Consensus Building Using the Community PoS Algorithm in the Blockchain Network of the Bitbon System

News/Global News/Consensus Building Using the Community PoS Algorithm in the Blockchain Network of the Bitbon System
18.04.2019 11:57
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Simcord Company continues to develop the Bitbon System infrastructure, including its technical component. The stage of preparation for the launch of Consensus building mining in the Bitbon System involved an extensive work on researching the existing consensus building algorithms in various Blockchain networks, as well as identifying and studying the main vulnerabilities of such algorithms. Based on the analysis of the obtained data, Simcord has developed its own solution, the Community PoS consensus building algorithm on the basis of the mutual proof of stake.

That is why we are planning a series of publications related to Consensus building mining and the Community PoS algorithm, and in June we will publish the terms and conditions for distributing remuneration for mining in the Bitbon System. Then we will publish a series of news articles that will cover 14 main currently known types of vulnerabilities of the Blockchain technology and the idea of how the Community PoS algorithm guarantees the ability of the Blockchain network of the Bitbon System to avoid them.

Today, we have prepared an article that explains the concept and the general operation principle of the Community PoS algorithm. This article along with a scientific and mathematical substantiation of the global probability model of the block producer sequence formation process is available on the Bitbon Space website by following this link.

Prior to the launch of Consensus building mining, the Community PoS algorithm undergoes a thorough examination for compliance with the highest requirements for reliability, security and stability against all known vulnerabilities of outdated consensus building algorithms. Due to the fact that the testing of the Community PoS algorithm along with mathematical modeling and substantiation of the effectiveness of its operation takes longer than expected, the Company decided to move the date of the mining launch 55 days from the previously specified date.

Simcord hopes for your understanding because we traditionally stick to the principle of providing a maximally high quality products and services and think that, in order to ensure their infinitely long operation, they require a special approach and attention from the very first stages of development and testing.