PoW Consensus: Reinvented on StarcoinPublished at January 31, 2023 By Starcoin.
The blockchain trilemma states that it is impossible to achieve scalability, decentralization, and security all at once. Many projects have promised potential solutions, but none have been able to provide a truly decentralized, secure, and scalable network. Existing consensus models often require sacrificing user experience for security, or sacrificing decentralization and scalability for a secure system.
Satoshi Nakamoto first suggested the Proof-of-Work (POW) consensus, a system designed to store and transfer value, similar to digital gold. Usually, it is not used much. However, the blockchain infrastructure needed in Web3 needs to be able to handle big applications and a lot of transactions. That’s why scalability is a crucial factor. Exploring and testing a consensus with better scalability to meet the needs of Web3 with large-scale transactions is an innovation worth considering.
Each of the PoW consensus public chains has its own solution at the moment. Litecoin uses a modified version of the PoW consensus system that is designed to be faster and more energy efficient than Bitcoin； Dogecoin uses a PoW consensus system that is more accessible to miners with lower-end hardware; Dash uses a modified version of the PoW consensus system that is designed to be more energy efficient and secure; and Monero uses a modified version of the PoW consensus system that is designed to be more secure and private. However, each of these public chains faces issues related to scalability, security, and energy consumption.
Starcoin Network takes a game exchanging approach to provide a solution by the deployment of groundbreaking tech. Starcoin runs on the Proof of Work (PoW) algorithm and offers an enhanced version of the Satoshi Nakamoto consensus.
With a unique design that solves scalability issues via a layered structure. The base currency layer supplies the resources for global consensus, while the application smart contract layer improves asset transfer and exchange scalability. By allowing speedy transactions with the free and secure movement of assets between the layers, Starcoin improves PoW deficiency of scalability, providing users with a richer experience and lowering the barriers of wider blockchain adoption.
What are the features of the PoW consensus-based Starcoin? Stay tuned for the next issue!