DEPRECATED: Proof of Claim Explained: Part 3 — What is the Election Algorithm Used For?
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Versatus’s Proof of Claim is a powerful, decentralized election algorithm with various applications in the Versatus network. In this blog post, we will explore how the algorithm is used to elect farmer and harvester quorums, miners, and resolve conflicts between proposal blocks in the Versatus Convergence DAG structure. We’ll dive into the details of how this versatile algorithm works in each scenario and why it’s a crucial component in Versatus’s ecosystem.
For a quick refresher, check out Part 1 and Part 2 of this series.
Electing Farmer and Harvester Quorums
Think of farmer and harvester quorums as groups of people responsible for maintaining and securing the network. In Versatus, Proof of Claim is used to elect these quorums from eligible validators. Like a raffle draw, the algorithm selects a group of winners (validators) based on their unique claim hashes and the election seed.
When electing quorums, the algorithm picks multiple winners. Imagine a raffle where several winning tickets are drawn, and the participants with those tickets form a team. In this way, the Proof of Claim algorithm ensures that the quorums are made up of a diverse group of validators, promoting decentralization and security in the Versatus network.
Electing Miners and Assembling Convergence Blocks
In the Versatus Convergence DAG, miners play a crucial role in assembling convergence blocks. The Proof of Claim algorithm is used to elect a single miner from the pool of candidates. It’s like a raffle where only one winning ticket is drawn, and the participant with that ticket gets the role of the miner.
Once elected, the miner is responsible for consolidating all the transactions in the known proposal blocks in the current round, resolving conflicts between proposal blocks, and presenting the convergence block to the harvesters for validation. This ensures a fair, transparent, and unbiased selection process, promoting a healthy and decentralized mining ecosystem.
Resolving Conflicts Between Proposal Blocks:
In the Versatus Convergence DAG, conflicts can arise when multiple proposal blocks contain the same transaction. The elected miner uses the Proof of Claim algorithm to resolve these conflicts by selecting the winning block among the conflicting ones.
Imagine the algorithm as a fair and unbiased judge that decides which of the competing blocks should be included in the convergence block. By using the Proof of Claim algorithm for conflict resolution, Versatus ensures that the process remains decentralized and immune to manipulations, maintaining the integrity of the network.
Conclusion
Versatus’s Proof of Claim algorithm is a versatile, efficient, and decentralized solution that plays a vital role in the network’s functioning. By facilitating the fair election of farmer and harvester quorums, miners, and resolving conflicts between proposal blocks, it ensures the smooth operation of the Versatus Convergence DAG. As the world moves towards decentralized systems, the Proof of Claim algorithm stands as a testament to the power of innovative, robust, and transparent mechanisms in shaping our digital future.
In the next installment of this series on the consensus mechanism, we will dig into greater details about Quorums, how they form and work, the Dealerless Distributed Key Generation Protocol, and
About the Author
Andrew N. Smith, CAIA is the founder of Versatus Labs, Inc. and is a two-time founder, a strong motivator and leader. At his first startup, Andrew spent 5 years as the sole engineer and data scientist building out the full stack of Machine Learning and Deep Learning models. Andrew began working on Versatus, invented Proof of Claim and single-handedly built the Versatus prototype. Andrew’s vision for Versatus is to not only provide a better, more decentralized, secure and stable blockchain, cryptocurrency and smart contracts platform, but to also actively bridge the gap between the “real economy” and the “crypto economy” by providing developers the most flexible, extensible and composable smart contract platform in the world.
About Versatus Labs, Inc.
Versatus Labs is the development company building Versatus, an innovative blockchain protocol. Versatus is a fast, scalable Layer 1 built on top of a novel consensus mechanism called Proof of Claim. Versatus aims to make the developer experience frictionless by bringing ‘Build, Ship, Run’ DevOps to Web3 with its isolated, composable smart contracts containers, complete with a unikernel VM enabling developers to build in the language of their choice.
