Proof-of-Believability, or PoB, is a powerful consensus algorithm in blockchain developed by IOST. It helps the next-generation transaction with speed while making sure about the nodes staying compliant, using factors like IOST token balance, repo-based token balance, network contributions and user behaviours.
A faster grade Byzantine Fault Tolerance mechanism, Atomic Commit protocol, microstate blocks and a dynamic sharding protocol, all of them make sure that the transactions are lightning fast, consistent and safeguarded while processing power, reducing storage and configuration costs for validators.
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How Is POB Implemented to the Blockchain Space?
Proof-of-Believability is a first of its kind consensus mechanism developed by IOST. It eliminates the need for Proof of Work protocol, that stands as a barrier to blockchain being widely adopted.
With the PoB system, a node is justified depending on its past contributions. For maximizing the fairness as well as decentralized nature of the blockchain, IOST has used a repo-based sub-token system called SERVI. Such non-tradable tokens are awarded to good actors inside the ecosystem and factors into the process of choosing the next validator.
PoB enables acts as a hybrid to the classic Proof of Stake model. In PoB, each node will have a believability score which is based on:
- Amount of IOST in the node
- Number of earned SERVI
- Number of a node’s positive reviews
- Node’s previous transactions
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How’s POB Relevant in Digital Security?
While looking at the competitive landscape, IOST team was disappointed to discover a long list of ventures compromising far too heavily on the qualities which make blockchain so special.
From the first day, blockchain has been shown as a decentralized platform devoid of censorship, fraud, and third-party interface.
Unfortunately, many blockchain ventures have deviated from the original vision and fail to reach true immutability. A few instances incorporate Ethereum rushing a ‘soft fork’ that is comprised of minor changes in its blockchain code for the sole aim of censoring transactions.
IOST adheres to the quintessential egalitarian values of the blockchain technology. The firm believes in the original intent of building as well as maintaining a censorship-resistant, immutable and trustless development platform.
It is aimed at achieving universal adoption while utilizing decentralization and blockchain technology to cut out the third parties and maximize network value for all parties.
The team is engaged in keeping the IOST blockchain immutable, neutral and open, and Proof of Believability is crucial in this system as it allows what they believe to be the ideal compromise in the blockchain scalability.
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