EgonCoin Consensus
Last updated
Last updated
Consensus is a fault-tolerant mechanism that is used in blockchain systems to achieve the necessary agreement on the single state of the network. EgonCoin network is using a Elevated Proof of Stake (EPoS) consensus model, which uses DPoS codebase but with no block reward. EPoS is a variation of Proof of Stake consensus. In PoS there are a set of validators that are responsible for keeping the network updated and validating the network's state. They do this in turns, every validator has their turn in line. On their turn the validator updates the network's state, and the rest of the validators check that the update is valid.
Consensus contract is used to manage the list of the network validators.
BlockReward - there is no blockreward with EPoS. A secondary contract calculates the reward amount that validators and holders will receive with stake. The stake reward is proportional to EGON stake amount. This secondary stake contract holds about 20% of the total supply.
With Voting contract validators are vote on various changes on these 3 base level contracts. All those contracts are proxied with implementation that handles the logic. The implementations can be changed only by the Voting process.
The bridge is used to transfer the EgonCoin native token between EgonCoin and Ethereum networks.
This contract is responsible for handling the network EPoS consensus. The contract stores the current validator set and chooses a new validator set at the end of each cycle. The logic for updating the validator set is to select a random snapshot from the snapshots taken during the cycle.
The snapshots are taken of pending validators, who are those which staked more than the minimum stake needed to become a network validator. Therefore the contract is also responsible for staking, and withdrawing those funds.
Stake amount for a validator is the sum of staked amount to it's address.
This contract is based on non-reporting ValidatorSet described in Parity Wiki.
minimum node setup amount = 50,000 EgonCoin
minimum Elevated stake amount = 50,000 EgonCoin
cycle duration blocks = 86400
