Proof of Scan: PoA component
The Proof of Scan implementation is equipped with GRANDPA finality gadget, which guarantees for Best chain to reach finality in oppose to the probabilistic finality (e.x. Nakamoto protocol which first was applied in Bitcoin). PoA (Proof of Authority) concept is being used. There is an Authority set called Validators consisting of the most reliable nodes selected by the algorithm. They vote upon Best chain to ensure there is no way for it to get reorganized afterwards. This will determine the preservation of all the user assets and will make them available for transfer all the way trough the lifetime. Learn how to become Validator in The Ledger of Things.
Old conventional probabilistic approach (e.x. Nakamoto protocol first applied to Bitcoin or single slot finality SSF in modern Ethereum) provides no guarantees that Best chain ever constructed cannot be reorganized at any blockchain hight. Although it is unlikely to happen, the probability for Best chain to reorganize from genesis to the current Best block is always there for such networks as Bitcoin, Ethereum and its forks.
Incentive mechanism: Block finalizaton: 50% of total block rewards (the rest 50% goes to the block author) The user objects processing: 50% of the object verification fee (paid by user)
GRANDPA (PoA) protocol is implemented in The Ledger of Things Node as a number of traits, such as:
- Validator set pallet - to control the set of authorities,
- Session pallet - to ensure the rotation in the set,
- imOnline pallet - to check is everyone online in the set,
- Grandpa pallet - GRANDPA PoA consesnsus protocol,
- The
offenses pallet- to detect the equivocation attack (voting for several different chains simultaneously)