The Essentia labs have been buzzing with energy as the international community prepares for the mainnet launch. From what began as a vision to unite decentralized technologies through interoperability and accessibility, the Web 3.0 is now officially knocking on the door of global adoption with the development and release of the Essentia Web/Desktop/Mobile apps.

The Essentia engineers have taken into consideration the various factors which influence the creation and implementation of the blockchain network. As we constantly strive to be at the forefront of emerging technologies, we can be confident that we have examined all the various possibilities and ensured maximum efficiency for consumers, organizations and developers alike.

As we have seen, the implementation of certain consensus methods considerably affect the transaction per second (TPS) rate, all depending on the many sharding and voting mechanism variables, the size of the block and other factors. These differences reflect the huge disparity which exists within the market between certain blockchain projects.

Through simplification of the process, PoS has significantly improved the TPS rate, however, the trade-off has notably resulted in diminished transaction security. Essentia, therefore, plans to implement a PoS Consensus.

The PoS is beneficial for the network for a number of reasons, including lower energy consumption requirements.

The original concept differs considerably from the Proof of Work, most notably by shifting the reward mechanism from the miners and instead onto the anyone who participates in maintaining the network (staking and mining).

In that case, the staking mechanism works by offering (staking) cryptocurrency resources to the network, which acts as a catalyst to validate the block and to choose the node to generate the next block.

Nodes within the PoS mechanism reduce the need for higher computing power, where a higher balance of staked cryptocurrency provides a higher chance of satisfying the difficulty criteria, and thus validating the block.

While it is clear that PoS is a much more efficient, there is also another factor which needs to be addressed: the issue of maintaining a fair and evenly distributed power across the network. As mining difficulties grow, miners increasingly need more expensive equipment to keep up. Through a Proof of Stake consensus, we ensure the rewards are more inclusive and accessible for everyone.

Masternodes

Masternodes are a special variety of nodes which process special transactions. As we mentioned in previous statements — in order to register as a masternode on the Essentia network, each masternode will be required to stake a certain amount of ESS coins in the wallet.

On the Essentia network, there are two types of masternodes — Mercury and Mars. Depending on the type, the owner will receive rewards in the future developments of the protocol.

We’ll be releasing more information as the time goes (as we’ve previously done with our Sneak Peak article).

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