What Is Aavegotchi (GHST)?
Aavegotchi master nodes. In particular, we propose Proof-of-Stake Voting (PoSV) consensus, a Proofof-Stake (PoS)-based blockchain protocol with a fair voting mechanism, rigorous security guarantees and fast finality. They also present a novel reward mechanism and show that, with this mechanism, the blockchain has a low probability of forks, fast confirmation times, plus the contributions and benefits of master nodes are fair in the sense that the probability distribution function is uniform eventually.
The voting by coin-holders is credited through a Voting DApp that allows coin-holders to send TOMO through the smart contract mechanism. In addition to the voting system which is an improvement over the current Bitcoin and Ethereum blockchain, TomoChain also provides a new technique, namely Double Validation complemented with a Randomization mechanism.
This new technique significantly decreases the probability of having invalid blocks in the blockchain. These enhancements and the components of Aavegotchi are step-by-step detailed in the followings. The coin-holder must be one of the most voted master node candidates in the system.
Aavegotchi Storage Key Points
|Circulating Supply||63,865,426.36 GHST|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
Stakeholders & Voting
Coin-holder is as simple as its name users who join the network, who own and transfer TOMO. Masternodes are full-nodes which maintain a copy of the blockchain, produce blocks and keep the chain consistent. It is worth noting that, Aavegotchi does not have miners as in the current Proof-of-Work-based blockchain systems such as Bitcoin and Ethereum. Only master nodes can produce and validate blocks.
Master nodes are selected via a voting system. The first requirement of being master nodes is to deposit 50 000 TOMO to the Voting Smart Contract. Then, these depositors are listed as master node candidates in the Voting DApp, which allows coin-holders to vote for them by sending TOMO to the smart contract.
Masternode candidates is dynamically sorted
Master nodes which work hard in the system to create and verify blocks will be incentivized with TOMO. Furthermore, coin holders who vote for these incentivized master nodes will also receive TOMO in proportion to the amount of TOMO they have invested via ballots. Aavegotchi engineers take responsibility to design that fair, explicit, automated and accountable reward mechanism. The list of master node candidates is dynamically sorted based on voted coins.
The performance of the masternodes will be tracked and reported back to the coin holders in terms of three main metrics CPU/Memory charts which ensure the workload of the Aavegotchi, the number of signed blocks which indicates their work performance and the last signed block which figures out their last activity. Coin holders, at any time, can un vote master nodes, who have low performance, and give their votes to the other master nodes who have beter performance.
Aavegotchi Coin-holders have incentives to do that because their voted coins are seen as investment to their supported master nodes, thus they should choose a voting strategy in order to maximize their profit from the investment. This simple trick keeps the system healthy since master nodes always have to race for their position so that all weak master nodes will eventually be eliminated. Therefore, only the strongest master nodes are
voted and can flourish.
For each iteration of 900 blocks (called epoch), a checkpoint block is created, which implements only reward works. The Aavegotchi, who takes turn in the circular and sequential order to create block, has to scan all of the created blocks in the epoch and count number of signatures.
The reward mechanism is designed following the policy as follow the higher number of signatures one master node has made, the more reward he earns. For instance, within an epoch, master node A who has sealed twice the blocks than master node B earns double amount of TOMO than master node B does.