From the year of 2009, blockchain develops rapidly. As for consensus mechanism, several algorithms appear and are emerging continually.
What is consensus mechanism? It just likes to hold a meeting. Its aim is to reach an agreement. However, there are several methods to reach an agreement. This means that there are various consensus mechanisms in the back bone of the blockchain. What consensus we have reached in the meeting? For example, some people do good deeds, while some do wrong. All these will be known by all. The biggest advantage of consensus mechanism is to overcome mistrust among strangers. Meanwhile, what have been done and done by whom in the meeting will be known by everyone.
You will be dazzled by various projects of the blockchain and countless projects. Let’s get to the bottom of it all, the algorithms we adopt determine the property and its position. The argumentation over the consensus on algorithms never ends, but problems it exposes keep popping up. BigBang Core draws a conclusion that “nothing is perfect, but some are most suitable”.
It’s known by all that in various seminars of “impossible triangle”, the result of decentralization means the IPS with low efficiency. The big data of the Internet of Thing becomes a big obstacle of constructing the consensus. Then what will be the most suitable consensus in the field of blockchain + IoT?
1. The main traditional algorithm of the consensus
The algorithm of the consensus of PoW
PoW, which can tell the workload, can be interpreted as distributing according to work, that is he who makes more takes more. With high level of decentralization and safety, it needs a lot electricity and energy. And the hashrace is more focused, the internet will be threatened more.
The algorithm of the consensus of PoS
PoS, which is the proof of stake, illustrates the ratio of shares distribution. Let me put in a simple way, it means if you hold more currency, then you will earn more. It shortens the time needed for reaching an agreement in certain degree. You do not need large amounts of energy to compete with others to take accounts, but you need to dig. Therefore, it does not solve the key problem on the business application in essence, and its credit base is instable.
The algorithm of the consensus of DPoS
DPoS is the delegated proof of stake. It means that several agents will be elected in node, and the agent will be responsible for certifying and taking an account. It needs less energy and less network operation cost. It is with low level of decentralization and less fairness.
2. The “EDPoS+CPoW” consensus of BigBang Core
If there are pros and cons in each single consensus, we can combine them, combing their advantages and avoiding their shortcomings. BigBang Core believes that combining the consensus mechanisms will be the only surviving way.
The whole ecology system may stop because of the break down of single consensus node. The whole block internet may paralyze due to the collective strike in DPoS node. In order to avoid the above cases, CPoW (sustainable proof of workload) and more decentralized EDPoS are born.
The security consensus mechanism is “EDPoS+CPoW”. The profits come form the rewards of your results and the transaction fee in that platform. Users can take BBC as the node of EDPoS to vote. The voting results will give rise to good results. When you can get good results in EDPoS node, all voters can share the rewards based on the voting ratio. The node needs to collect votes whose amount needs to surpass 2% of BBC, then it becomes EDPoS node.
Like EOS, if you want to become a member or organization of a super node, you can publish your EDPoS address which can be searched by the browser, allowing voting. The voting ratio is 1:1, for example, 1 BBC is one vote with no limitation on amount. If voters need to use BBC, they can redeem BBC by themselves.
To summarize the advantages of EDPoS:
1. You can get the mining rewards of the whole internet and rewards based on the mining results of BigBang Core.
2. You will gain the participating right of BBC foundation based on your contribution to the internet.
3. You can allocate the right of earnings of the node and determine the dividends that you will give to users.
The date of blockchain-IoT are usually a single ecology, whose ecological field are divided. They will build its own data ecology based on its data or build their own blockchain structure. Even the chain adopts various structures and technological system.
BigBang Core will link all data. Based on “EDPoS + CPoW” consensus, it will build the mutual trust among applications of multi entities and the sharing of data in the heterogeneous environment. Based on that, it combines consensuses to safeguard the safe and credible IoT ecosystem. BigBang Core adopts distributed network which is built by blockchain technology to solve the safety problems caused by the decentralization of IoT data. It utilizes the consensus mechanism to make sure the mutual trust among applications; BigBang Core will establish the reliable technology basis for future complex business mode of IoT.