The origin of FIST
FIST was created by the FreemanBitcoin team after leaving the Maintenance Community in 2017. This is one of the earliest projects that proposed a hybrid consensus mechanism, aiming to create a system that “allows the control of monetary resources to be handed over to users in the form of entrants through participatory voting”.
FIST is a proof-of-work + proof-of-stake hybrid consensus mechanism based on the MC2 white paper and DCR (Decred) written by Adam Mackenzie (pre-Menco) Technical documentation) pos+pow allocation mechanism, part of which is based on Charlie Lee (the founder of ), the Proof of Activity white paper by Alex Mizrahi, and the Politeia press system by Jake Yocom (founder of DCR).
FIST’s PoW+PoS hybrid consensus mechanism is essentially an improvement and extension of pure PoW, improving many inherent problems of pure PoW, and extending some functions that cannot be implemented on pure PoW. FIST’s unique hybrid consensus mechanism increases the cost of attacking FIST and also achieves decentralized governance that is not available in other projects.
FIST’s PoW+PoS hybrid mechanism has more effects than pure PoS/pure PoW:
1. Chain verification, verifying the blocks dug by the PoW miners to ensure that the PoW miners excavated the blocks in accordance with the consensus rules of the FIST network using pure PoW, which is the PoW miners packing blocks and verified. The FIST decomposes the work of the PoW, allowing the PoW miners to pack the blocks, and the PoS selection to verify the blocks packaged by the PoW miners, which is part of the PoW miners.
PoS’s confirmation of PoW miners’ daily output can balance the PoW mine work. For example, it can prevent PoW miners from attacking 51% of power, prevent PoW miners from forcing hard forks, and prevent PoW miners from packing. Empty blocks and so on. Making FIST the most cost-effective currency under the same conditions, attacking FIST requires most PoS votes in addition to most computing power.
2. Consensus voting on the chain to determine changes to the FIST consensus rules
The consensus vote in the FIST chain is divided into two phases: the first phase is to meet the preconditions of the change and upgrade, and the second phase is the consensus voting phase on the chain. In the first phase, the developer will release the fork code for the consensus change upgrade, 95% of the PoW power nodes will be upgraded, and 75% of the PoS nodes will be upgraded. If any of the three parties does not cooperate or cooperate, there is no way to conduct a consensus vote on the chain, because the preconditions for the change and upgrade cannot be achieved.
In the second stage, in the process of consensus voting on the chain, 75% of the PoS votes are required to be approved, and the consensus rules on the chain are passed. FIST’s chain consensus rules voted to clarify the ambiguous powers and responsibilities of the ordinary PoW upgrade, which can maximize the participation of all parties in the FIST and form a broader and stronger consensus.
3. Vote under the chain, decide the development direction of FIST, and decide the policy of FIST
This vote was made through the Politeia proposal system that was unchained but anchored to the FIST , Fist
The development and decision-making power of the future development direction will be delegated to the entire community.
4. Vote under the chain to decide how to spend the FIST proposal fund
In addition to deciding the direction of FIST, Freeman is also a platform for discussing and voting on how to use the proposal fund, and decentralizing the FIST Community Fund’s use of funds to the entire community.
FIST PoS participants receive 30% block rewards
In order to participate in the PoS vote, stakeholders lock in some FISTs in exchange for votes. The number of locked FISTs is called a ticket and is dynamically adjusted every 144 blocks (about 12 hours). When the fare is dynamically adjusted, the ticket difficulty algorithm calculates a new fare in an attempt to maintain the full number of votes at around 40,000 votes. Current fares can be found on FIST wallets or block browsers.
When each block of FIST is generated, 5 votes are randomly selected from the entire net ticket pool for voting on the chain. At least 3 votes are approved, and this block is valid only before it can be added to the . . If the block selection is less than 5 tickets, the PoW miner block reward is reduced by 20% for each lesser vote; if less than 3 votes, the PoW miner’s packaged block is invalid. In this process, after the PoS ballot is called for voting, the DCR that locked the ticket will be unlocked and returned to the buyer’s . If the ballot is successfully voted, the PoS reward will be issued. This successful vote in the block process, we generally call the middle vote (Note: only in the voting process, there will be PoS rewards. There is no PoS reward when voting on the chain consensus or Politeia proposal vote These votes are the power given to the PoS election)
In order to compensate the ballot holder verification block and protect the FIST network, 30% of the block rewards (PoS rewards) are sent to the ticket holder for block voting (each block is confirmed by 5 votes, each ballot is obtained 6% of the block reward; if the ballot is selected to participate in the block confirmation, but miss the vote, the 6% block reward that the ballot should have been given is directly abandoned, no one can get it, in other words, the total amount of FIST This section will be reduced accordingly; the remaining block awards will be awarded to PoW miners (60%) and community funds (10%) (community funds are used to fund project development, market operations, etc.).
Published at Sat, 18 May 2019 05:36:23 +0000
