Empowering a Fair Economy with PRYSM Blockchain’s Validator System

PRYSM is a Layer 0 blockchain network that operates in a permissionless manner and has been optimized for cost-effectiveness, high-throughput, and low-latency. These three factors are essential in providing the underlying technology for products that can serve millions of users on a daily basis for years to come.

PRYSM’s design aims to foster a thriving economy where all participants have aligned incentives. This involves keeping fees low enough for retail customers to use the chain, ensuring that building costs are both predictable and economical for businesses to establish a sustainable business model, and providing operators with sufficient and dependable activity to plan their budgets.

The network economy is comprised of three key participant groups. Firstly, there are Users who interact with the network by submitting transactions, transferring or modifying digital assets, or using applications built on the network. Secondly, there are holders who can utilize their PSM to pay for fees associated with asset and application interactions on the network. Additionally, they can stake their PSM to validators and participate in governance to help maintain network security. Lastly, Node operators play a critical role in ensuring network functionality by operating and maintaining nodes.

At the heart of the network lies the native asset, PSM. This digital asset serves a crucial role in ensuring the seamless and efficient functioning of the network economy. Acting as the connective tissue that binds the entire system together, PSM serves as the medium of exchange for all transactions, fees, and rewards on the network

The value of PSM extends beyond its use as a medium of exchange and staking asset. As the network grows and expands, PSM will play a critical role in driving demand and enabling adoption. This will contribute to the overall success and longevity of PRYSM.

PRYSM operates on the Delegated Proof of Stake (DPoS) consensus mechanism, which is a modernized version of the Proof of Stake (PoS) consensus mechanism. DPoS allows token holders to delegate their stake to trusted validators who then validate transactions and secure the network. In contrast to PoS, where validators are chosen randomly, DPoS allows token holders to vote for a limited number of validators to ensure network security.

DPoS provides several advantages over PoS.

Faster Transactions: DPoS allows for faster transactions compared to PoS because it has a smaller set of validators (often referred to as block producers), and only these validators are responsible for validating transactions. This means that transactions can be validated faster than in PoS, where all stakers validate transactions.

More Secure: DPoS is often considered more secure than PoS because it has a smaller set of validators who are required to stake a larger amount of PSM to become validators. This increases the cost of attacking the network and makes it more difficult for bad actors to take control of the network.

More Decentralized: DPoS is also more decentralized than PoS because token holders can vote for their preferred validators, giving them a voice in the governance of the network. This helps to prevent centralization and ensures that the network is controlled by a diverse group of validators.

Better Governance: DPoS typically has a more formalized governance structure than PoS. This allows for more efficient decision-making and faster implementation of changes to the network.

One of the unique features of PRYSM is the Delegated Staking mechanism, which allows holders to delegate their staked PSM to any validator node they choose. This mechanism benefits the network by promoting decentralization and allowing for a more diverse range of validators, which leads to better network security and efficiency. Additionally, by delegating their tokens, holders can earn rewards for participating in network security.

Delegated Staking is a critical component of PRYSM’s goal to build a truly decentralized network that benefits all participants. By enabling token holders to participate in network governance, it promotes a more democratic system that benefits the community as a whole.

However, there are penalties for nodes that do not behave properly. The network has implemented a “slashing” system, which reduces the stake of nodes that behave maliciously or inaccurately. This system aims to incentivize good behavior and promote network security. If a node is consistently behaving maliciously, it may even be “jailed” for a certain period of time. This punishment ensures that nodes follow the rules and operate in the best interest of the network, promoting decentralization and long-term sustainability.

PRYSM plans to launch with a 50 node validator set, but the network is open to anyone who wants to build and join their node. To become a validator post mainnet, individuals must stake more than the last validator or stake a larger amount to secure a higher spot in the set. Additionally, the validator set can be increased in the future, but this requires a proposal to be voted on via governance.

In order to incentivize the development of PRYSM, the project aims to attract experienced blockchain professionals who can contribute to its growth. To achieve this, LightLABS will offer delegation grants to bootstrap nodes with PSM coins, allowing them to become validators on the mainnet and earn rewards.

These delegation grants will primarily be awarded to individuals who actively contribute to PRYSM’s development and support the network, such as running APIs, building apps like explorers, wallets, decentralized exchanges (DEXs), relay nodes, and archive nodes. By doing so, PRYSM can rapidly deploy at record speed and expand its capabilities and attract more users to the network.

In conclusion, PRYSM has been optimized for cost-effectiveness, high-throughput, and low-latency. Its design aims to foster a thriving economy with aligned incentives for all participants, including users, PRYSM holders, and node operators. The network’s success and longevity depends on attracting experienced blockchain professionals by offering delegation grants to bootstrap nodes, promoting growth and expanding the network’s capabilities. Overall, PRYSM has the potential to provide the underlying technology for products that can serve millions of users on a daily basis, and its focus on decentralization and community participation is a promising sign for its long-term sustainability.

If you’re interested in learning more about PRYSM and connecting with the community, be sure to check out our Website, Discord, and Twitter. Join the community and stay up-to-date on all the latest news and developments surrounding PRYSM Network.