Proof of Formulation
U.S.P(United States Patent) Application Number: 62717695
Last updated
U.S.P(United States Patent) Application Number: 62717695
Last updated
MEVerse came up with a new consensus model, replacing the existing models like PoW (Proof-of-Work; verify calculation process) or PoS (Proof-of-Stake; verify stake) and preventing unnecessary fork. The new consensus model is PoF (Proof-of-Formulation) and blocks are generated in a designated order, agreeing on the block mining order. This allows the block generation and dissemination to be faster, as the dissemination range of blocks are reduced. In addition, instant confirmation is made possible through the Observer Node. The Proof-of-Formulation technology developed by MEVerse, verifies the validity of the generated blocks and guarantees the authenticity within the network. PoW algorithm raises the level of difficulty through mining competition, resolving the issue of civil attack or double spending attacks. PoS algorithm resolves the issue of high-power consumption of PoW as the mining reward is allocated proportionate to the amount of coins. In DPoS algorithm, the token possessor uses the block generator or the witness system to carry out mining and verification, resolving the transaction speed issue. That is, in a general blockchain network, blocks can be generated simultaneously from networks all over the world. Thus, it uses a method in which block generation time is adjusted through level of difficulty in order to prevent fork, resulting in a serious reduced speed of the blockchain. MEVerse resolves the issue with an innovative design as the Formulator group reaches a consensus on the block mining order. The Formulator group consists of all the nodes that generate blocks and maintain them and all the groups of mining nodes that participated in block generation are the Formulator group. The block generation process of MEVerse consists of a block generator and a synchronization group. The Formulator group shares and confirms the block generation sequence in the network and carries on the block generation following the shared and synchronized sequences. The highest rank Formulator generates the blocks, and the next blocks are generated by the runner up, continuing this well-organized circulatory process. Ultra-high-speed transaction mechanism is provided, and a stable block generation is executed. MEVerse came one step closer to decentralization through the PoF consensus model and complemented the setbacks of the existing algorithms by actualizing an ultrahigh speed transaction speed.
The block generation order of PoF (Proof-of-Formulation) follows the score rank of the Formulator group. The highest node is allocated with the role of block generator and 2nd-10th ranks are given the role of the synchronization group. The block generator generates blocks, signs and then sends them to the next Observer Node. Next, the Observer Node uses the public key of the next highest ranked block generator to confirm blocks and signatures. Observer node confirms at least 3 of the 5 blocks through signatures. The next synchronization group receives the blocks and confirms the entire transaction record and Observer Node’s signature, adding blocks to the blockchain and sending the synchronized result to all the connected nodes. After the 1st node who generated blocks goes out of the group, the 11th node comes in and the sequence begins again. The order is all determined by block height so it cannot be changed randomly and also cannot be forged as every node verifies the same result. Like this, the synchronization group disseminates blocks, lightening the traffic burden of Observer Nodes and block generators and disseminating the generated blocks swiftly. When the generated blocks are added to the blockchain, the prior 1st node automatically moves down the rank and the runner up becomes the 1st rank, generating the next blocks. All the nodes which receive blocks confirm the blocks and signatures. As a result, blocks with false transactions are denied and are not added into the chain. Likewise, the block generation process of PoF (Proof-of-Formulation) reduces the time of block generation and verification, uses synchronized sequence to generate blocks, and prevents fork, as Observer Nodes verify the process real-time. In addition, as the block generation and synchronization are subdivided, each group can focus their energy on a certain task, lightening the burden of the network. The synchronization group and Observer Node all focus on the designated role, so overload of the network is avoided. For the most efficient block generation process, the highest rank node can generate blocks continuously. Limitations in block generation are initially set as default but can be amended through governance. In order to participate in the Formulator group, MEVerse tokens must be held. Observer Nodes are operated by MEVerse first, then will be delegated to the governance (such as MApps and etc.) In the case of reward, MEVerse coins will be given to the Formulators participating in the MEVerse chain, and MApp tokens will be given to Formulators that hold that MApp’s token. These are the basic concepts, but the MApp developers can offer the option of setting up their own compensation plan for the Formulators of their MApps. All of the Formulators that generate blocks have a Formulator Account. All of these Formulator Accounts will be imported and ordered using their most recently created block information as well as information when participating in the Block Generation Round. This order sheet utilizes the information in the block and is generated by the block, so all nodes have the same order sheet. At the beginning of the Block Generation Round, the Observer Nodes submit and agree to a top Formulator list, which enables Formulators to connect online, since there is no guarantee that all Formulators are online. The agreed top Formulator will be sent a block generation message, reviewed via Round State, and then collect the Observer Signature once the block is verified. In this process, when a majority get together, they recognize and propagate the block. Synchronization groups and seed node groups have no additional rewards associated with Formulator compensation as the Formulators continue to be rotated into each group in turn during the process. The Observer Node is a watchdog node that performs only block verification and notification, with no separate participation rewards.
As a result of such an efficient and innovative system, Fork is prevented. When two blocks of the same height go into the Observer Node, fork is detected as 3 out of 5 nodes required signature. Fork, therefore, is prevented as the Observer Node detects the collision in signature. If Observer Node deviates from the normal protocol due to security threats, the chain is put to a stop and assets are protected via Panic Protocol. If the Formulator group deviates from the normal protocol, that Formulator is put to a stop via Formulator Ban Protocol.
