An integral aspect of all blockchain powered solutions is the consensus mechanism used at the project’s core. This consensus mechanism ensures transparency, security and a consistent decentralized structure, which count as the foremost features of blockchain. The most pertinent of these are the Proof of Work (PoW) and Proof of Stake (PoS), which are implemented in almost all blockchain solutions, especially digital currency platforms.
ProximaX is a blockchain solution for businesses and innovation services that functions over its XPX token which incentivizes contributors to its decentralized network. The platform’s CEO Mr. Lon Wong got into conversation with Block Publisher to explain the consensus models underlying the ProximaX platform. He introduced an amalgamation of a variety of algorithms to make up the Proof of Conflation Aggregate (PoCA). He revealed:
The consensus protocol consists of Proof of Stake (PoS), Proof of Storage (PoSt) and Proof of Bandwith (PoB). Together they form the components of the Proof of Conflation Aggregate (PoCA).
Describing the details of PoCA, Mr. Wong explained that every node on the blockchain is selected to do a specific task on the blockchain which is based on PoCA. He said:
PoCA is essentially a mathematical relationship between PoS, PoSt and PoB and is the basis of node selection. Each node will be enlisted in a reputation system and the PoCA of each node is a variable to the selection process. The more reputable the node is, the higher chance it will be selected to do the job (storage, streaming or transaction execution).
The Proof of Conflation Aggregate takes the weight of Stakes, Storage and Bandwidth for both storage and streaming layers in the ProximaX core. It applies to participating nodes and enables stakes to carry lesser weight as opposed to storage and bandwidth.
Mr. Wong continued:
The rationale behind the usage of PoCA is because ProximaX is not merely a blockchain per se, but a holistic solution platform.
Mr. Wong discussed other consensus models pertinent on the ProximaX platform which will be published later on in the series of featured discussions with the ProximaX CEO.