Rising Coin Description
The beauty of cryptocurrency is in its decentralization and decentralization depends on the type of consensus protocol a network has.
The method of approach by different cryptocurrencies towards public and decentralized ledger is greatly determined by the consensus mechanism they used.
There are at least 3 known consensus mechanism widely used in cryptocurrencies today. Namely;
Proof of work
Proof of stake
Proof of history.
Proof of work requires a lot of computational power and high equipment to participate, hence, not user friendly.
Bitcoin is the first practical cryptocurrency that used proof of work in its consensus mechanism.
Proof of work requires the validators' nodes to race among themselves to solve the difficulty until the hash of that transaction is found, this means smaller PC and systems cannot join the network.
Though it is the most secured and first used form of consensus protocol, it is gradually fading away because it consumes a lot of electrical power and is not environment friendly.
Proof of stake: In proof of stake, there are many approaches adopted by different cryptocurrencies. Example of such networks include: Tron (Trx) who uses a delegated proof of stake, stellar who uses a federated Bezynthin Agreement, where a quorum slice is used to validate the transaction and a pure proof of stake first proposed and used by Algorand. However, RisingCoin uses a proof of stake that is closely similar to Algorand, that is pure proof of stake but the ability to run the node even on a mobile phone without heating or consuming power makes the rising coin more unique.
This was what PI Network tried to do using FBA from stellar but up till today, the network has only been mining with phones across the world for more than 3 years now as at the time of writing this WHITE PAPER, yet the coin has not yet been launch. It will be wise to say that the RisingCoin network is the first to practically implement this function.
RisingCoin Proof of stake
RisingCoin uses a consensus mechanism called proof of stake where the validator’s node is expected to stake some amount of coin to become a validator. Why stake coin?: Though RisingCoin network does not remove staked coin when a validator tries to validate a fraudulent transaction but such node is baned from the network and the account removed.
There are two types of validator nodes in the network.
RisingCoin Validators Node:
General Validators Node (Light Node) which is what is running at the moment.
Primary Validators Node (Full and Heavy Node) coming soon.
General Validators Node: Every account holding at least 1 RSC is running the RSC validators node. This background node is so light that the system or mobile device of the user doesn’t feel anything; the work of this node is just to check and validate transactions chosen randomly by the consensus protocol.
This light node does also participate in block formation and blockchain proposal, but all general nodes that validate transactions successfully get their full validation reward for such transactions.
Primary Validators Node (Full Node): The Primary Validators Node is also responsible for validating the transaction, block formation, and blockchain proposal and attachment. The primary node mostly runs on any normal PC, it does not heat the pc as other programs can be used even while running RisingCoin primary validators node.
The primary notes can download and install the full ledger transaction and write on it as chosen by the consensus, this makes it a network for everyone and no one, a decentralization secured system.
Validators Node at the Background:
This node can also be run on a mobile phone and it won’t heat up. The difference here between the primary and general RisingCoin validator nodes is that the software is downloaded and installed separately and also that primary nodes propose and form blockchains faster.
The method of approach by different cryptocurrencies towards public and decentralized ledger is greatly determined by the consensus mechanism they used.
There are at least 3 known consensus mechanism widely used in cryptocurrencies today. Namely;
Proof of work
Proof of stake
Proof of history.
Proof of work requires a lot of computational power and high equipment to participate, hence, not user friendly.
Bitcoin is the first practical cryptocurrency that used proof of work in its consensus mechanism.
Proof of work requires the validators' nodes to race among themselves to solve the difficulty until the hash of that transaction is found, this means smaller PC and systems cannot join the network.
Though it is the most secured and first used form of consensus protocol, it is gradually fading away because it consumes a lot of electrical power and is not environment friendly.
Proof of stake: In proof of stake, there are many approaches adopted by different cryptocurrencies. Example of such networks include: Tron (Trx) who uses a delegated proof of stake, stellar who uses a federated Bezynthin Agreement, where a quorum slice is used to validate the transaction and a pure proof of stake first proposed and used by Algorand. However, RisingCoin uses a proof of stake that is closely similar to Algorand, that is pure proof of stake but the ability to run the node even on a mobile phone without heating or consuming power makes the rising coin more unique.
This was what PI Network tried to do using FBA from stellar but up till today, the network has only been mining with phones across the world for more than 3 years now as at the time of writing this WHITE PAPER, yet the coin has not yet been launch. It will be wise to say that the RisingCoin network is the first to practically implement this function.
RisingCoin Proof of stake
RisingCoin uses a consensus mechanism called proof of stake where the validator’s node is expected to stake some amount of coin to become a validator. Why stake coin?: Though RisingCoin network does not remove staked coin when a validator tries to validate a fraudulent transaction but such node is baned from the network and the account removed.
There are two types of validator nodes in the network.
RisingCoin Validators Node:
General Validators Node (Light Node) which is what is running at the moment.
Primary Validators Node (Full and Heavy Node) coming soon.
General Validators Node: Every account holding at least 1 RSC is running the RSC validators node. This background node is so light that the system or mobile device of the user doesn’t feel anything; the work of this node is just to check and validate transactions chosen randomly by the consensus protocol.
This light node does also participate in block formation and blockchain proposal, but all general nodes that validate transactions successfully get their full validation reward for such transactions.
Primary Validators Node (Full Node): The Primary Validators Node is also responsible for validating the transaction, block formation, and blockchain proposal and attachment. The primary node mostly runs on any normal PC, it does not heat the pc as other programs can be used even while running RisingCoin primary validators node.
The primary notes can download and install the full ledger transaction and write on it as chosen by the consensus, this makes it a network for everyone and no one, a decentralization secured system.
Validators Node at the Background:
This node can also be run on a mobile phone and it won’t heat up. The difference here between the primary and general RisingCoin validator nodes is that the software is downloaded and installed separately and also that primary nodes propose and form blockchains faster.
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