BEIJING - WiMi Hologram Cloud Inc. (NASDAQ:WIMI), a global provider of hologram augmented reality (AR) technology, today introduced its MHConsensus algorithm, aimed at enhancing the efficiency of blockchain data management and election strategies. The algorithm is designed to provide a solution to the Byzantine fault challenge in distributed systems, ensuring system stability despite potential node anomalies.
The Byzantine fault refers to the problem in distributed systems where nodes may act erratically, including sending incorrect messages or tampering with information. WiMi's MHConsensus algorithm is tailored to reach a unanimous consensus within a system even if a Byzantine fault occurs. It addresses data inconsistencies caused by network delays or node failures by introducing backup nodes for each primary node. This ensures system consistency, as data updates require confirmation from a majority of backup nodes before execution.
The MHConsensus algorithm also improves transaction throughputs and speeds up confirmations by segmenting nodes into multiple channels and employing a Byzantine fault tolerance (BFT) algorithm in each. The hierarchical structure of master and slave nodes further enhances scalability and fault tolerance. Master nodes manage the consensus process, while slave nodes verify and store transaction data, increasing system throughput and security.
WiMi believes the MHConsensus algorithm will play a significant role in ensuring the consistency and security of transactions across multiple nodes in distributed systems. The company's portfolio includes holographic AR automotive HUD software, 3D holographic pulse LiDAR, and various other holographic technologies and services.
This announcement is based on a press release statement.
InvestingPro Insights
As WiMi Hologram Cloud Inc. (NASDAQ:WIMI) continues to innovate in the field of hologram augmented reality (AR) technology with its new MHConsensus algorithm, the financial health and market performance of the company remain key considerations for investors. According to InvestingPro data, WiMi holds a market capitalization of $73.7 million, which reflects its size in the competitive tech industry. Despite recent challenges, analysts on InvestingPro have highlighted a few notable aspects of WiMi's financials and stock performance.
InvestingPro Tips indicate that WiMi is trading at a low revenue valuation multiple, which could be an attractive entry point for investors seeking to capitalize on the company’s potential sales growth in the current year. Additionally, WiMi's liquid assets exceed its short-term obligations, suggesting a degree of financial stability that may support ongoing R&D efforts like the MHConsensus algorithm. However, it is important to note that the company has been quickly burning through cash and has not been profitable over the last twelve months. These factors suggest that while WiMi is making strides in technology development, the financial aspect requires careful consideration.
InvestingPro Data also reveals that WiMi has experienced a significant stock price decline over the last week, with a 13.8% drop in total return. This could be reflective of the high price volatility that WiMi's stock generally trades with. Nevertheless, the company has seen a strong return over the last month, with a 20.73% increase, and over the last three months, with a 36.53% increase. This indicates a potential rebound or investor optimism in response to recent developments or future prospects.
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