What Is Secure Proof of Stake (SPoS)?

Secure Proof of Stake (SPoS) is a method used to safeguard blockchain networks, enhancing upon the traditional proof-of-stake (PoS) consensus algorithm.

Get to Know with Secure Proof of Stake (SPoS)

Secure Proof of Stake (SPoS) is a consensus mechanism employed to safeguard blockchain networks. It represents an advancement from the conventional proof-of-stake (PoS) consensus algorithm. 

In PoS, validators are chosen based on their stake in the network, whereas in SPoS, validators' selection is influenced by their reputation, stake, and the efficiency and security of the nodes they operate. 

Enhanced Security and Decentralization toward PoS Algorithm

This mechanism aims to offer enhanced security and decentralization compared to traditional PoS algorithms. It encourages validators to act in the network's best interests by incorporating security measures like random sampling, reputation-based selection, and achieving consensus across the network.

How Secure Proof of Stake (SPoS) Works (Elrond Network)?

Secure Proof of Stake (SPoS) blends random selection of validators and their eligibility determined by stake and reputation, alongside an optimal consensus group size. 

Each node within the network possesses a public key, a rating, and a locked stake amount. To participate in consensus, a node must first register via a smart contract by submitting a transaction containing the required minimum stake and other pertinent information. 

Data Selection

Following registration, at the conclusion of each epoch, the node is placed on the list of eligible nodes for a specific shard. Subsequently, it can be selected as part of a consensus group using a deterministic function based on various factors such as randomness source, current round, and predefined parameters.

Partitioning the Block

The block is then proposed by the block proposer and co-signed by validators utilizing a modified version of the Practical Byzantine Fault Tolerance (pBFT) algorithm. In case the block proposer fails to create a block within the allotted time, a new consensus group is selected based on the previous block's data. 

This mechanism offers numerous benefits, including partitioning the blockchain into multiple shards for parallel processing by different validators and an improved variation of the Proof of Stake (PoS) algorithm.

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

Proof of Stake (PoS) and Secure Proof of Stake (SPoS) share similarities but have distinct differences. In PoS, validators are chosen solely based on their stake, while SPoS considers additional criteria such as reputation, security, and efficiency of nodes. 

As a result, SPoS provides higher network security and decentralization by selecting validators from a broader pool of nodes, fostering a more diverse consensus group.

Conclusion

Both algorithms are effective in securing blockchains and are popular choices among developers. 

While PoS emphasizes stake as the primary factor for validator selection, SPoS takes into account additional factors to enhance security and decentralization.

Also Read

What Is Market Proof?

What Is Proof of Work (PoW)?

Understanding Proof of Validation

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