Consensus Method Algorithms: Proof of Participation
Part 3: We are going to read about different consensus methods, how they work, and needed details about them. In this post, we are going to read about Proof of Participation.
Note: I wrote this article in summary style, check for the source link for my main episodes on Blockchain.
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A consensus mechanism is a mechanism that is used in computer and blockchain systems to achieve the necessary agreement on a decision in the respecting network (Decision can be a single data value or a single state of the network among distributed processes or multi-agent systems).
On the Bitcoin blockchain, the consensus mechanism is known as Proof-of-Work (PoW), which requires the exertion of computational power in order to solve a difficult but arbitrary puzzle in order to keep all nodes in the network honest.
Note: A consensus mechanism refers to any number of methodologies used to achieve agreement, trust, and security across a decentralized computer network.
Or in other means
A consensus algorithm is a set of rules that rules a blockchain network. It is an agreement on the rules of a specific blockchain and how users can participate in the network.
Proof of Participation
The Proof of Participation consensus equally distributes decision power and rewards amongst every node contributing to a blockchain’s operation. This approach removes the link between decision power and resources, leads to better decentralization and fair rewards distributions.
It is a new consensus algorithm built upon the Proof-of-Stake by implementing it with Proof-of-Work mining architecture.
The Proof-of-Participation protocol improves security and significantly reduces the computational resources needed to maintain the strict level of security. The key idea involves the stakeholders opt-in as miners and verifying the generated hash through the consensus of the majority. It flexibly allows any of the validators to participate in mining for an explicit share of the reward which can change dynamically.
You can see the video below: