On June 15, 2019, the PoS CEO Summit was held at 2:30 pm local time in Palo Alto, Silicon Valley. The summit was hosted by blockchain cloud service provider InfStones, founder and CEO of Silicon Valley Regional Blockchain companies such as IoTeX, Nucypher, Top Network, Celer, CertiK, ICON, Harmony, Quarkchain, HashFuture, and Danhua Capital (DHVC) Director General Manager Yan Jingsi attended the event. At the meeting, everyone discussed the advantages and disadvantages of PoS and PoW, how to combine the two, how to design the political economy. The summit kicked off in a keynote speech by Dr. Jonathan Shi, founder of InfStones, Dr. Jonathan Shi said.
“By studying the data of the past 6 years, we have increased the market share of PoS in the Altcoin market by 50%. In the second quarter of 2018, the market value of PoS tokens has exceeded the PoW blockchain. Since then, PoS has maintained a leading position."
As Dr. Jonathan Shi said, with the upcoming "quietness" phase of Ethereum, the world's second-largest cryptocurrency public chain will be transformed into a PoS consensus mechanism, and the market's top 100 POS or PoS-like projects will be The total market value is close to $50 billion. The public chain using the PoS consensus mechanism is faster, can carry more data, and does not fork. PoS is becoming the choice of many next-generation blockchain projects that focus on speed and economics.
In the discussion of the big coffee, the founders of each PoS public chain said that the stable operation of the nodes and the high staking ratio of the whole network are the key factors affecting the safety and performance of the public chain.
IoTeX co-founder Raullen Chai told the Babbit reporter.
"PoS running cloud service providers like InfStones is a necessary role in the mid-term of the PoS public chain ecosystem."
Built on the cloud, InfStone uses a hybrid cloud and automated cloud deployment architecture to act as a node server.
The founders mentioned in unison that the public chain will provide many technical guidance and token rewards for the nodes, and provide a generous staking reward plan to encourage community holders to staking. According to the calculation of infstone, the holders who participate in staking can get the token reward with an annualized interest rate of at least 10%.
PoS is a consensus mechanism after PoW. Under the PoS mechanism, each holder of the currency votes (you can vote for yourself), resulting in a super node (or a numerical value) that is N (the value is generally not very large). The more people who hold more coins, the more they can become nodes. The N super nodes generate interest by holding money, create, verify, sign and supervise new blocks, and the rights and responsibilities are equal.
If the node cheats, it will damage the security of the system and make the currency of the hand depreciate, so this is a disguised constraint for the super node. But when a moneyless person who has no money attacks the network, it will not suffer such damage. This Nothing-at-stake attack is a problem to be solved.
DPoS (Delegated Proof of Stake) is a variant of PoS and one of the solutions for non-interest attacks. This mechanism is operated by the currency holder to select the representative node to operate the network, and the representative will assign a part of the reward to the definition and the voter.
Infinity Pool: A safe and easy to use staking tool
In the era of PoS, the mining method will be transformed from mining power calculation in the PoW era to holding coins, so that everyone can mine and everyone can participate in public chain management. Staking not only provides the performance guarantee for the safe operation of the public chain, but also brings the token reward to the holders. It can be said that the public chain and the community win. However, staking's chain operation and revenue management are still complicated. There is no staking operation tool for individual users on the market. Based on this demand, InfStones timely launches the new product Infinity Pool for C-side, aiming to improve the staking experience and enhance PoS. The chain staking ratio. Dr. Jonathan Shi said that in addition to the easy-to-use mobile phone products, a dedicated customer support team will be formed to solve and answer any questions users may have during the staking process.
InfStones is built by Silicon Valley's senior cloud services and blockchain teams, and provides cloud management services for the PoS public chain. According to Staking Reward's ranking of Digital Asset Staking Services, InfStones ranks fourth in the world and is deployed in well-known DPoS public chains including EOS, TRON, Vechain, Ontology, Elastos, IoTeX. Super nodes, and deployed in the well-known PoS public chain including Tezos, Cosmos, IRISnet, IOST, etc., have master nodes. As a product of InfStones, Infinity Pool will cooperate with the above-mentioned public chain to provide users with comprehensive, transparent and secure staking services for cryptocurrency.
Infinity Pool's Phase 1 products will first support TRON (wave field) and IoTeX's staking service, allowing users to vote within the product and easily view and manage their revenue. All voting operations are carried out on the chain without using the user's principal, so the user does not have to worry about any principal risk. In the next product update, Infinity Pool will support more InfStones collaborative PoS projects to provide users with more staking options.