Oduwacoin Ico Review

Oduwacoin Ico Review – Revolutionized Blockchain Exchange & Insurance

About Oduwacoin

Oduwacoin was proposed in discussions in the bitcoin forum, and it was adopted principle that the right to produce a new blockchain block should be awarded to a stakeholder with probability proportional to their current stake, as documented by the blockchain itself. Proof-of-stake (PoS) blockchain protocols were envisioned as a solution to the immense energy
demands of miner nodes in proof-of-work (PoW) based blockchain systems.

Conceivably, such a blockchain discipline could yield desirable ledger properties without consuming significant real-world resources: no substantial energy expenditure would have to be invested to run the protocol. Such protocols would naturally replace the assumption of an honest majority of hashing power with the assumption of an honest majority of stake in the system. While the potential virtues of such PoS protocols are substantial, it was argued early on that the design of such schemes could be particularly challenging or perhaps even not feasible.

Oduwacoin Key Information

KeyPoints
Token NameOduwacoin
Soft cap1,500,000 USD
Hard cap21,000,000
Distributed in ICO85%
PreICO price1 OWC = 0.21 USD
CountryUSA
AcceptingETH, BTC
Token SymbolOWC
Token TypeERC20
Raised$3,152,440
PlatformEthereum
Price in ICO0.9000 USD
WhitepaperClick Here For View Whitepaper
WebsiteClick Here For Visit ICO Homepage

The Game Change Team Behind Oduwacoin

Oduwacoin Ico Review - Revolutionized Blockchain Exchange & Insurance

Proof Of Stake

Validators are rewarded based on their total stake, incentivizing nodes to validate the network based on a return on investment (ROI). Oduwacoin is largely viewed as the greener, and more scalable version of Proof of Work (PoW) consensus in Bitcoin [1], which requires significant energy expenditures to achieve its goal by requiring generated blocks to contain proof that the node which generated the block solved a computationally hard task. Consensus (PoS) is a consensus algorithm for blockchain networks that relies on randomly selected validators, who “stake” the native network’s asset by locking them into the blockchain, to produce and approve blocks.

Unfortunately, the concept of the Proof-of-Work (PoW) based system tends to lean eventual self-destruction.The main disadvantages of PoW are the huge costs of computing and mathe-matical calculations, 51% attack. Huge expenses. To solve Oduwacoin problems, and highly specialized computer equipment is needed. I mean your money should work for you and not against you.

Security Issues In POS

Besides the clear advantage of Oduwacoin over PoW as a method used to establish consensus on the network, there exist problems that have yet to be solved that can greatly improve network security. In the PeerCoin protocol block generation is based on coin age which is a factor that increases the weight of unspent coins linearly over time; the proof that must be provided together with a new block and must satisfy the following condition. The required number of coins (also called target) is specified by the network through a difficulty adjustment process similar to PoW that ensures an approximate, constant block time.

As in PoW, the block generation process will be rewarded except no transaction fees and a supply model specified by the underlying protocol, which can also be an interest rate by common definition. The initial distribution of the currency is usually obtained through a period of PoW mining. A. Related work PoS based currency was PeerCoin [3] which is still in a period of PoW mining.

Highest Weight on the Network

Oduwacoin proof hash corresponds to the hash of an obfuscation sum that depends on a stake modifier, the unspent output, and the current time. With most protocols in the market, an attacker can save up enough coinage to become the node with the highest weight on the network. If the attack were to be malicious the attacker could then fork the blockchain and perform a double-spend. After this is done, however, a second double-spend would require the attacker to save up coinage again, as the stake resets when the block was generated.

It is worth mentioning that this situation is highly improbable and that the incentive is questionable (saving enough coinage to be the highest weight on the network would either take a lot of time or a lot of coins and thus money, to make this happen. Next to that, performing such an attack would probably devalue the system itself so it would not be profitable to do the attack in the long run.) Another problem with coinage is greedy honest nodes. These are nodes that have no malicious intent, but they keep their coins off the network and only stake occasionally, to get their stake reward.

Blockchain Pre-computation and Long-Range Attack

At the time of writing this paper, there is no known solution for secure time stamping in a large,
distributed network. In addition, the current stake modifier does not obfuscate the hash function enough to prevent the attacker from pre-computing future proofs. An individual who is seeking to maliciously attack the network would therefore be able to calculate the next interval for the future proof-of-stake solutions, allowing that individual to generate a few blocks in a row and execute a malicious attack that could harm the network.

Changes In The Protocol

Oduwacoin, taking out the coinage will require all nodes to be online more to get their stake reward. Saving up coinage is no longer a possibility with the new system that calculates the chance of staking. Taking the Coin Age out of the equation. The most secure way to perform a Proof of Stake system is by having as many nodes online as possible. The more nodes that are staking, the less possibility for security issues like 51% attacks, and the faster the actual network will perform transactions through these nodes.

Note that it is assumed that nodes have an external source of time, and if the internal time of a node deviates too much from the consensus, then there is a high probability that blocks generated by this node will get orphaned. The proposed changes below outline the modifications to the block timestamp rules.