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XinFinOrg / Open-Hackathon

Live Hackathon on XinFin Network. Start Contribution and Get Free XDC
https://xinfinorg.github.io/Open-Hackathon/
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SPIT- Proof of Pots #58

Closed rikengala closed 5 years ago

rikengala commented 5 years ago

SPIT Hackathon

Proof Of Pots

-- Improve Proof of Work (PoW) and Proof of Stake(PoS) Consensus in blockchain:

The disadvantage of Proof of Stake is the ability of owners to monopolize the network. If they purchase large amount of coins and hold onto to majority of those coins and dominate the network. Such people can “collude” to carry out an attack. Our idea will reduce the power in someone’s hand to validate a block and instead distribute the power among the group of people having the willingness to participate in the validation of a given block. So assume that there is a pool of transactions which are in an unconfirmed state. A set of transactions will be selected and a conceptual “POT” is formed.

Now the miners that want to participate will lock their respective stakes irrespective of their amount. There will also be restrictions on the range of stake amount that could be locked. Now all the participated people have equal rights of verifying the block irrespective of the amount their stakes. After reaching a consensus the block will be verified and added to the chain. Now the reward that will be earned because of verification will be divided among the validators participating in the “POT” and their return value depend upon their comparative percentage of stake locked earlier

-- As the reward in Proof of Pots is based on the stake percentage of the validators, it leads to a case of “Rich gets richer”. The energy consumption for all validators is the same whereas the rewards is based on the stake invested, this might lead to a case wherein there might not be sufficient net profit for the low stake validators to incentivise them to validate. Initially there will be a dependency on some trusted validators who have been given the task of adding the block in the chain. So it’s best used for a closed organisation.

The future scope of our proposed idea can significantly improve the existing protocols of POS. The idea can be extended to very large stakes and practically overcoming the vulnerabilities of PoS and PoW.

The limitations on our statement can be improved significantly by improving the stake handling and participation of every miner for each round.

-- GitHub repository. https://github.com/rikengala/SPIT-Hackathon-POT

-- HTML,CSS,JS Flask Python Go

-- Team code - rikengala664

Riken Gala(Team Leader) rikengala@gmail.com https://github.com/rikengala Aadit Kachalia aaditkachalia@gmail.com https://github.com/aaditkachalia Apurva Dani apurvadani98@gmail.com https://github.com/ApurvaDani Rohan Kalantri kalantri.rohan@gmail.com https://github.com/rohankalantri

riteshkakkad commented 5 years ago

Need detail document on proof of POT flow..