| json_metadata | "{"app":"musing/1.1","appTags":["blockchain","cryptocurrency"],"appCategory":"blockchain","appTitle":"How the PoB mechanism works in IOST?","appBody":"<p>The design of PoB mechanism consists of voting and committee formation process, where most nodes are qualified for block production (instead of only the top few nodes) and also where nodes with more votes are assigned a better probability to produce a block.</p>\n<p>In the selection part, the voting result is not the only factor for selection. Instead, it introduces a point system (Servi) to decide and rotate members of the committee. Therefore it creates the opportunity for a common man for the participation to PoB, so it lowers the barrier to entry.</p>\n<p>In order to ensure network safety, PoB has an entry barrier for block producer candidates. In the current version, this barrier has been set to 0.1% of available votes on the network. When a node receives more votes than the threshold, it can then send a specific transaction to become a candidate and participate in the committee formation and block production process.</p>\n<p>Even though the results of voting do not directly determine the committee members, they do have a proportional impact on Servi acquisition rate. In the current version, 17 committee members are selected for block production each round.</p>\n<p>Each round consists of three steps:-</p>\n<ul>\n <li>All candidate will get Servi proportional to their votes.</li>\n <li>Ranked by Servi, the top 17 nodes will form a committee who are in charge of the block production for the next round.</li>\n <li>All selected committee members will have their Servi balance reduced by the balance of the 17th node. In other words, the 17th node will have its Servi reset to zero, and the other 16 nodes will lose the same amount.</li>\n</ul>\n<p>The voting period is 10 minutes. This results in the committee rotating once every 10 minutes in the IOST network.</p>","appDepth":2,"appParentPermlink":"f3773ct2q","appParentAuthor":"divine-sound","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
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