Proof-of-Stake-and-Activity (PoSA): A consensus mechanism for the new era in Web3
Blockchain technology has disrupted various industries by providing a secure decentralized platform for transactions and data storage. The consensus mechanism is one of the most critical components of any blockchain out there, as it ensures its reliability and security. In recent years, new consensus mechanisms have been introduced, and existing ones have been improved to cater to the growing demands of the industry.
To date, proof-of-work (PoW) has been the most widely used consensus mechanism in blockchain technology. However, PoW blockchains have several limitations, including slow transaction processing times, high energy consumption and scalability issues.
To address these challenges, several new consensus mechanisms have been proposed, such as proof-of-stake (PoS), delegated-proof-of-stake (DPoS) and leased-proof-of-stake (LPoS). These new consensus mechanisms are designed to overcome the limitations of PoW and provide a more energy-efficient and scalable solution for blockchain technology.
Up-and-coming Web3 company Fastex is taking this development to the next level by introducing its very own ecosystem of tools and products that will rely on the innovative proof-of-stake-and-activity (PoSA) consensus mechanism.
Built to improve upon the widely adopted PoS mechanism, proof-of-stake-and-activity (PoSA) is designed to create an additional layer of security for the long-term success of the blockchain network.
PoSA introduces a revolutionary change in the blockchain world by considering not only the stake each node validator contributes to the network but also their activity level. This new approach to block creation and validation will shape the future of the blockchain economy. PoSA uses a smart contract deployed by
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