Why Do I Need to Get the Pilalrs of Creation Again
Metaverse Pillars of Creation: PoS mining
Metaverse Pillars of Creation (MPC) is the next major upgrade of Metaverse blockchain. This major upgrade is divided into 2 phases: double consensus PoW/PoS in phase ane and triple consensus PoW/PoS/dPoS in phase two.
Following the global crypto market, most of PoW blockchains are facing a drib of their mining difficulty, exposing them to 51% attacks or selfish mining. This adventure was highlighted by the recent attack of ETC, leading to thousands of ETC lost for the impacted exchanges.
In lodge to face this upshot, Metaverse is implementing a double consensus Prisoner of war/PoS in MPC phase one, followed by a triple consensus PoW/PoS/dPoS in MPC stage 2. These changes will greatly improve the security of Metaverse by highly increasing the complexity and cost of such attacks.
Double and Triple consensus
After the release of MPC phase 1, the rates of each type of mining will be as below:
90% Pw
x% PoS
This ratio volition change again after the release of MPC phase 2 which will include dPoS mining, only PoS mining will probably remain the less frequent type of mining. This is by and large due to the complexity of PoS mining for users: you lot need at least 2,000 ETP, you lot have to utilize the total node wallet and y'all need to go on your computer running and the wallet open while mining.
Those constraints make dPoS much more user-friendly to use: once you vote for a delegate, via the lightwallet for case, you can turn off your calculator and let the delegate handle the mining for y'all.
Then why do we need 3 consensus? The chief reason is to avoid a 51% attack. Currently, an attacker could target most of the Pow blockchains for quite a depression cost thank you to the current low difficulty of mining. He just needs to make a eolith on an exchange, set a concatenation of X blocks in a row, and once the eolith is credited on the exchange revert all the blocks that follow his deposit past publishing his own longer chain. Which is exactly what happened to ETC a few weeks agone.
With 3 consensus, the attacker would take to create the 3 kinds of blocks in guild to create a chain long enough to exist approved on an exchange and and then revert it. In such a situation, the attacker will need a lot of computer power for the Pw blocks, be a consul or ransom elected delegates for the dPoS blocks and finally ain enough ETP for the PoS blocks. The triple consensus makes this blazon of set on extremely difficult and very plush to put in place.
How does information technology work?
But permit's focus on the PoS mining. Start you will need to create an Avatar if yous don't already accept ane, since it is necessary for the different steps of PoS mining. And so you can start mining using the total node wallet (also called desktop wallet), in the Mining section.
There are 2 requirements in club to be able to create a block:
ane: Lock ETP
You need to lock at least ane,000 ETP, for at least 24,000 blocks (approximately 1 week). It's important to annotation that these 1,000 ETP have to be locked in one time: doing several locks of 500 ETP will not validate this requirement. It requires 1 lock transaction of i,000 ETP or more than.
Too the last 1,000 blocks before the unlock are excluded. Information technology means that if you lock your ETP for 24,000 blocks, you will simply be able to mine during the 23,000 first blocks. If you lock for 48,000 blocks, you will be able to mine for 47,000 blocks etc…
Finally, the ETP previously locked via the deposit office exercise not validate this condition: those ETP were already rewarded past the deposit interests, and can't be used for PoS mining. Only ETP locked via the new lock function introduced in MPC, without interests, tin validate it.
2: Available ETP
Then your chances to mine a cake are defined by the number of outputs y'all have that are more than ane,000 ETP, that we call "Votes". Outputs are basically the ETP you receive, so if yous receive 2 transactions of 500 ETP you lot will accept ii outputs available to spend. But in that example you will not have whatever votes, since none of the outputs accomplish the 1,000 ETP threshold. At the opposite, if you receive 1 transaction of ii,000 ETP, you lot volition only take 1 vote whereas y'all could accept 2 votes with this amount.
It's also of import to find that 1 output of 2,000 ETP will give a bit more than chances to find a block than 1 output of 1,000 ETP, just less than two outputs of 1,000 ETP . Indeed, the chances to mine a block vary co-ordinate to the value of the output, just this calculation is not proportional and decreases quickly. So the best chances to mine PoS are to go along equally many outputs as possible just above i,000 ETP.
This is what the "Optimize" selection of the wallet will do for you. It will simply ship your ETP to yourself but split into outputs of exactly 1,000 ETP, to guarantee the highest efficiency. It will show yous the number of votes you lot currently have, and how many yous tin get past reorganizing your outputs.
Yous probably also noticed that at that place are "pending votes". A pending vote is a vote that has been spent recently, in a range going from 500 to 1,000 blocks (from 4 to 8 hours). Then if an output is spent, if you merely received the transaction for instance, its aging will go to 0 and it will exist displayed as a awaiting vote. After 500 to i,000 blocks, it will go available to mine over again. The exact aging requirement depends on the PoS difficulty: when there are more PoS miners it will increase till the maximum of 1,000 blocks, while when there are less PoS miners it will decrease to the minimum of 500 blocks.
It'due south likewise important to note that optimizing your votes will transport all your ETP to yourself, so this will set back the aging of all your votes to 0. Yous will so accept to await a few hours to exist able to mine again. Then endeavor non to use this option besides often, and keep this pick for when it is really worth it.
Mining a PoS block will also bring back the crumbling of the vote used to 0, so after finding a block, this ane vote will non exist available for mining for the next few hours.
These 2 conditions bring the very minimum amount of ETP required to practise PoS mining to 2,000 ETP: 1,000 locked and i,000 available to take at least ane vote.
Start mining
Once the requirements are reached, the clarification on the right volition bear witness you till which cake the first requirement is fulfilled, and the number of votes you have. Later on clicking on Start mining, you lot volition see the mining data of your Avatar. Don't forget to select a MST to mine, information technology does non cost you anything and y'all volition receive both ETP and the selected MST as a reward when you observe a block.
Since finding a block creates a new transaction in your wallet, you volition receive a new transaction notification each fourth dimension y'all find a PoS block.
While 51% attacks are becoming a very serious threat to PoW blockchains, Metaverse Pillars of Cosmos will implement double and triple consensus in order to guarantee the security of Metaverse. The new PoS and time to come dPoS consensus will bring an additional level of complication and highly increase the price of an attack, while giving the opportunity to ETP holders to actively participate in the security of the blockchain.
Source: https://medium.com/metaverse-blockchain/metaverse-pillars-or-creation-pos-mining-1151ab176e32
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