Proof of stake is a consensus mechanism that was created with the idea to increase speed and efficiency while lowering fees. By not requiring all those miners to churn through math problems, which is an energy-intensive process, Proof of Stake reduces cost. Transactions are validated by people who are literally invested in the blockchain via staking.
In Inery, the self-delegated Proof of Stake (SDPOS) is the only viable decentralized consensus algorithm proven successful in meeting the performance requirements of applications on the blockchain. Inery software successfully utilizes SDPOS. Within this algorithm, anyone can be an active node if they meet the consensus. Every party can choose to participate in the block creation. A consensus that this kind of node has to meet is called balance consensus. Balance consensus requires the user to have 50000 INR (which is a resource on Inery blockchain) staked on the balance. By fulfilling the balance consensus, the user can make itself an active node or stay a passive node which means to save its own resources. Other active or passive nodes don’t have any power over each other. Even more, they are working together to create a strong and secure block ledger. With these implementations, everyone’s a winner.
Within the Inery blockchain structure, exactly one active node is authorized to create a block at any given point in time. The production of blocks is enabled every 0.5 seconds and, if the block is not created in the given time, then it is skipped for that certain time point. There is at least a 0.5 second gap in the blockchain when one or more blocks are skipped. An active node gets removed from consideration if he fails to create blocks within 24 hours. They need to notify the blockchain that they want to create blocks again in order to get returned in the equation. The network needs to run smoothly by minimizing the number of blocks missed by not scheduling and unreliable active nodes.
Benefits of Staking
- It allows these otherwise idle cryptocurrencies assets to accrue interest. And not just a little bit of interest. The interest offered embarrasses traditional financial products with high single and double-digit interest rates allowing the investor to earn a great amount of passive income.
- For those committed to the success of the cryptocurrency industry, it also provides the opportunity to support favored blockchains. So this seems like a pretty good deal, so hurry up and join Inery today.
- Staking process allows Proof of Stake blockchains to run continuously. Staking crypto is not just good for your pocket, it’s good for the network too.
- You should look at staking as a way of making your assets work for you by generating rewards, rather than collecting dust in your crypto wallets.
Inery is the first-ever decentralized database management and blockchain solution with the vision to enable a new paradigm for data. The platform activates an upgradeable way of accessing data by combining blockchain technology functionalities such as immutability, security and user-controlled data assets with distributed database management properties such as low latency and complex queries. Its layer-1 blockchain enables cross-chain interoperability, scalability and an environmentally sustainable network to support the deployment of decentralized applications.
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