Consensus mechanism of Prom (PROM) currency

Prom's innovative Proof-of-Work plus Voting (PoW+V) consensus mechanism ensures network security and fosters community-driven consensus formation.

Dec 19, 2024 at 09:09 am

Consensus Mechanism of Prom (PROM) Currency

Key Points:

• Prom utilizes a novel consensus mechanism called Proof-of-Work plus Voting (PoW+V).
• PoW ensures the security and integrity of the network, while Voting facilitates decision-making and consensus formation.
• The consensus process involves miners competing to solve computational puzzles to add new blocks to the blockchain.
• Voters cast votes to determine the validity of blocks, rewarding miners who follow the consensus rules.

Consensus Mechanism Details:

1. Proof-of-Work (PoW):

• Minors solve cryptographic puzzles to validate transactions and add new blocks to the blockchain.
• The process requires significant computational power, making it difficult for malicious actors to attack the network.
• PoW ensures that the blockchain is tamper-proof and that transactions are secure.

2. Voting:

• Voters are nodes that participate in the consensus process by casting votes to validate blocks.
• Votes are cast based on the miner's reputation, block size, transaction fees, and other parameters.
• Miners who receive a majority of votes get their blocks added to the blockchain, while rejected blocks are discarded.

3. Consensus Formation:

• The consensus process begins when a miner solves a PoW puzzle, creating a candidate block.
• The block is then broadcasted to the network and verified by voters.
• Voters cast votes to determine the validity of the block, considering factors such as block size, transaction fees, and the miner's reputation.
• If a block receives a majority of votes, it is added to the blockchain, and the corresponding miner is rewarded.

4. Miner Rewards:

• Miners who successfully add valid blocks to the blockchain receive rewards in the form of PROM tokens.
• The reward amount is determined based on the block size, transaction fees, and the miner's reputation.
• Miners are incentivized to contribute to the network by validating transactions and maintaining the integrity of the blockchain.

5. Security and Flexibility:

• The PoW+V consensus mechanism provides a high level of security, as it requires significant computational power to attack the network.
• The Voting component ensures that the blockchain reflects the majority opinion of the network, making it resistant to manipulation and censorship.
• The consensus process is flexible and allows for adjustments to the network parameters based on the needs of the community.

FAQs:

Q: What are the benefits of the PoW+V consensus mechanism?

• Provides high security and tamper-proof blockchain
• Facilitates fair and decentralized consensus formation
• Incentivizes miners to contribute to the network
• Allows for flexibility and adaptability

Q: How do voters determine which blocks to validate?

• Voters consider block size, transaction fees, miner reputation, and other parameters
• Blocks that adhere to the consensus rules and receive majority support are validated

Q: What happens to blocks that are not validated by voters?

• Blocks that fail to receive majority support are discarded and not added to the blockchain
• The corresponding miners are not rewarded