Distributed Decision-Making Strategy Implemented on Our Platform
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Understanding Consensus in the Blockchain World
In the realm of public blockchain networks, consensus is the collective agreement among node operators (the folks running the show) to validate transactions. It's like when everyone in a room agrees on what was said before they put it down in writing to make it official.
Picture this: a room full of 100 people, and every time someone shouts out something, say, "I'm giving Heena $5," everyone (the nodes) jots it down as a temporary note, provided most (let's say over 51) of them agree on what was said. Next, they compare their notes to ensure the person giving the money actually has the money to spare. Once they agree and finalize the transaction, the record is permanent and unchangeable, like a done deal in a real-world financial transaction.
If the group disagrees, say on a different transaction, like "I'm giving Jay $5," the transaction isn't finalized and is rejected, just like that. Instead of being written in stone, it simply fades away.
The Art of Achieving Consensus: Consensus Mechanisms
So, how in the vast, chaotic world of blockchain, do we reach such agreement? Enter the consensus mechanism or consensus algorithm. It's a set of rules and procedures used to achieve that agreement on the validity of a transaction or set of transactions. Different blockchains utilize different consensus mechanisms, each with its strengths and weaknesses, to ensure that everyone's copy of the digital ledger is consistent.
The consensus mechanism ensures transaction validation but also boosts the security and resilience of the blockchain against nasty hijinks. You see, public blockchains are open to all and run globally, embracing the technology's core principle: decentralization.
For instance, the Proof of Work mechanism, used by Bitcoin, requires solving complex puzzles using powerful machines to validate transactions. While this approach offers strong security, it's energy-intensive, and efficiency isn't its ultimate strength. On the other hand, Proof of Stake is more energy-efficient as it allows participants with decent holdings (mostly in native coins) to validate transactions and secure the network.
Consensus on our Website: A Unique Tango
Our website is an EVM-based layer 1 network that scales linearly to preserve low fees forever through dynamic state sharding. It sports a novel mix of Proof of Stake (PoS) + Proof of Quorum (PoQ) consensus mechanism.
While we've talked about how PoS works, allow me to shed light on why we need a second consensus mechanism in the same chain before we dive into the particulars of PoQ.
Why Two Mechanisms in One Chain?
In our unique setup, we prioritize fairness in transaction validations, ensuring that transactions are processed on a first-come, first-served basis. Different consensus mechanisms have distinctive strengths and weaknesses, and in specific situations or needs, PoS alone may struggle to meet the desired performance. This is where a second mechanism like PoQ comes in handy.
Within its sharded architecture, our approach sets us up for linear scalability and encourages widespread public participation. By adding more nodes to the mix, we can scale the network in parallel, ensuring overall stability and consistent inter-shard operations while utilizing both PoS and PoQ algorithms. This dual strategy offers immediate finality to transactions, preventing double spend attacks.
Proof of Quorum (PoQ): The Mysterious Validator Approach
In our platform, validator nodes validate transactions individually using a timestamp-based ordering protocol. They don't broadcast to the entire network; instead, they gossip the transactions within their consensus group or shard. What's more, validator nodes only store the latest state of accounts they oversee, not the entire network's data. This clever sharing and storage strategy not only spares resources but also speeds up transaction time, as data remains contained within the relevant shard.
The wisdom behind the system is that every node is aware that all other nodes within a consensus group have knowledge about a specific transaction, leading to a trustless and leaderless collection of electronic votes or quorum. Once a transaction gets support from more than 50% of the nodes, it's swiftly confirmed on the network, keeping things moving smoothly. These individual transactions are then grouped together in blocks and sent to archive nodes on the network.
Proof of Stake (PoS) on our Website
Staking is a vital component in our validation process to discourage and slash deceitful nodes. Our network will determine the minimum staking amount ahead of the mainnet launch. We aim to simplify the node operation process so that an average person can run a node on the blockchain in return for rewards, regardless of financial power or technical expertise. Nonetheless, our network will set a reasonable staking requirement to eliminate or minimize spam activity and DDoS attacks.
Auto-rotation of Validator Nodes with Standby Nodes
In addition to its unique gossip protocol, our consensus algorithm helps auto-rotate the validator nodes on the network. Alongside validator and archive nodes, our network also features a third unique type of node called 'standby nodes.' These nodes, not currently participating in consensus, help the network scale faster when more transactions are pending or during high traffic. Moreover, they'll take over active roles when the oldest active validators in the network reach the end of a cycle.
Periodic reshuffling ensures that no single validator node or group gains dominance over a specific shard for an extended period. The random nature introduced helps deter collusion and malicious attacks, fostering a fair and democratic blockchain system at scale.
Conclusion
In blockchain, consensus mechanisms are vital in ensuring transaction validity and preserving network integrity. However, there's no "one size fits all" when it comes to choosing the ideal mechanism, and the perfect fit depends on a blockchain network's desired balance between security, scalability, and decentralization. Our platform, though, aims to maintain these three desirable properties simultaneously, scaling linearly to guarantee low and consistent transaction costs forever. Our custom-designed consensus mechanism - PoS & PoQ - is designed to overcome the scalability trilemma and prepare for the mass adoption of blockchain technology.
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- In the context of blockchain networks, science, finance, and technology come together in the form of consensus mechanisms, which ensure transaction validity and boost the security and resilience of the blockchain.
- As our website is an EVM-based layer 1 network, it utilizes a unique consensus mechanism that combines Proof of Stake (PoS) and Proof of Quorum (PoQ) to achieve a balance between fairness, scalability, and decentralization, akin to the blend of different disciplines working harmoniously in science, finance, and technology.
