Company Announcements

Beijing, Jan. 16, 2024 (GLOBE NEWSWIRE) -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it is working on a novel mixed byzantine fault tolerance (MBFT).

MBFT has its origins in the PBFT algorithm, the first consensus algorithm used in the Union Blockchain, but in many ways, MBFT has improved and innovated. MBFT improves scalability while ensuring fault tolerance. It combines sharding and layering to improve the performance of the blockchain. Layering effectively separates the functions of nodes, and by assigning the entire verification function and demodulation process to different nodes, layering reduces the load on a single node and improves consistency efficiency. Sharding can assign transactions to different groups of nodes, and when the number of transactions increases significantly, the system can dynamically increase the number of nodes and shards, thus improving processing capacity and reducing latency. Through functional node division, MBFT improves the efficiency of the blockchain without sacrificing security. In addition, MBFT introduces a random node selection mechanism and a credit mechanism to further enhance its security and fault tolerance. In MBFT, we assign nodes to different consensus groups and design new transaction verification and fault tolerance algorithms for each consensus group. Each consensus group verifies only a part of the transaction. At the same time, the blockchain system can still maintain 1/3 fault tolerance. MBFT algorithm can reduce blockchain forks while ensuring high fault tolerance and speed.

MBFT's two-layer design and sharding greatly reduce the amount of communication between nodes, resulting in higher efficiency. To select consensus nodes, MBFT designs a randomized node selection algorithm based on VRF and Feldman VSS. This design allows the selection phase to overlap with the normal block-packing phase in the normal operation of the system without additional time. Meanwhile, a global reselection mechanism and a credit evaluation mechanism are designed in combination with the characteristics of controllable verification nodes in the federated blockchain.

During the operation of the system, the selection and the block packing can be carried out simultaneously without additional time. In addition, MBFT incorporates the characteristics of node controllability in the federated blockchain by designing a global reselection mechanism and a credit evaluation mechanism. These enable MBFT to use two-stage BFT consensus in each segment, thus reducing communication complexity and ensuring low latency and high TPS, while ensuring scalability of each segment.

Unlike traditional blockchains where all nodes must validate all transactions, the validation nodes in MBFT are responsible for only a certain number of transactions. This change makes the throughput of the blockchain positively correlated with the number of nodes, thus greatly enhancing the scalability of the blockchain.

In the future, WiMi plans to add more features to MBFT. The first will be the employment of zero-knowledge proofs and secure multi-party computation solutions to enhance the privacy protection of decentralized transactions. There are also plans to expand MBFT into a consensus algorithm framework that will enable users to customize the consensus algorithms used in consensus groups according to their needs while ensuring fault tolerance across the blockchain system. This extension will make MBFT a more flexible and powerful tool for future blockchain applications.

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.

Contacts
WIMI Hologram Cloud Inc.
Email: pr@wimiar.com
TEL: 010-53384913

ICR, LLC
Robin Yang
Tel: +1 (646) 975-9495
Email: wimi@icrinc.com