In the whole system of blockchain, trust is the basis of network operation, while consensus mechanism is the mechanism to maintain trust, and an excellent consensus mechanism is the foundation of whether the blockchain project can be better developed. There are more than 30 kinds of consensus mechanisms in the field of encrypted currency, such as POW workload proof, POS equity proof, DPOS entrustment equity proof and so on.
POW is the first blockchain consensus mechanism, to get the corresponding reward through a certain amount of workload. The higher the computational power, the longer the mining time, and the more digital money will be obtained. The disadvantage is that it consumes a lot of electricity and is inefficient. POS, interest is generated by holding money, which rewards the verifier and node. The disadvantage is that large holders of money holding interest leads to monopoly; low mining costs, common hard bifurcation; frequent security loopholes.
The new ecological blockchain NGK at the beginning of its establishment, Silicon Valley’s top technical team in technology research breakthrough, abandon the use of POW、POS and other consensus mechanisms, combined with their respective advantages, upgrade the use of DPOSS consensus mechanism, the blockchain center difficult to unify the decentralization, efficiency, consistency several advantages to achieve better coordination.
The first is decentralization, in the DPOSS consensus mechanism, 21 block producers are selected by NGK holders, any satisfied can join the node. Each node here is similar to POW type of mine pool, which is added to the consensus by holding equity. The mining pool obtains the accounting rights according to the calculation force in the POW, then in the DPOSS, the opportunity for all the mining pools to obtain the accounting rights is randomly equal, which makes the node distribution of the DPOSS consensus mechanism more decentralized.
Second, in terms of efficiency, the two key factors that affect the efficiency of blockchain network are a wide distribution of nodes and an improvement of the hardware or network resources of nodes. During the coordination of these two parameters, the DPOSS consensus mechanism introduces the credit coefficient mechanism, on the one hand, it ensures the stability of the node, and each node will make the most powerful choice to the network to ensure that the node can provide the service efficiently and stably. On the other hand, the principle of random sorting and block-out into the DPOSS ensures the security and efficiency of the network, which can improve the high TPS carrying capacity. 21 nodes took turns 24 hours in block production, averaging 3 seconds for a block, and a single confirmed transaction for 1.5 seconds.
Finally, it is coherence, in the DPOSS consensus mechanism, all members can participate in the consensus, and all opportunities in the consensus are equal. The nodes and all participants will reach consensus to improve stable node services.
The DPOSS consensus mechanism adopted by the NGK has the absolute advantage, the participation threshold is low without any equipment; the community member is highly involved, thus activates the community strength; the node interest and the user interest are highly consistent, impels the community to form the positive incentive, then promotes the community ecological development, enhances the NGK influence in the community.
DPOSS consensus mechanism is also called full consensus. Within the NGK DPOSS consensus mechanism, participation incentives are available to all community members participating in the consensus. We believe that a superior consensus mechanism is not only a consensus on account, but also a consensus on community governance.
