What do you think about a Hybrid Consensus Protocol Blockckchain

By Ayobami99 | Cryptostocksreviews | 30 Apr 2019

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Sure everyone knows that the different blockchains that we have today operate on different consensus protocols:

Proof of Work Consensus Protocol

Bitcoin operates on Proof of Work- PoW. This means that miners have to use their mining hardware to do complex calculations in order to confirm transactions on the network and also create new coins. The complexity of the calculations to be done to create new blocks increases automatically with an increase in the number of miners. There have been many opinions against this model in that it consumes a significant amount of electricity. Application Specific Integrated Circuits (ASIC miners) have to be powerful enough to handle these complex calculations within a short period of time thus they consume a huge amount of electricity.

Proof of Stake 

Ethereum and other Proof of Stake- PoS model allows the confirmation of transactions and creation of new tokens by locking a number of tokens in specialized wallets. Instead of miners, PoS uses validators who are incentivized according to the number of tokens they lock up. This has been seen as a great improvement on the PoW model as it eliminates the need to have miners which consume electricity. But as great as this sounds, many people are of the opinion that, it may lead to unnecessary hoarding of tokens. Additionally, it is possible for somebody or a group of people to own more than 51% of the tokens on the network. With this, they can sway the decision of the whole network to cause double spending for their own benefit. The set of people who pointed this out are contempt with the PoW model which requires work done by miners and does not require unnecessary hoarding of tokens.

The rivalry of opinions continues in the cryptos and will not end unless there is a kind of synergy of opinion or consensus like that which is proposed by Love Air Coffee.

PoW/PoS Consensus Model

Love Air Coffee- LAC is proposing some sort of hybrid Consensus blockchain in the future for its project. It synergizes the Proof of Stake model with the Proof of Work model thus eliminating and dealing with the imminent disadvantages of both. The EVOL blockchain as proposed by LAC will use PoS to confirm transactions. After the confirmation, it will be passed on to miners who reconfirm the transaction and finally adds it to the block. This model eliminates the need for too many miners – a minimum of 25 miners are needed for the work. The mining job can be done by PC which consumes way lesser amount of electricity. Locking up tokens for PoS validators won’t be a challenge since more tokens will be created by miners. No one or group of people can possibly game the network with owning more tokens for the double layer of protection or confirmation model.

Incentivization

All participants of the network are incentivized for their participation. 35% of the block rewards are given to PoS miners, 35% to the PoW miners and 30% are directed towards the building of the network. The model also incentivizes frequent voters in the network.

Voting

The network conduct voting from time-to-time for project development and to choose judicial committee for the network. This keeps the network intact and community-driven which is best for projects nowadays. Sure, the developers must have seen the rigor the community passes through as they have to always agree with the decisions of imposed leaders in crypto projects today.

Master Contract

Love Air Coffee will have a master Contract on its EVOL blockchain. The master contract will relate to other blockchains. The essence is to work customers through when they order Coffee products. And to serve as an escrow and connection with the factory they are ordering Coffee from.

About Love Air Coffee

Love Air Coffee is changing the game for coffee beverage drink by cutting production cost and time and significantly improving the quality of roasted coffee beans. They are doing this with the aid of a cutting edge coffee air roaster which roasts coffee by supplying hot air to the beans. This, in essence, roasts the beans evenly at the same controlled temperature. The roaster changes the game.

LAC is also bringing the coffee industry to the blockchain to facilitate its delivery to customers all over the world. They are opening up the industry for investors to join in the development of a cutting edge tech - Coffee air roaster and the EVOL Blockchain.

Coffee is known to be a sign of love, therefore, LAC is creating an application to facilitate the social relationship between its community members aside being a tool to interact with the blockchain and order top quality roasted coffee.

Thinking Cap:

Do you think the Hybrid Consensus model by LAC will revolutionize the blockchain technology? Or what is your opinion? Let me know in the comments.

For more information about LAC visit

Website | Whitepaper

I am Ayobami99

Eth address: 0xC941b4bd79886898f93d679FACf56d5Fe2a43A61

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Ayobami99
Ayobami99

I am a blockchain enthusiast (especially startups)- The wonders of the blockchain technology.


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