What Is Secure Proof of Stake (SPoS)?

The blockchain network revolution continues to develop, especially in securing transactions and validating blocks. In this article, we will get to know Secure Proof of Stake (SPoS), outlining its function, benefits, and how it differs from traditional Proof of Stake (PoS) algorithms.

Secure Proof of Stake (SPoS) functions as a robust consensus mechanism designed to harden blockchain networks against malicious attacks and ensure efficient transaction processing.

In contrast to conventional PoS algorithms which focus on the amount of staking to select validators, SPoS uses a multi-faceted approach. Validators are selected based on their staking, reputation, and security and efficiency node their operations.

This combination of selection criteria improves network security and encourages decentralization, fostering a resilient and inclusive blockchain ecosystem.

How Does Secure Proof of Stake (SPoS) (Elrond Network) Work?

In the Elrond Network, Secure Proof of Stake (SPoS) operates through a sophisticated process of random validator selection and eligibility determination. Each network node has a public key, rank, and locked staking amount, which are prerequisites for participation in the consensus mechanism.

The steps

Node Registration: To begin participation, a node must register via a smart contract, submitting important details including the public key, node ID, and minimum staking required.
Shard List Formation: At the end of each epoch, eligible nodes enter a special list of shards, paving the way for their potential to be selected into the consensus pool.
Consensus Group Selection: Utilizing deterministic functions driven by a combination of random sources and variation parameters, a consensus group is formed, facilitating block creation and validation.
Network Resilience: In case of block generator failure, a new consensus group is immediately elected, ensuring continued network operation and resilience.

Benefits of Secure Proof of Stake (SPoS)

High Scalability: SPoS significantly increases network scalability and throughput by partitioning the blockchain into multiple shards and distributing transaction processing among parallel validators.
Enhanced Security: SPoS minimizes the attack surface, strengthens network security and reduces potential threats.
Better Decentralization: By including node reputation and efficiency in validator selection, SPoS encourages decentralization and broader participation in the network.

Comparison: Proof of Stake vs. Secure Proof of Stake (Elrond Network)

Although Proof of Stake and Secure Proof of Stake have the same basic principles, they differ in their approach to validator selection and network security.

PoS relies more on the amount of staking, while SPoS incorporates additional factors such as node reputation and efficiency, resulting in a more robust and decentralized consensus model.

Conclusion

Secure Proof of Stake (SPoS) is emerging as a superior alternative, offering higher security, scalability and decentralization compared to traditional PoS algorithms.

By prioritizing network integrity and inclusivity, SPoS paves the way for a more resilient and fair blockchain ecosystem. In the dynamic landscape of blockchain technology, SPoS is a beacon of innovation and progress, driving the evolution of decentralized networks around the world.

Also read:

What is a Validator?

What is Hybrid PoW/PoS? What are the advantages?

Apa Itu Liquid Proof of Stake (LPoS)?

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