?s for Security of a Certain Blockchain Technology UPDATED

This article has been updated. See under the line of dots.

I'm looking for holes in the security of this design of blockchain. I feel like this design is too good to be true. But of course that could be due to my own paranoid biases from things that seem awesome and then either turn out to be actually very flawed or a scam.

Please read over this and tell me your thoughts on this. If you happen to know which coin or token this is, please don't just tell me ''well they're a scam''.

The point of this inquiry is to examine the IDEA of this technology. Please read the whole description.

This was taken from a pdf describing the technology of a certain crypto currency. The source doesn't matter because it has nothing to do with my question. I'm not trying to figure out if I trust the crypto itself. If you would like to know who they are I will tell you. But mentioning who it comes from might trigger bias which is unnecessary.

Here it is from....

https://16pfmdgkdky4f7xnwpo6to37-wpengine.netdna-ssl.com/wp-content/uploads/2019/09/Bitcoin_Black_233.pdf

"Block Lattice

Block lattice is a novel type of DAG (Directed Acyclic Graph) based architecture that was first introduced by Colin Lemahieu with the project Rai-blocks Raiblocks which is now Nano cryptocurrency. With this type of architecture, each individual transacting on the network possesses their own blockchain, which is controlled by their private keys.

Each account can be updated asynchronously of the rest of the block lattice network, this means that users can send and update blocks on their account without relying on the entire network. Any funds sent requires 2 transactions: a send transaction and a receive transaction. For a transaction to be settled the receiver must sign a block confirming that the funds were received, if only the senders block is signed a transaction remains pending and not settled.

Block-lattice infrastructure operates like blockchain with major difference:

Each account on the protocol has its own blockchain called an account-chain. Only an account-chain’s user can modify his/her individual chain, and this allows each account-chain to be updated asynchronously of the rest of the block-lattice network.

All transactions are sent in User Datagram Protocol (UDP) packets, which keep computing costs low and allow senders to transfer funds even if a receiver is offline.

A huge advantage of block-lattice is how its ledger handles and stores transactions. Each transaction is its own block, and each new block replaces the one before it on its user’s account chain. In order to maintain a proper account history, new blocks take a record of the account holder’s current balance and factor it into the processing transaction.

When sending a payment to someone, the transaction is verified by taking the difference between the send block and your current balance on the preceding block. On the other end of the transaction, the receive block would then add the amount to its account chain’s preceding block. The end result is a new block that records the updated balance of each user.

Under this system, the platform keeps a record of an account’s balance on its ledger, not a full history of all transactions like traditional distributed ledgers. This means that a block-lattice based network only has to keep a record of each account on its full ledger. Instead of maintaining a record of all prior transactions, the network only stores account balances.

Block-lattice doesn’t have latency and scalability issues like current blockchains and can be applied for world use much more efficiently. Network security is handled using a delegated proof of stake model (DPoS). If any discrepancies arise with conflicting transactions, delegates vote on which transaction to verify as valid. The DPoS offers a number of benefits compared to Bitcoin’s proof of work mechanism.

No longer are distributed consensus protocols such as proof of work (PoW) or proof of stake (PoS), that are used to achieve consensus are needed providing many advantages."

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I should mention that this particular crypto advertises that NO MINING is done because of the way it's done is not necessary. That is actually the thing that made me both really excited; yet at the same time; very skeptical.