In the traditional PoW algorithm, the mining power of a single machine is very weak, not able to generate blocks independently and it has to join a mining pool or a self-built mining pool, resulting in only 10 mining pool nodes per chain. The initial PoS chain usually has about 7 nodes, and the later PoS chain has only dozens of nodes. The decentralization of the blockchain network has not been shown at all, because ordinary users cannot directly become consensus nodes, instead they have to rely on large organizations.
ChainX use PoS consensus algorithm to establish the largest PoS node network in history, capable of supporting 1000 consensus nodes, 2s block generation time, and less than 10s latency. The number of Consensus nodes in ChainX will start from a few dozen, and will gradually grow after the community matures. In the initial stage, the cloud servers are needed to build consensus nodes. Later users only need to download the desktop wallet to generate blocks, but good internet environment and computing power are required, or punishment may be incurred if any block is delayed. The punishment funds will be transferred to the council fund and future referendums will be held to decide how to use it.
Anyone can register a node and start participating in elections after the node is installed. ChainX adopts a one-cast-one-vote model to eliminate node conspiracy. Any user can use PCX for node elections, and it is recommended to select nodes that are self-collateralized, stable in operation, and fully disclosed. The profit model of the node is getting 10% mining revenues of the user, and the specific proportion can be modified by the follow-up referendums. Node dropout or other malicious behavior will be punished by reducing daily user rewards. The election cycle for each consensus node is one hour and nodes will be ranked according to the number of votes. If a node fails to be selected as a validator node and becomes a candidate node, heartbeat transactions also need to be initiated with a real node and empty nodes are not allowed. Votes from both consensus nodes and candidate nodes participate in the mining reward distribution, and users will enjoy the same benefit without affecting the advancement of the candidate nodes.
About ChainX
- Official website: https://chainx.org
- Wiki: https://github.com/chainx-org/ChainX/wiki
- Twitter: https://twitter.com/chainx_org
- Medium: https://medium.com/@chainx_org
- Telegram: https://t.me/chainx_org
- White paper: https://chainx-static.oss-cn-hangzhou.aliyuncs.com/chainx_en.pdf
- Desktop wallet: https://github.com/chainx-org/chainx-wallet/releases/tag/v1.0.3
- Official Wechat: interchain
