7. BLOCKCHAIN PROOF OF STAKE AUTHORITY FOR DECENTRALIZED APPLICATIONS
Last updated
Last updated
Specta Chain is a blockchain network designed to facilitate decentralized applications using Proof of Stake and Authority (PoSA) consensus. PoSA is used to reduce energy consumption and increase transaction speed, while authority is used to ensure decentralization in block generation and transaction validation.
PoSA is a consensus protocol that combines Proof of Stake (PoS) and Authority-based block generation. In PoSA, block creation and transaction validation are performed by validators who are randomly selected from the coin holders in the network. Each validator must enter a certain number of coins as collateral to ensure their trust in the network. The number of coins required to become a validator varies depending on network policy. The selected validators will receive a share of the block reward according to their contribution to the network. However, if a validator commits an act that is detrimental to the network, the collateral coins they entered may be frozen and they may be removed from the validator role.
On Specta Chain, the authority to choose validators and vote in network decisions rests with the coin holders. Each coin holder can select one or more validators to represent them in transaction validation and block creation. This ensures decentralization in decision making and block generation in the Specta Chain network.
Specta Chain uses PoSA as a consensus protocol to validate transactions and create new blocks. The advantage of PoSA is better energy efficiency compared to Proof of Work (PoW), because the validator requires only a small amount of computing power to validate transactions and create new blocks. Apart from that, PoSA also enables the active participation of coin holders in decision-making regarding the network.
Specta Chain can be used to build decentralized applications such as financial services, digital identities, decentralized gaming platforms and decentralized marketplaces. The application will be managed by a community of coin holders and run smart contracts on top of the Specta Chain network.
Proof of Stake and Authority (PoSA) is a consensus protocol that can be used in the Specta Chain network to validate transactions and create new blocks. The Ethereum Virtual Machine (EVM) is a virtual machine used to execute code on the Ethereum blockchain network. A Decentralized Autonomous Organization (DAO) is an organization that is fully run by smart contracts on a blockchain network.
PoSA, EVM, and DAO can be used together to build decentralized applications on the Specta Blockchain network. PoSA is used as a consensus protocol to validate transactions and create new blocks, EVM is used as a virtual machine to execute code on smart contracts, and DAO is used as a way to manage decentralized organizations on blockchain networks.
