09 May 2018
Ontology announced details about their governance model which introduces the Ontology ‘Triones Membership System‘. In this article, we’ll try to unravel the essence of the Ontology ‘Triones Membership System’. We will also give you the details on how to get some free Ontology tokens (ONT).
Let us start with the free ONT tokens. As we announced here on Neonbeginner, tomorrow there is a ‘Huobi Live Stream interview’ with Ontology Founder Li-Jun and hosted by Dennis Jacobs. Now if you can make it to the live stream, and are willing to open a Huobi pro account and post a message on the Youtube live chat, you will get a proportional part of the total prize guaranteed.
May 10th, 12 PM (GMT+8), 2018. Link: Stay tuned for Huobi Talk Ep 30 featuring Ontology on 10 May, 12 pm (GMT +8) – YouTube
Ontology is making the building blocks for a transformative blockchain. Now, while many other blockchains are going through a similar process, Ontology has been structuring and building their mechanisms in a very strategic and thoughtful way.
They are aiming to create a practical bridge between the old systems and the new, by addressing ‘TRUST’. In order to build this ‘Trust Collaboration Network’, they are focusing really hard on establishing the necessary protocols to enable this.
Now, it’s easy enough to understand that if you want to invent the protocols for a trust collaboration system, you’ll need a sold consensus model and incentive mechanism that portrays this intention.
Only recently Ontology published an improved version of the DBFT consensus model with its proprietary Variable Byzantine Fault Tolerance consensus model. The first version of this new consensus model introduces us to a ‘randomizer function’ (VBR), which dictates the election of nodes that will participate in the block consensus process. The introduction of this VBR function, alongside other new features, enable Ontology to have a more secure blockchain with a higher throughput. Three thousand transactions per second to be exact.
Alongside this improved -best in class- consensus mechanism, Ontology pushes forward with the introduction of the Triones Membership structure, which is designed to create a fair incentive model for participating nodes in the network.
The incentive logic created by Ontology is considering ‘Node Performance’, ‘Node Proof of Stake’ and ‘Incentive Fairness’. In order to make sure that maximum fairness is achieved, the quality of the Node’s performance is evaluated alongside the proof of stake of the node. However, in order to avoid a monopoly, consensus layers specifically use the ‘Triones Incentive Curve Equation’ to calculate incentive distribution. Now, If you want to learn more about the VBFT consensus model, you can read about it here on neonbeginner.com.
Increasing fairness is also achieved by allowing each stakeholder to participate in governance regardless of the size of the stake. The incentive model is also using different levels of incentive based on the different levels of participation.
One of the more effective features will be their intended use of the ONT ID. The governance model will use a reputation system where nodes receive a ‘Trust Score’. This trust evaluation model based on the ONT ID will drastically improve the overall security of the Network.
Furthermore, the Triones Membership System is also formed dynamically and participation does not require huge amounts of computing power. Decentralization is also promoted through real-time participation in governance. All these attributes make the network more flexible, and fairer.
Now, there is no effort without reward. The Ontology Network incentivizes participation by redistributing network fees, storage fees, smart contract deployment and operating costs, and more. The Ontology Foundation also wants to give an additional incentive. It will give 1% per year for the first 3 years and will not issue tokens during that period of time.
So, in conclusion, Ontology keeps striving toward perfection when it comes to ‘Governance’, ‘Consensus’ and ‘Trust’. It’s hard not to be impressed with the way they are building their trust network. Having said that, they have also indicated that this will be a journey. The perfect model might not exist but they are inching closer to a working model! Feel free to leave us a comment and we hope to inform you here at Neonbeginner.com.
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