What is OverProtocol’s consensus algorithm?
Answer:
OverProtocol, a decentralized network platform, utilizes a consensus algorithm known as Delegated Proof of Contribution (DPoC). This consensus mechanism is designed to achieve agreement among network participants regarding the validity of transactions while also taking into consideration the contributions and reputation of each node in the network.
In the DPoC algorithm, instead of the traditional Proof of Work (PoW) or Proof of Stake (PoS) mechanisms, participants are chosen to validate blocks based on their past contributions to the network. This method aims to incentivize participants to actively contribute to the network’s growth and development.
Nodes are elected to be block producers based on their proven contributions to the platform, such as creating valuable content, developing useful applications, or providing network resources. These selected nodes then validate transactions and create new blocks, which are added to the blockchain. This system promotes a more meritocratic approach to reaching consensus while also encouraging active participation in the network.
Overall, OverProtocol’s DPoC consensus algorithm aims to create a fair and efficient network where contributions are rewarded, and decision-making is decentralized among network participants.