Over, A new birth of freedom(2): Towards Accessible Participation

Over, A new birth of Freedom.

A new birth of freedom — and that government of the people, by the people, for the people, shall not perish from the earth.

Abraham Lincoln

Over is all about championing the highest level of freedom. We stand by the idea that everyone should have the freedom to choose, to pursue their passions, and to avoid anything they don’t wish to do. We’ve translated this belief into the blockchain realm, where we ensure that users can effortlessly access data, contribute to the network, and utilize the blockchain without depending on anyone else.

Our goal at Over is to create a design that empowers every user with freedom. We’re building a blockchain that’s light, user-friendly, and safe, fostering effortless participation. Each aspect of our design has been meticulously crafted to embody a freedom-centric blockchain experience. Our key design principles include 1) Compact blockchain nodes that anyone can operate, 2) Open participation in the consensus process, 3) Risk and cost-free blockchain dapp use. In this “Over: A New Birth of Freedom” blog series, we’ll uncover each principle one at a time. So, welcome to the second step of our journey towards redefining freedom in the blockchain world.

Shape the Future of Blockchain — Your Participation Counts

We believe that true freedom is all about open-door policies and verifiability, making it a free-for-all playground. That’s why Over has chosen the PoS (Proof of Stake) approach over the more resource-guzzling PoW (Proof of Work). Plus, we’ve taken a page from Ethereum’s book and embraced Gasper, paving the way for more folks to step up to the plate. With Over’s lean hardware needs, we’re making it a breeze for anyone to join the consensus process right from their cozy corners at home. This way, everyone gets to chip in towards a more secure and steady blockchain network.

What is a consensus in blockchain?

A consensus algorithm in blockchain serves as the rule enforcer, making sure everyone’s ledger copies match. It ensures unanimous agreement on the validity and sequence of transactions. The outcome is a decentralized, transparent, and tamper-proof system that cultivates trust among all participants. It’s akin to setting ground rules for a game — you have Proof-of-Work (PoW), where miners solve complex math puzzles to add a new block, or Proof-of-Stake (PoS), where validators are selected based on their token holdings.

Now, PoS is at the core of Over Protocol. Here’s how it works: network participants buy a substantial amount of OVER from the market and put it up as collateral to create and validate blocks. If you successfully generate and validate, you’re rewarded with OVER issued per block and transaction fees from the blocks you’ve crafted. However, any foul play can lead to penalties. Depending on the severity of the misconduct, punishments can range from a temporary suspension from the validator set to losing all your collateral OVER. So, it pays to be diligent and play by the rules.

Why Did Over Choose Gasper for Consensus? Here’s Why.

There’s a wide variety of PoS (Proof of Stake) algorithms out there, but Over decided to join forces with Ethereum’s Gasper. The reason? Over is committed to creating a blockchain that doesn’t hinge on a select few, reflecting the same principle in its choice of consensus algorithm.

Several emerging blockchains lean towards a DPoS (Delegated Proof of Stake) format, where a handful of validators are selected and utilized. However, this approach can lead to considerable network performance issues if these validators don’t uphold high performance standards. Therefore, to ensure maximum speed and performance of blockchain consensus, these validators are expected to maintain a robust node operation environment. The downside is that direct participation in these blockchains’ consensus becomes a steep climb for the average person, due to the need for advanced infrastructure and significant capital to be among the elite.

On the other hand, Ethereum’s Gasper welcomes a larger number of validators and accommodates those with less advanced node operation environments. As Gasper aligns with Over’s philosophy and vision for the blockchain, Over has integrated a slightly modified version of Gasper. This decision ensures a more inclusive consensus process, making blockchain participation more accessible for all.

What is Our Goal?

Ethereum’s nurtured Gasper to boost participation in the blockchain system. But, setting up an Ethereum node and getting involved in the network can feel like scaling a mountain, both technologically and resource-wise. For most folks, staking in Ethereum can seem like a tough nut to crack. That’s where Over steps in. Our goal is to make At Home Staking not just a pipe dream, but a doable reality, through compact blockchain nodes. We’re setting our sights on creating a worldwide network, powered by tens of thousands of personal computers.

Bringing Blockchain Freedom to Everyone

Over is redefining the blockchain landscape, championing an ethos of freedom for all. We’re breaking down barriers, making blockchain participation more accessible and manageable, regardless of tech savviness or resource availability. By embracing Ethereum’s Gasper within a PoS framework, we’re fostering a more democratic consensus process. Our vision is a future where everyone can contribute to the security and stability of the blockchain network, right from their own homes. Over’s mission to make At Home Staking a reality, powered by compact blockchain nodes, signifies a new era of freedom and inclusivity in the blockchain world. Welcome to the future, where the power of the blockchain is truly in the hands of the people.