Exzo’s network consensus is maintained by a proof-of-stake system, where validators pledge XZO to serve as collateral for verifying blocks on the blockchain. These validators are incentivized through rewards and penalties not only to check block validity but also create new ones when needed. Compared with its predecessor — proof-of-work — this method carries several distinct advantages:
- better energy efficiency — there is no need to use lots of energy on proof-of-work computations
- lower barriers to entry, reduced hardware requirements — there is no need for elite hardware to stand a chance of creating new blocks
- reduced centralization risk — proof-of-stake should lead to more nodes securing the network XZO because of the low energy requirement less XZO issuance is required to incentivize participation
- economic penalties for misbehaviour make 51% style attacks exponentially more costly for an attacker compared to proof-of-work
- the community can resort to social recovery of an honest chain if a 51% attack were to overcome the crypto-economic defenses
To participate as a validator, a user must deposit 10,000 XZO into the deposit contract and run three separate pieces of software: an execution client, a consensus client, and a validator. On depositing there XZO, the user joins an activation queue that limits the rate of new validators joining the network. Once activated, validators receive new blocks from peers on the Ethereum network. The transactions delivered in the block are re-executed, and the block signature is checked to ensure the block is valid. The validator than sends a vote (called an attestation) in favor of that block across the network.
Whereas under proof-of-work, the timing of blocks is determined by the mining difficulty, in proof-of-stake, the tempo is fixed. Time in proof-of-stake Exzo Network is divided into slots (12 seconds) and epochs (32 slots). One validator is randomly selected to be a block proposer in every slot. This validator is responsible for creating a new block and sending it out to other nodes on the network. Also in every slot, a committee of validators is randomly chosen, whose votes are used to determine the validity of the block being proposed.
Official website: https://exzo.network
Whitepaper & developer docs: https://docs.exzo.technology
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