A new concept has emerged from the minds at Bancc, we call it tokenzied-Proof-Of-Authority (tPoa). We came up with the term with the pure purpose of making it easier to distinguish between PoA chains and us as we believe It’s important to understand the difference between and the pros/cons from respective consensus algorithms.
The description of tPoA is made in simple terms, if you want to take a deeper dive into tPoA you can check the research paper.
The blockchain dilemma stands of three characteristics, Decentralisation, security, and high performance. Earlier research and takes on this triangle have meant that it is impossible for these to coexist simultaneously and that only two can be met. Until now, tPoA created a unique concept on how to create a triangle that fulfils all of these needs simultaneously.
tPoA is a PoA consensus algorithm and is not a modified version of the consensus, It’s a way of selection for choosing the validators on the network in a decentralised way. PoA is one of the most efficient consensus algorithms that can be efficient(up to 100K tps) and secure.
The problems that exist today when blockchains are configured/customised today is that they follow a pattern and these are;
Exclusive The cost of joining a well established blockchain increases more rapidly as the blockchain grows in terms of usage/success, making it very exclusive to become a part of the validator participation and validating process of the network.
Technical Expertise Setting up & running a server requires a technical expertise that is not available in all the places of the world. Securing the blockchain is a process that takes time and a lot of configuration/maintenance to not harm the block proposal/validation process and hence excluding a lot of people.
Non-Sustainable Blockchains that are sharded or uses a lot of server hardware are putting a negative mark on the environment with a lot of unused hardware that could be put at for better usage elsewhere.
BancChain tPoA changes all of this by offering “NFT Validator spot”, a tokenised validator. Each validator will have 150 spots available to purchase for anyone to become a “tokenised” version of the validator. The number of spots can be changed or decreased depending on the governance in the chain. This setup creates DAOs within DAOs, whereas we will have a governance voting for the network but also independently for each validator with their NFT Validator Spot holders.
Decentralising the process of governance for the validator itself. Increasing the decentralisation by 150 times. This means that for an example having 300 validator and each of these have 150 NFT Validator Spot’s, we now have 45,000 governance voting rights.
This dynamic solution provides a decentralised, high performance and secure blockchain that makes it inclusive, easy onboarding and cost effective.