PlatON Tips #15 | Economic model -3

Welcome to PlatON Tips-Episode 15

We are going to talk about the Economic model

PPoS consensus

PlatON adopts randomly selected nodes among the small-scale candidate nodes to participate in the BFT consensus, and makes a trade-off between the number of verified nodes and performance. Any LAT holder can pledge to participate in the validator (alternative validator candidate ), other LAT holders continue to vote through delegation, thereby maintaining a small-scale dynamic alternative validator candidate (alternative node) list, and then in this candidate list, several validators are randomly selected for block generation and validator through VRF and probability distribution. The characteristics of VRF ensure the randomness of the selection, thereby reducing the probability of attacking the validator, and increasing the degree of decentralization. The probability distribution can make the candidate nodes with high equity be selected with a higher probability, thereby motivating the candidate nodes to find ways to increase their equity. As the number of LAT pledged by the entire system increases, the security of the entire system will be higher. In this way, the selection range of validators is narrowed, thereby ensuring consensus efficiency and effectively avoiding the problem of too centralization.

Overview of the overall process

Pledged as Alternative Validator Candidate

LAT holders pledge more than a certain amount of LAT as a deposit to become Alternative Validator Candidate.

• Delegate LAT

LAT holders can entrust their LAT to Alternative Validator Candidate, where Alternative Validator and Validators can obtain benefits in participating in the consensus process, and the benefits can be shared with the principal based on the commissioning reward ratio set by the nodes. The principal can redeem the entrustment in part or in full at any time without additional freeze periods.

• Election of Alternative Validator

For the last block of each settlement epoch (that is, the settlement block), the system takes the top 201 nodes as alternative validators for the next epoch according to the current alternative validator candidate ranking and participates in the consensus of the next settlement round. Alternative validators can get Staking rewards.

• Election Validators

Each round of consensus requires 43 validators. The system will use VRF to randomly select 43 validators from the current alternative validators to participate in the next round of consensus.

• Consensus block

The validators take turns to become the proposer to produce blocks, other validators perform block validator, and jointly run the CBFT protocol to complete a round of consensus (a total of 430 blocks per round), and the block producing nodes receive transaction fees and block rewards.

• Exit Alternative Validator Candidate

Obtain a new ranking in the settlement block of the epoch. The nodes after the 201st ranking become alternative validator candidates and no longer get Staking rewards. In cases where multiple reports are reported and the report is true or the consensus round-off block rate is 0, the node will be immediately eliminated from the Alternative Validator Candidate list.

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