The SymVerse Foundation announced on April 29 the transition to the SymVerse V2.0 mainnet.
The consensus process of the SymVerse network is an evolved BFT algorithm that uses BFT (Byzantine Fault Tolerant), a voting method including Veto. SymVerse V2.0 maintains continuous activation of network nodes based on the PoS (Proof of Stake) method.
Guarantee nodes consist of 25. Among them, 9 members of Group A have a certain size of SYM deposit and are selected through pre-screening by the foundation to participate in voting and block generation of the consensus process for a certain period.
A collective veto that shows the same voting results can be exercised and the consensus process is terminated if more than 2/3 of all guarantee nodes agree. Therefore, in the SymVerse consensus process where the right to veto exists, no guarantee nodes can collude and take advantage.
Group B is selected by checking Node Power among the work nodes that applied to candidates. Including the Primary node (1), which hosts the consensus process of block creation, Front Bench nodes (3), Middle Bench nodes (8), and Back Bench nodes (4) with confirmed priorities for Primary nodes, it consists of 16 different nodes.
All nodes participating in the SymVerse consensus process can mine coins generated based on stake holdings and contributions according to the preset node type.
Starting with SymVerse V2.0, the SymVerse Foundation will distribute 900 million, including the existing SYM (ERC-20) and mainnet SYM, to revitalize the ecosystem. Accordingly, it was announced that 200 million, corresponding to the supply of SYM (ERC-20) (100 million) and guarantee node deposits (100 million), will be burned sequentially.
A Symverse official said, “We are planning to list SYM (ERC-20) on domestic exchanges this year, and SYM coins will be listed on global exchanges.” He also said, “Detailed information about SymVerse V2.0 will be released in the white paper V2.0 in May.”
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