🧑Consensus Mechanism
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Consensus Mechanism
BET Chain employs a Delegated Proof of Stake (DPoS) consensus model, designed for efficiency, speed, and scalability. This innovative mechanism empowers stakeholders to participate in network governance and validation processes, fostering a more decentralized and democratic blockchain environment. The DPoS model enhances enterprise readiness and regulatory compliance, making BET Chain a suitable choice for businesses aiming to leverage blockchain technology.
Definitions
DPoS (Delegated Proof of Stake): A consensus mechanism where stakeholders elect validators by delegating their votes.
Validator: A node responsible for producing and validating blocks within the network.
Nominator: A stakeholder who delegates their tokens to one or more validators for participation in the validation process.
Epoch: A defined period during which a specific number of blocks are finalized on the chain.
Voting and Staking
Users can stake their tokens by transferring them to the staking contract, ensuring the staked amount meets a predetermined minimum (MIN_STAKE). After staking, users must wait for two epochs (epoch N+2) to be eligible to vote for a validator.
Delegating
Once the waiting period has elapsed, nominators can cast their votes for validators. Each vote will be effective in the upcoming epoch (N+2). Nominators can only vote for a single validator; to delegate to multiple validators, they must distribute their tokens across different accounts.
Withdrawing
Nominators have the option to withdraw their staked tokens by rescinding their vote. After a specified withdrawal period (WITHDRAWAL_PERIOD), their tokens will be unlocked and returned to their wallets.
Registering Validators
To maintain a manageable number of validators, a registration fee (REGISTRATION_VALUE) must be sent to the smart contract, which will be burned upon registration. Validators must provide KYC documentation to ensure compliance and transparency within the network.
Choosing Validators
Each epoch, a set number of validators (L) will be selected based on the stake they hold. The DPoS mechanism ensures that only those with sufficient backing become active validators.
Rewards
Rewards for active validators are calculated as a percentage of the total stake (VALIDATOR_REWARD). Nominators are incentivized to stake, either receiving rewards directly or through their chosen validators.
Security Measures
To ensure network security, bad behavior is quickly detected and penalized. Validators who fail to meet network standards may be slashed, and mechanisms are in place to report and verify misbehavior both on-chain and off-chain.
Parameters
Suggested parameter values for BET Chain include:
MIN_STAKE: 10,000 BET
VALIDATOR_REWARD: 10% (annual)
VALIDATOR_SET_SIZE: 18
WITHDRAWAL_PERIOD: 1 epoch (equivalent to 900 blocks)
MAX_REGISTERED_VALIDATORS: 5000
This structured approach to BET Chain's consensus mechanism highlights its key features and functionalities while emphasizing security and regulatory compliance.
Rewards
Rewards for active validators are calculated as a percentage of the total stake (VALIDATOR_REWARD). Nominators are incentivized to stake, either receiving rewards directly or through their chosen validators.
Security Measures
To ensure network security, bad behavior is quickly detected and penalized. Validators who fail to meet network standards may be slashed, and mechanisms are in place to report and verify misbehavior both on-chain and off-chain.
Parameters
Suggested parameter values for BET Chain include:
MIN_STAKE: 10,000 BET
VALIDATOR_REWARD: 10% (annual)
VALIDATOR_SET_SIZE: 18
WITHDRAWAL_PERIOD: 1 epoch (equivalent to 900 blocks)
MAX_REGISTERED_VALIDATORS: 5000
This structured approach to BET Chain's consensus mechanism highlights its key features and functionalities while emphasizing security and regulatory compliance.
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