The blockchain technology is characterized by various mechanisms and techniques utilized to achieve agreement and to prevent attacks. These mechanism, techniques, systems or method is what is called blockchain consensus algorithms. For instance, when different node's (computers) rate final scores of a competition, the consensus becomes the final mutual agreement reached by the majority of the computer on a single value. Recently, there are many consensus algorithms and some of which include the following; Randomized Proof of Work (RPOW), Delegated Proof of Stake (DPOS), Proof of Stake (POS) and so many others in the blockchain network. Many of these consensus algorithms lack's the ability to allow absolute decentralization due to the fact that only small amount of individuals or users take a full decision based on their stakes which allows them to make consensus in a more centralized manner. Furthermore, some of these algorithms consensus are associated with some challenges and problems which make them different from the Usechain Randomized Proof of Work (RPOW) consensus algorithm. At this juncture, it will be of immense importance to briefly peruse on some other consensus algorithms before we make a comparison.
Let start with the BTC platform which uses proof of work (POW) algorithm consensus. This consensus algorithm meet the standard of scalability but lacked efficiency because of the fact that, it mining process requires a high level of energy consumption. Consequently, the proof of stake also has its own challenges. Proof of stake (POS) meet's the efficiency criterion but paltry fail in the area of security and scalability. The proof of stake (POS) algorithm consensus replaces miners with validators. Validators get reward base on the proportion of their stakes. Hence, whoever has a higher stake will have a higher chance to be chosen to validate more blocks, earning more block reward and transaction fees resulting in the centralization of power and wealth. Similarly, the Delegated Proof of Stake (DPOS) is another algorithm consensus that enables individuals to hold tokens on the blockchain to vote or select witnesses that are, trusted parties to validate transactions and create blocks to reach a consensus more efficiently. Delegated Proof of State (DPOS) improve scalability however, it runs at the cost of sacrificing decentralization which can easily result in a single sphere of influence and increasing the possibility of network attack.
Haven peruse some of the consensus algorithms which include; Proof of Work (POW) consensus algorithm, Proof of Stake (POS) consensus algorithm and Delegated Proof of Stake (DPOS) consensus algorithm. Among the above mention consensus algorithms, the following are their common deficiency;
• Centralization of power and wealth
• Lack of scalability
• Lack of security and efficiency
• Poor app performance
Because of the above reasons underpinning the efficiency and effectiveness of other blockchain consensus algorithms prompted Usechain platform to introduce Randomized Proof of Work (RPOW) consensus algorithm. The Usechain RPOW consensus algorithm is a highly decentralized mechanism aimed at improving security, efficiency, performance, and scalability in the blockchain world.
Usechain consensus algorithm RPOW emphasis on the importance of ‘decentralization’. It uses a randomized method to assign a different probability for people to mine the next block, so everyone has an equal chance get the block reward. RPOW is able to control the parameters on the mining probability. The difficulty parameters will be adjusted based on an individual hashing power and mining frequency. This promotes a decentralized network where there is no concentration of hashing power, mitigating the risk of a network attack or hack. in same vein the combination of RPOW with mirror identity protocol help to eliminate the duplication and creation of anonymous accounts for mining, where the technology of identity mapping provides mapping data on-chain, but identity off-chain remain anonymous. This ensures privacy security and transparency within the decentralized network. RPOW algorithm consensus help it brings down all collective hashing power of the mining, by minimizing the power wastage and improve on the scalability for the purpose of the ecosystem in multiple folds.
Conclusively, let me outline the following as the benefit of usechain Randomized Proof of Work (RPOW) consensus algorithms.
• A transparent and fair ecosystem which encourage mining for everyone.
• It provides the energy ecosystem which is friendly such that more and more users can be supported with no worry about energy wastage; due to the fact, the utilizing of identity mapping will make the network to reduce its over-reliance on the hashing power and amount of consumed energy.
• It allows users to make use of dApps by carrying out the mining of Usechain Token simultaneously through mobile devices.
• It has the capability of withstanding external attack from outside source.
• It provides a high-performance system that increases the quality of confirming transaction as every of the platform miners will be given a non-identical task by the blocks each so as to reduces the scattering of the virtual harsh power.
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