The PoS mechanism allows token holders to validate transactions and add new blocks to the blockchain based on the amount of tokens they hold and stake. This provides a more energy-efficient and secure way of validating transactions compared to traditional Proof of Work (PoW) mechanisms.
The COT mechanism, named after mathematician Tartaglia, is a unique approach to consensus that is designed to mitigate against the effects of 51% attacks. It is based on a mathematical formula that involves a quadratic polynomial equation. This algorithm allows for a higher level of decentralization and security in the network.
The specific mathematical equation used in the COT mechanism is not publicly disclosed by the Hami Network team. However, it is stated that the COT mechanism involves solving a quadratic polynomial equation to generate a unique signature for each block. This signature is used to verify the authenticity of each block and ensure that it has been approved by a sufficient number of nodes on the network.
Overall, the combination of PoS and COT mechanisms in Hami Network's consensus algorithm provides a unique and secure approach to blockchain consensus, ensuring both decentralization and security for the network.
Proof of Stake (PoS) is a consensus algorithm used by many blockchain networks to validate transactions and secure the network. It operates on the principle of "staking" or holding a certain amount of cryptocurrency in a wallet to participate in the block validation process.
The probability of being chosen as the validator for the next block is directly proportional to the amount of cryptocurrency staked. This means that the more cryptocurrency an individual holds, the higher their chances of being selected as a validator and receiving the associated rewards.
The equation for PoS can be expressed as:
p = (w / t) / ∑(w / t)
Where: p = probability of being chosen as the validator for the next block w = amount of cryptocurrency staked by the user t = time since the user's cryptocurrency was staked ∑ = sum of all cryptocurrency staked on the network
By utilizing this algorithm, PoS eliminates the need for energy-intensive mining and ensures a more environmentally friendly and cost-effective approach to securing the network.
Nodes on the network stake their HAMI tokens to become validators.
The network selects a set of validators to participate in each round of block validation.
The selected validators use their stake to vote on the validity of transactions and proposed blocks.
Each validator’s voting weight is determined by their staked amount of HAMI tokens.
The consensus algorithm uses the COT algorithm to verify transactions and blocks proposed by the validators.
The network rewards validators with newly minted HAMI tokens for each validated block.
Validators with a higher stake and successful validation history have a greater chance of being selected for future rounds.
The POS-COT algorithm incentivizes validators to act in the best interest of the network to maintain its security and efficiency.