What is Innova?
Innova is a revitalized cryptocurrrency with a state of the art blockchain that focuses on speed, security, and integration with the world around it. Running on a Tribus algorithm and achieving a stable 15 second per block consistent chain we can provide instantaneous transfers of funds anywhere in the world, supported by a network of full nodes called Fortuna Stakes, but before we get into that lets break down the blockchain and the technology behind it.
Tribus — In Latin Tribus meaning three and this algorithm is based on the combination of three different hashing algorithms, which were featured in NIST5 algorithm and they are JH, Keccak, and Echo. The first cryptocurrency to implement the Tribus algorithm is Denarius.
Blockchain Specifications — The Innova blockchain specifications were made with Innova’s future in mind, taking natural inflation, supply/demand, user security, and speed into account.
Name: Innova
Ticker: INN
Block Time: ~15 Seconds
Block Style: PoW/PoS Hybrid ( For 50k Blocks after it will be full PoS ) + Hybrid Fortuna Stake ( Starting Height Block 800 )
Algorithm: Tribus
PoW Reward: See Below
PoS Reward: 6% APR
Min. Stake Age: 10 Hours
Fortuna Stake Reward: 65%
Fortuna Stake Collateral: 25,000 INN
Maturity: 75 blocks
Max Supply: 25 Million
Proof-of-Work Structure: Blocks 1–490 (Fair Block Launch) 0.0825 Coins Blocks 491–5000 0.33 Coins Blocks 5001 to 10000 0.66 Coins Blocks 10001 to 15000 0.99 Coins Blocks 15001 to 20000 1.32 Coins Blocks 20001 to 25000 1.65 Coins Blocks 25001 to 27500 1.485 coins Blocks 27501 to 30000 1.32 Coins Blocks 30001 to 32500 1.155 Coins Blocks 32501 to 35000 0.99 Coins Blocks 35001 to 37500 0.825 Coins Blocks 37501 to 40000 0.66 Coins Blocks 40001 to 42500 0.495 Coins Blocks 42501 to 45000 0.33 Coins Blocks 45001 to 47500 0.165 Coins Blocks 47501 to 50000 0.0825 Coins | Proof-of-Stake Structure: Transaction fees taken from the memorypool
Proof-of-Stake: 6% APR plus transaction fees taken from the memorypool| Proof-of-Work: Shutdown
Proof-of-Data — is a blockchain-based hashing and time stamp function that authenticates your file with a unique hash and timestamp on the Innova Blockchain, which can be checked by anyone, removing any third-party trust. This allows Innova to validate digital files for professional use.
Stealth Addresses — Stealth Addresses keep both customer and merchant secure, this allows a merchant to accept Innova for their services without allowing a user to see everyone who has paid to that address adding a layer of much needed security for merchant and consumer. A detailed diagram of how this technology functions is shown above.
Fortuna Stake — The Fortuna Stake Technology functions similarly to the Masternode System, and, just like Masternodes, they support the chain stability while also enforcing the chain parameters. This new system has major improvements on the traditional approach. Firstly, the Fortuna Stake system is made up of two running components: the stake which expands the network reach and support the blockchain and its health, as well as the Fortuna Protocol, which helps balance the income between stakeholders. Secondly is the unique payment system called dFPS (Decentralized Fair Payment System) which ensures fair payments to all. To give an example, if you started your Fortuna Stake at block 100 and there were 50 Fortuna Stakes on the network then your status would show “Registered” as it is registered in the Fortuna Stake list and awaits a full round of payments. One full round is equivalent to the number of Fortuna Stakes online (in this example this would be 50 blocks as 50 Fortuna Stakes are online). After the round has passed, the Fortuna Stake status will read “Active for Payment” and will be able to start receiving rewards. This system also ensures that no Fortuna Stake is getting paid above average, by scanning the previous blocks to find the average payment and if it is then the block is rejected by the network. Third is the Payment Stabilization System which does not allow any stake’s income to be in excess of 25% of the median payment rate (Example — If 1 INN every 100 blocks is the average then the protocol will reject any payments above 1.25 INN. If the payment on the other hand is below 0.75 INN then the system will assign more payments to attempt to balance the reward distribution). Fourth is a system called Ring Signatures, which aims to replace the more popular Darksend feature. Ring Signatures are a type of digital signature that can be performed by any member of a group of users who each hold a key. One of the security properties of a Ring Signature is that it should not be computationally feasible to find out which of the group members’ keys were used to produce the signature. A Ring Signature makes use of your account keys and a number of public keys (also known as outputs) pulled from the blockchain using a triangular distribution method. Over the course of time, past outputs could be used multiple times to form possible signer participants. In a “ring” of possible signers, all ring members are equal and valid. There is no way an outside observer can tell which of the possible signers in a signature group belongs to your account. In other words, ring signatures ensure that transaction outputs are untraceable. Moreover, there are no fungibility issues with Innova given that every transaction output has plausible deniability (the network can not tell which outputs are spent or unspent).
For more information please visit our website:
Or join our community!
Discord — https://discord.gg/hp55tdg
Twitter — http://twitter.com/InnovaCoin
Github
Organization — https://github.com/innova-foundation
Innova Repository — https://github.com/innova-foundation/innova
Credits to Earthshaker for all graphics in this article
