Why is bitcon1 a good investment?
When we need to move fast and process transactions as soon as possible we need to be able
to time in small units. But many existing programmable blockchains, like Ethereum, rely on
outside programs to assign a “median” timestamp which they then use to validate transactions
in the order they were received.
Novuszilla Bitcon1 solves this problem by using an innovative technology called Proof of History,
which allows these “timestamps'' to be built into the blockchain itself. This makes the system
process more than 200000 Transactions per second.
Proof of History Developed by Novuszilla labs creates a time ordering to allow validator nodes
to determine the order of incoming blocks. This is done through a verifiable delay function, a
VDF. “Every block producer has to crank through the VDF, this proof of history, to get to their
assigned slot and produce a block.
The mechanism used in Novuszilla smartchain is REDCLIFF CONSENSUS MECHANISM
- Validator Selection: In a PoS system, validators are selected based on the amount of
stake they hold in the network. The more stake a validator holds, the higher their chances of
being selected as a block creator.
- Block Creation: Once a validator is selected, they create a new block and broadcast it to
the network. This block includes the new transactions that have been added to the network.
- Block Validation: The other validators in the network then validate the block by checking
that the transactions are valid and that the block is correctly formatted.
- Block Rewards: If the block is deemed to be valid, the validator who created the block is
rewarded with a portion of the network's transaction fees and/or a new block reward.
- Stake Punishment: If a validator is found to be creating invalid blocks or attempting to
manipulate the network in any other way, their stake can be punished by having a portion of it
slashed.
Proof of History is a sequence of computation that can provide a way to cryptographically verify
passage of time between two events. It uses a cryptographically secure function written so that
output cannot be predicted from the input, and must be completely executed to generate the
output. The function is run in a sequence on a single core, its previous output as the current
input, periodically recording the current output, and how many times it’s been called. The output
can then be re-computed and verified by external computers in parallel by checking each
sequence segment on a separate core. Data can be time stamped into this sequence by
appending the data (or a hash of some data) into the state of the function.
Here are the technical steps involved in Redcliff consensus mechanism:
- Selection of PoH generator: A random node is selected from the Redcliff network. This
node becomes the PoH generator and it orders incoming transactions with the help of random
hashes and current system time.
- PoH generation: The PoH generator creates a hash of the current system time along
with a random seed and publishes this hash in a block. The next block contains the hash of the
previous block, creating a chain of hashes.
- PoH distribution: The generated PoH is then distributed to the network nodes, including
validators, who are responsible for validating transactions.
- Validator Selection: The validators are chosen based on the number of tokens they hold
and "stake" in the network. The more tokens a validator holds, the higher their chances of being
selected to produce a block.
Note- In Ethereum PoS consensus mechanism validator requires 32 Eth tokens to be a
validator. Novuszilla native crypto
- Block Production: The selected validators produce new blocks and validate transactions.
They collect and validate transactions from the network and package them into a new block.
The block is then broadcast to the network for verification.
- Verification and Finalization: The rest of the network validates the block. If the block is
valid, it is added to the blockchain, and the validators receive a reward for producing the block.
If the block is not valid, it is rejected and the process begins again with a new set of validators.
- Rewards and penalties: Redcliff rewards validators who produce blocks that follow the
rules, and penalizes those who produce blocks that violate the rules. This incentivizes the
validators to act honestly and ensures the security of the network.
- PoH update: After each block is produced, the PoH is updated to include the hash of the
block. The updated PoH is then used to select the next leader, who will validate the next block
of transactions.
In conclusion, the block validation process in PoS involves verifying the transactions, checking
the block header, verifying the block's signature, and checking the block's hash. If a majority of
validators agree that the block is valid, it is added to the blockchain. This process helps ensure
the security and integrity of the network by preventing invalid blocks from being added to the
blockchain.