Consensus algorithms lie at the core of the blockchain technology. While bitcoin and ethereum are employing the famous proof-of-work (PoW) algorithm in their frameworks, different projects are coming up with their own specific algorithms to address the shortcomings associated with PoW, such as overwhelming electricity consumption etc. APIS is one such project that does not employ PoW at its core. Recently, BlockPublisher got in touch with the Chief Executive Officer of APIS Ronny Yoo, to get to know more about the project in detail.
APIS is essentially a masternode platform that wants to make access to masternodes easier for the normal crypto users so that they can also enjoy the benefits that come along with these nodes, such as extra rewards.
Regarding the consensus algorithm applied at APIS’ core, Ronny stated:
Our consensus algorithm is based on PoS, and additional masternode system to maintain non-mining full nodes. We developed an intrinsic consensus algorithm, which selects chain with higher height and higher cumulative RP (Reward Point). Reward Point is a specific number derived from the combination of random number differs for each miner and miner’s APIS balance. Higher balance leads higher percentage for bigger RP value, i.e., a miner with higher balance will gain higher percentage to mine blocks.
APIS essentially uses a modified version of the Proof-of-Stake (PoS) with the reward point mechanism integrated into it. Adding on to his statements, Ronny further stated:
On our blockchain system, most of our miners(not all) will have bigger RP and more APIS, and it also means they will have considerably low percentage to harm our blockchain. The reason why we’ve developed and integrated this consensus algorithm is to alleviate the problem of PoS (which has lots of pros) – ‘monopoly of the whale’. We figured out our own solution based on percentage and integrated it.
Ronny also pointed out the reason for incorporating this percentage reward mechanism in the APIS framework, which is the elimination of the problem of ‘monopoly of the whale’ that is associated with the traditional proof-of-stake architecture.
All in all, APIS makes itself one exciting project in the eyes of the normal crypto users by providing them with ample opportunities to gain rewards through supernodes. As developments are made in the crypto and blockchain world, with redundant crypto projects most likely wiping out due to market saturation, it will be interesting to see how things turn out for this project.