'Enhanced Proof of Burn on The Koinos Blockchain: Explained' by andrarchy koinos koin
We have yet to uncover a single bug in the blockchain framework. This is all the more impressive since we have more participation in the testnet than ever before. There are more people running nodes and more people testing smart contracts, thanks in large part to the awesome. One user even tried blasting the blockchain with as many transactions as they could which is a fantastic stress test.
The feedback we received from technical advisors and community members like Luke Willis validated one direction we had been considering and as we began to work with Koinos smart contracts we discovered that we could significantly improve the design in accordance with the following objectives;Allowing block producers to exit their positions at will, a huge improvement over PoSThe key distinction between our new implementation of PoB and the one outlined in our whitepaper is the move from using...
Just like in proof-of-work, the more hash power you have, the more likely you are to produce a block. Someone with twice as much VHP as another would, on average, produce twice as many blocks. In this way, the algorithm incentivizes securing the blockchain by replicating the user experience of PoW while still allowing for its intended use-case; efficiently powering decentralized applications.One of the features we think has great potential is mining pools.
Now that we are working on smart contracts instead of complicated system design, things are already progressing far more rapidly, so we have a lot more exciting developments that I will do my best to share with you in future updates. So be sure to stay tuned.Don’t forget that now is the perfect time for developers to begin building their Koinos applications.
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