PoW, PoS and Masternodes are ways you can support the EUNO Network.
- PoW (Proof Of Work or "Mining") is used to validate transactions on the Euno· network.
How does Proof Of Work actually work?
In a proof of work environment, the right to mine the next block is given to the first miner to solve a hash puzzle, which is directly tied to that miner’s amount of computer resources. The more resources, the higher the chance that miner will win the block reward.
Euno is best mined using a ASIC miner. See MINING POOLS section on the EUNO· website to connect with a pool.
- POS (Proof of Stake or "Staking") is used by “staking” your coins in the Euno· wallet application. Doing this you apply for the “random stake reward”. You can see it as a form of interest ”on your own coins by staking your coins in the wallet you enable it to “collateralize” the total to validate blocks a long side the POW. Here for Euno· transactions get confirmed twice as fast. On average it takes 60 seconds to confirm a block as average every minute either a miner or a staker finds a block.
How does Proof Of Stake actually work?
Proof of Stake is a consensus protocol based on the proportion of coins a potential validator has collateralized in the ecosystem.
In Proof of Stake, the forger’s right to mine is determined as follows:
- ID: Identification of the previous block.
- T: Number of seconds since the last block.
- Public Key: Public Key of the forger’s staking wallet.
- ID & Public Key: are combined to seed a random number N
- Coin Amount: Forger’s wallet balance
- N * Coin Amount * T > Threshold (staking difficulty)
The first forger for which the above condition is true gets the right to validate the next block of transactions and push the block on to the blockchain.
For technical documentation regarding the Euno· wallet application or its staking option see the Tutorial for Wallet Application Basics and Coin Staking
- MASTERNODES. Masternodes are full nodes, with access and direct connection to the entire copy of the native blockchain. Euno· Masternodes can validate transactions and push new blocks onto the blockchain. Euno· Masternodes also provide added functionalities such as:
- PrivateSend Function: pre-mixes your coins with newly generated addresses on the blockchain to make transactions untraceable thus adding privacy to the ecosystem.
- InstantSend Function: allows for instantaneous transactions on the blockchain thus increasing transaction speed.
- Governance and Voting: As a masternode owner, you get the rights to vote on decisions regarding the upkeep and improvement of the blockchain you are on.
A Euno· masternode requires you to have and lock 50000 Euno· in to your own collateral address. These coins will not leave your wallet. They will simply be “soft locked”. You still have access to them at all time.