Proof-of-Randomness (PoR) consensus algorithm
Proof-of-Randomness (PoR) consensus algorithm developed by QANplatform
💡[Definition] Consensus algorithm (or consensus mechanism)
A consensus algorithm refers to various methodologies used to achieve agreement, trust, and security across a decentralized computer network.
Did you know?
The consensus algorithm is the key to high transaction per second (TPS) numbers. But always keep in mind; the fastest blockchains achieve a high TPS figure by giving up the blockchain technology's key mission: decentralization.
[Market problem]: Current consensus algorithms are solving only one problem
Proof-of-Work (PoW) and Proof-of-Stake (PoS) are two of the most used consensus mechanisms. PoW, also known as mining, consumes a tremendous amount of energy and requires unnecessary hardware. While the other solution, Proof-of-Stake (PoS), does not use significant energy, it is not democratic.
New transparent technology such as blockchain technology must not waste our precious environmental resources. It is important to create and participate in technologies that lessen the burden on the earth and its resources. QANplatform developed a new consensus algorithm that consumes considerably less energy and yet remains democratic.
Thanks to the PoR consensus algorithm, validation ("mining") can be done by anyone, even with just a mobile phone or Raspberry Pi.
QANplatform leverages the Proof-of-Randomness (PoR) consensus protocol which possesses inherent verifiable pseudorandomness. As a result of its streamlined consensus protocol, there is no need for complex mathematical computations that require large amounts of energy.
With QANplatform there are no unnecessary computing undertakings and thus no large amounts of electrical energy are needed, so the operation is eco-friendly.
Within the QAN public blockchain (MainNet), block proposers are not selected based on the value of the stakes they committed. They are elected amongst themselves in a verifiably random manner, all without the possibility of tampering and manipulation. All validators have an equal opportunity to validate a block at any given point, based on a deposit paid in the QANX Token.
All validators have an equal opportunity to validate a block at any given point.
By moving the validation process away from mathematical equations and towards random choice, the important benefit of scalability is almost immediately granted. When blocks are validated by randomness, the time to select the next random validator is all that is needed to generate the next block.
This makes transactions per second (TPS) higher by a magnitude.
Key Takeaways — [QAN Proof-of-Randomness (PoR) consensus algorithm]
- Proof-of-Randomness (PoR) is a new consensus algorithm developed by QANplatform.
- Proof-of-Randomness (PoR) combines the best parts of Proof-of-Work (PoW) and Proof-of-Stake (PoS).
- Proof-of-Randomness (PoR) is decentralized, eco-friendly, and fast.
- The QAN public blockchain (MainNet) will be powered by Proof-of-Randomness (PoR).
- Thanks to the PoR consensus algorithm, validation ("mining") can be done even with a mobile phone or Raspberry Pi.
- Thanks to the PoR consensus algorithm QANplatform can achieve high TPS.