What is Entropy #2
Entropy’s architecture, consensus algorighm, technology & tokenomics will be introduced.
In #2, we are going to tell you more about Entropy architecture, technology and tokenomics, etc.
1) Entropy Architecture
2) Consensus Algorighm
3) Validator
4) Block Generation & Rewards
5) Tokenomics
1. Entropy Architecture
1)Entropy Modular Architecture
The entropy blockchain network consists of a blockchain framework, an API framework layer, and a business service under a stable designed technology stack, thereby quickly processing all intra-block transaction verification generated within the Entropy and achieving real finality.
2)Entropy System Architecture
The following is the structure of the primary system that constitutes Entropy, which is divided into three layers: application, service, and blockchain.
2. POA
Entropy adopts a Proof of Authority (POA) consensus algorithm to reduce the verification time of transactions and ensure a tight end. We operate on a fixed basis, not added or reduced, based on 21 nodes.
This reduces the number of nodes to reduce the time required for validation and shortens the block generation cycle to enable fast transaction processing, thereby improving the network’s throughput. POA can handle transactions with minimal fees, and processing speed is also breakneck. Transaction creation in the POA-based ‘quorum’ blockchain protocol has improved transparency, allowing publishers access to data near-real-time.
3. Validator
Entropy provides a permission stage for the participation of the verifier, allowing only reliable and identified participants to participate in the verification, simplifying verification and achieving end-to-end safely and quickly. As mentioned earlier, Entropy has a total of 21 validators.
To participate as a validator, you must be a member of the Entropy Foundation, which jointly operates Entropy, and to become a member, you must obtain approval from the Entropy Foundation. Approval will be completed through a formal contract with the legally effective Entropy Foundation. The Entropy Foundation will communicate and listen to the company or community participating as validators before signing the contract.
You will run Validation through a trusted account and private key if you participate as a validator. Changes or withdrawals of the verifier will be made through a vote in the entropy foundation. Any verifier who believes an operational problem may be penalized and disqualified through the Entropy Foundation at any time. In line with the purpose of the service of the entropy blockchain, we plan to expand the participation of verifiers to various NFTs or blockchain communities by country, not limited to trusted companies. Each validator will be managed and operated by the participating country’s community group name or company name. This will create an expected effect with more people participating in one validator operation.
4. Block Generation & Rewards
ENT is the native coin of Entropy blockchain network. When a block is created in the Entropy, a block reward is given according to the verification. When a block is created in the entropy, a block reward is given according to the verification. Block verification and block compensation are paid sequentially to the verifier in a Round Robin method rather than a competition method.
Block compensation is set to reward 0.2 ENTs per node. In addition to basic block compensation, an additional 10% of transaction fees incurred during transaction processing will be added up and rewarded. For the remaining 90% of the transaction fee, it will serve to maintain the value of the Entropy coin through self-incineration.
Block compensation based on verification is designed to stop when 262,800,000 compensation is executed. If a reward of 0.2 ENT is given, the total amount of ENT paid as a reward is 52,560,000 ENT.
5. Tokenomics
1)Pre-minting
Entropy tokens require an essential volume for listing on the exchange and supplying liquidity, and for this purpose, 2,100,000 ENTs are initially issued. There is no additional issuance of Entropy tokens other than the pre-minting volume and the block compensation volume.
2)Block Reward
* The reward stops when 262,800,000 rewards are executed.
* Since the reward given to each validator is 0.2, the total number of block rewards is 0.2 * 262,800,000 = 52,560,000
* Since a block is created every 3 seconds, 262,800,000 * 3 seconds = 788400000 seconds = 219000 hours = 9125 days = 25 years
※52,560,000 ENT will be distributed to 21 nodes over 25 years.
To sum it up:
ENT Total Amount: 54,560,000
Pre-minting quantity: 2,100,000
Block Reward Amount: 52,560,000
Finally, in #3, the description of the Entropy Platform continues.
Come and build with us together!
Learn More about ENT:
Official Website: https://entropynetwork.io
Telegram:https://t.me/Entropy_Network
Twitter: https://twitter.com/Entropy_Network
Discord: https://discord.gg/5Q5t25sBfZ
Medium: https://medium.com/entropy-network
