HALO Network’s HOPOS Consensus Mechanism Mining Model
HOPOS Consensus Algorithm
HALO Network is the blockchain system designed primarily for decentralized finance. The nature of financial applications is that they need to be efficient, low cost, secure, stable, and scalable. To meet the design needs of more financial applications, HALO Labs has designed a new consensus algorithm- HOPOS.
HOPOS will meet the performance requirements of most decentralized financial applications. It is estimated that 1000 transactions can be processed per second. With the block production cost greatly reduced, the transaction fee is expected to be lower than one thousandth of that of Ethereum network in the same period.
The HOPOS consensus mechanism ultimately consists of 21 super nodes to update blocks and receive mining rewards, while the super nodes will distribute the mining rewards to the staking nodes, voting users, and HALO community according to the following model.
Super Node Election Process
Users can get voting rights after staking HO through POS nodes, users with 10,000HO staked will become candidate nodes. Staking node users able to vote for candidate nodes, and the top 21 candidate nodes will become super nodes.
In order to incentivize the completion of the whole process, the HOPOS consensus algorithm distributes the mining rewards in the ratio of 40% for POS nodes, 40% for HALO community, 10% for voting users (to be opened) and 10% for super nodes (to be opened).
POS Nodes Reward Distribution
POS nodes can get 40% of the mining rewards, according to the weighted average of the number of tokens staked. The mining rewards will be distributed when each block is updated (5 seconds), and can be withdrawn after 24 hours.
Terms and Conditions:
- Requires at least 100 tokens staked to qualify of mining rewards, below 100 token staked will be not counted any mining power
- Users who are bound to the HALO community able to get 100% mining power of the staked token
- Users who are not bound to the community can only get 90% mining power of the staked token
HALO community can obtain 40% of the mining reward, according to the weighted average of the community mining power. The mining rewards will be distributed every 24 hours, and can be withdrawn after 24 hours it is distributed.
Terms and Conditions:
- Required at least 100 tokens staked to qualify of community mining rewards, staked tokens below 100 will be not be acquired any community mining power.
- The largest POS node mining power in a community will not be computed into the community mining power.
- All the community can get 100% mining power of the community total staked token.
The candidate node voting and super node election are expected to be launched on the next quarter. By that time, the pre-node election voting rewards and super node rewards generated during this period will be destroyed.