The Monero provide company has officially announced the switch to a new Proof-of-Stake protocol for all is services including Monero.
There have been a lot of news about the switch over but the company has come out to announce and give a preview to how to protocol will work.
In a medium post, X-Cash have some points about the attribute of the new protocol:
– An improvement of the public blockchain network where 100 elected delegates are in charge of the consensus;
– A unique algorithm that combines delegated Byzantine Fault Tolerant consensus mechanism and Verifiable Random Functions;
– The first dPoS cryptocurrency based on private transactions;
– The first dPoS cryptocurrency based on Monero and Reserve proofs;
– A backbone for the sidechain technology that will allow higher scalability and new use cases.
“Delegated PoS is a consensus mechanism where only a subset of nodes in the network are allowed to validate transactions and mine blocks. The nodes validating the transactions are known as the delegates as they are elected by the token holders of the cryptocurrency. Given that the process of block creation doesn’t require heavy computation as in Proof-of-Work, it is also known as forging”. The post read.
This will imply that Monero will be running a new system. Lets see how successful this protocol will be for the currently 13th coin.