A hybrid protocol that leverages Proof-of-Work, Proof-of-Stake and human work. Fast transaction throughput, inclusive and resistant to forks.
Our consensus algorithm features a combination for proof-of-work and proof-of-stake consensus to create a more secured and inclusive system. Proof-of-work miners create and propose blocks, while proof-of-stake miners validate these blocks before they are considered valid. Hybrid consensus system increases the security of our network by requiring 50% network hashrate and 50% voting tickets to perform a majority attack on the network. PeopleMint introduces a block observation role where users implicitly vote for blocks while attempting to change currency notes to coins.
Inspired by BitcoinNG, we will implement a leader-based block creation mechanism where a miner assumes temporary role of creating blocks for the network for a short period. Miners become leaders by mining a proof-of-work block to begin their regime; During a regime, they can create blocks faster and at shorter intervals without delays associated with traditional proof-of-work consensus.
Fair, Symbiotic Mining
We will implement a fair coin generation protocol that will enable anyone to create new coins by scanning national currency notes. People who scan banknotes are known as Scanners and those who validate are known as Validators.
Most proof-of-work blockchains feature probabilistic finality; Ellcrys is not different, However, the incorporation of PeopleMint, which introduces a chain observer role where humans notorize blocks reduces the time to attain transaction finality.
Factors that determine the best chain on Ellcrys: