New Layer One Blockchain for Shib!
On September 23, 2023, Alex from Shib Association released a Tweet/Post on Tweeter/X stated that the Shib Association will be building a blockchain (differs from Shibarium) which will use Shib only as a gas token. Then, on October 7, 2023, the Shib Association released another Tweet/Post on Tweeter/X provided more information about this new blockchain. According to the Tweet/Post, it will be a “layer 1 blockchain from the ground up, with its native coin pegged to $SHIB,” and “it operates independently with its own consensus and security model.” They mentioned that they have a “rock-solid use case”, aim to “keep fees low” and “still be able to burn over a cent on each transaction.” They stated that the reward model on the blockchain will be “a fairer distribution based in participation unlike what you see in PoW or PoS blockchains.” The reason is that they mentioned on their on September 23, 2023 Tweet/Post on Tweeter/X that this blockchain is going to utilize the Proof of Participation (PoP) consensus model which is different from PoW or PoS models. They will provide more updates as the project progresses.
Some of you have been asking if the blockchain will be a fork or perhaps a fork of a fork. It's neither. What we're building is a layer 1 blockchain from the ground up, with its native coin pegged to $SHIB, it operates independently with its own consensus and security model. We…
— Shib Association (@ShibAssociation) October 8, 2023
What is Proof of Participation?
In Proof of Participation consensus model, algorithm chooses validators (nodes) to validate and add new blocks to the blockchain based on the quality of work done; not based on Proof of Work as in BTC or Proof of Stake as in ETH. Each validator (node) will have a score based on the quality of work done. When the score is high enough, validator (node) will be allow to participate in adding blocks to the blockchain more frequently. When a validator (node) has done well with participation on the blockchain, its score will go up overtime. When a validator (node) is offline too frequently, or a does a poor job of validating or adding transactions, its score will go down overtime. When a validator (node)’s score has gone down below the bare minimum required score, it will not be allow to participate on the blockchain.
How is Proof of Participation beneficial?
Proof of Participation is beneficial because anyone can participate and you are judged based on the quality of work done. You don’t need a set amount of money in order to participate as in Poof of Stake model in ETH nor fast computers and large amounts of energy as in Poof of Work model in BTC. This makes Proof of Participation blockchain more secure because when a bad validator (node) tries to manipulate the network, its score will go down; and when its score has gone down to below the bare minimum required score to participate, it will be removed from the network automatically. The competition for higher score which can only be obtained by quality of work done naturally makes the network more efficient because validators (nodes) will try their best to do quality work by validating and processing transactions quickly and accurately.
How does Proof of Participation work?
Each validator (node) will have a participation score. The score is calculated based on tickets received for work done on the network. When a validator (node) has done work on the network such as added a new block to the blockchain, it will receive a ticket from all other validators (nodes) on the network to confirm this. Each ticket has a unique value based on the node’s quality of work done. The quality of work done is judged based on how frequently the node is offline, does the node process transaction inaccurately, and how quickly it process transactions. Validators (nodes) who has done good work get higher value tickets and these tickets are added to each new block, so it is impossible for nodes to alter the values of these tickets afterwards. To prevent impersonation of nodes, a node's private key is required when submitting a valid ticket. For calculating participation score, the network will look at the value of each ticket, then calculate the total value of all tickets, and then calculate participation score. The participation score can go up or down based on quality of work done. Nodes are judged based on the participation score to allow interaction on the network.
Reference: https://coinmerce.io/en/learn/what-is-proof-of-participation/
Disclaimer: Our articles are for educational purposes only and NOT financial advice. For your own personal investment decisions, please do your own research and consult a financial advisor. Good luck investing.
Comments
Post a Comment