What is the PoB algorithm
You are probably already familiar with the most popular consensus algorithms, Proof of Work (PoW) and Proof of Stake (PoS). If you went a little deeper into the cryptocurrency world, then you heard about less well-known technologies that are used not in Ethereum and Bitcoin, but in private, small or local blockchains. Also about hybrids like delegated confirmation of DPoS rates or proof of PoA credentials. What about PoB plausibility proof? If you are not familiar with it yet – this review is for you.
Proof-of-Belivability or PoB is a fairly new consensus technology on the IOST blockchain developed by their experts. It speeds up transactions and ensures node compatibility using factors such as IOST currency balance, amount of reputation tokens, network deposits and user behavior. It combines the Byzantine fault tolerance mechanism, the Atomic Commit protocol, microstate blocks and the dynamic separation protocol – all this ensures high speed, consistency and security of operations, as well as reduces storage and configuration costs for validators.
How PoB is implemented in the blockchain space
The proof of credibility is one of the first consensus models to completely eliminate the need for the Proof of Work security algorithm, which remains an obstacle to the widespread adoption of the blockchain. In a PoB system, a node receives a degree of credibility depending on the quality and volume of its previous activities in the ecosystem.
To maximize objectivity as well as the decentralized nature of the blockchain, IOST used the SERVI reputation sub-token system. Such non-tradable tokens are awarded to active participants within the ecosystem and influence the process of selecting the next validator.
PoB acts as a hybrid of the classic Proof of Stake model. Based on this, all nodes in its network are divided into two main groups:
- ‘Plausible’ nodes that process transactions.
- Standard or normal nodes – they check processed transactions based on their selections.
The selection of nodes that are entrusted with the task of processing transactions is a complex process, which includes an in-depth analysis of a particular node in the scale of its “credibility”. The criteria used in this case include:
- The number of Servi tokens assigned to a node as part of the IOST reward system. Nodes receive these tokens whenever a user voluntarily contributes to the IOST community or provides a service rating for third parties. Sub-tokens cannot be exchanged or sold, and their balance returns to zero after checking the block, which eliminates the old blockchain problem when “the rich get richer”.
- Previous entry for node behavior. IOST has implemented a reputation tracking and feedback monitoring system that is used to monitor dishonest users whose behavior could harm the network as a whole. His honest and transparent feedback system creates records of all user actions and interactions on the network, and this data directly affects the final user likelihood assessment, which is regularly checked.
- The amount of personal company tokens in the validator’s accounts.
- The number of positive reviews about a particular site. This should encourage users to act honestly on the network, even if basically everything happens anonymously.
“Normal” nodes serve as watchdogs for “plausible” nodes in the sense that the latter have to control their behavior. If it is proved that plausible nodes demonstrate some kind of malicious intent, their account is reset to zero, and they lose all their tokens.
What does POB have to do with digital security
Considering the competitive environment, the IOST team was disappointed to find a long list of companies that compromise too much the qualities that make blockchain so special. From the very beginning, blockchain technology was presented as a decentralized platform, devoid of censorship and fraud.
Unfortunately, many enterprises departed from the original concept consciously or were unable to create the appropriate product. With its protocol, IOST relied specifically on the initial characteristics of the blockchain: it is focused on decentralization, the complete exclusion of third parties from the process, who are trying to somehow influence the network, transparency and immutability. PoB developers consider their consensus algorithm to be the perfect compromise to address scalability.
Proof of Believability technology has several advantages: there is no need for significant computing power, which significantly reduces costs and makes the operation of nodes more profitable; The choice of checking nodes is much more transparent due to reputation tokens.
At the same time, the protocol allows you to maintain the proper level of decentralization, bandwidth, scalability and equity in the network. The algorithm does not have any significant drawbacks, except for its certain incompleteness. But he is only a year old and IOST specialists are still continuing work to improve it.