RPOW an innovative Consensus Algorithm by Usechain
In the blockchain world, there exist various systems, methods or techniques that are utilized to achieve agreement and typically to prevent a network attack. This is known as consensus algorithms. Many debates have been ongoing stating on which algorithm works the best, be it in a public or permissioned blockchain. However, the term ‘’best’’ can be a very vague and broad term which do not fully define the value of algorithm in the blockchain. Nonetheless, most people are still looking for the ‘’best’’ security, ‘’best’’ performance, ‘’best’’ scalability, etc that can be fulfilled in a blockchain network, neglecting the fact that the main objective of blockchain is ‘’decentralization’’.
Most of the consensus Algorithms that we are familiar with does not fulfill the criteria of ‘’decentralization’’. An example like Bitcoin’s Proof of Work (POW), estimated 50% of hashing power come from China’s mining pools, where majority of the mining activities took place in areas where electricity cost is cheap. Proof of Stake (POS) is a common alternative to POW, replacing miners with validators. Validators get rewarded based on the proportion of their stakes. Hence, whoever has a higher stake will has a higher chance chosen to validate more blocks, earning more block rewards and transaction fees, resulting in a centralization of power and wealth.
Subsequently, the Delegated Proof of Stake (DPOS) is another type of algorithm consensus where anyone who hold tokens on the blockchain can vote to select ‘’witnesses’’ (trusted parties to validate transaction and create blocks) to reach consensus more efficiently. An example will be EOS using this consensus to improve on scalability via 21 supernodes. However, this run at the cost of sacrificing decentralization which can easily result in a single sphere of influence, increasing the probability of a network attack.
Usechain innovative creation of a new consensus algorithm RPOW emphasis on the importance of ‘’decentralisation’’. It uses a randomised method to assign different probability for people to mine the next block, so everyone has an equal chance get the block reward. RPOW is able to control the parameters on the mining probability. The difficulty parameters will be adjusted based on an individual hashing power and mining frequency. For example, if someone who has never done mining before compare with someone who has high hashing power or mining frequency, the first person will have a higher probability in mining the block reward while the latter person will be given a higher difficulty level to mine. Everyone will have an equal chance to mine the block rewards. This promote a decentralized network where there is no concentration of hashing power, mitigating the risk of a network attack or hack.
In addition, the combination of RPOW with mirror identity protocol help to eliminate the duplication and creation of anonymous accounts for mining, where the technology of identity mapping provides mapping data on-chain, but identity off-chain remain anonymous. This ensure privacy security and transparency within the decentralized network.
In short, RPOW algorithm consensus can reduce the collective hashing power of the mining pools, minimize power wastage and increase scalability for the entire system by more than 100 times.
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