consumption but also improve the network’s resilience against attacks and ensure consistent data integrity.
Looking ahead, WiMi plans to focus on cross-chain interoperability to facilitate seamless connectivity among different blockchain systems, as well as further enhancements to security measures against diverse attacks and malicious behaviors.
This development comes as part of WiMi’s continued expansion into blockchain technology, complementing its existing suite of services and products in the holographic AR space. The information is based on a press release statement from WiMi Hologram Cloud Inc.
In other recent news, WiMi Hologram Cloud Inc., a leading provider of holographic AR technology, has unveiled a new innovation in blockchain data security. The company’s latest development merges machine learning with fully homomorphic encryption (FHE) to enhance the protection of sensitive information on blockchain networks, while also preserving the networks’ inherent transparency and immutability.
WiMi’s integration of FHE allows computations on encrypted data without the need for decryption first, ensuring privacy for sensitive data such as transaction details and user identities. Additionally, the company’s technology utilizes machine learning for dynamic key management, which strengthens the security of data on the blockchain.
These recent developments extend across various blockchain scenarios, including privacy-protected transactions, private smart contracts, and secure cross-chain data exchanges.
WiMi’s technology ensures that sensitive information remains encrypted and visible only to authorized parties, thus safeguarding privacy and supporting secure data sharing and collaboration in multi-chain environments.
These recent advancements underscore WiMi’s commitment to advancing blockchain technology by providing robust data protection capabilities that align with the decentralized and transparent nature of blockchain systems.
InvestingPro Insights
WiMi Hologram Cloud Inc. (NASDAQ:WIMI) has taken significant strides in developing its blockchain technology, as evidenced by its latest announcement on an improved blockchain consensus mechanism. As the company embarks on this technological advancement, let’s delve into some key financial metrics and InvestingPro Tips that could provide investors with a clearer picture of WiMi’s financial health and market performance.
InvestingPro Data:
- Market Cap (Adjusted): 82.89M USD
- Price / Book (as of last twelve months Q4 2023): 0.78
- Revenue Growth (Quarterly as of Q4 2023): 29.29 %
InvestingPro Tips:
1. WiMi holds more cash than debt on its balance sheet, indicating a strong liquidity position that could support its investments in blockchain technology.
2. Analysts anticipate sales growth in the current year, which may be bolstered by the company’s foray into blockchain and the potential for new revenue streams.
The InvestingPro Tips suggest a company that, despite not being profitable over the last twelve months, has a solid foundation with liquid assets exceeding short-term obligations. The anticipation of sales growth aligns with WiMi’s strategic focus on blockchain and holographic AR technologies. Additionally, the company’s high price volatility could present opportunities for investors with an appetite for risk.
For those seeking a deeper analysis, InvestingPro offers additional tips on WiMi, which could further inform investment decisions. Use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, and gain access to an extensive list of 7 additional InvestingPro Tips.
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