Consensus algorithm is to a blockchain platform what the brain is to sane person. An individual requires a functioning brain to perform any task effectively. In the same vein, blockchains, like all distributed systems, need efficient consensus algorithms to:
Decide whether or not to validate a particular transaction.
Select a node or client as a leader for a certain distributed task.
Ensure consistency on the decentralized networks.
Without gainsaying it, shared public ledgers need a secure and efficient consensus algorithm to function on a global scale. As a result, the major thing that defines the viability of a blockchain platform is nothing more than its consensus mechanism. For instance, a new blockchain project that promises 1 million transactions per second, but uses the antiquated Proof of Work consensus is obviously a scam that will disappoint users.
Since Bitcoin was launched in 2009 with its PoW, we have seen numerous other consensus algorithms with different features aiming for better performance and deliverables. One of those newer mechanisms is the Proof of Value (PoV) consensus used on the Blackbox Operating System.
What is the Blackbox OS?According to their website, Blackbox is an innovative blockchain-based network designed to enable paradigm shifts in the creation of work as value and enterprise. It is said to be powered by AI, smart contracts, and Blackbox network of communities to help participants reach new heights of personal fulfillment.
In a nutshell, Blackbox OS is a new way of measuring value and the vision of its developers is to make it, in their own words, "the future of work".
This avowed proposal holds a lot of ramifications for business organizations across the globe. However, today, I am more concerned with the platform's PoV consensus.
Proof of Value Consensus AlgorithmPoV is a new protocol specially designed by BBOS developers to quickly reach consensus on the platform by using the value contributed by each participant. The process utilizes objective factors based on variables like:
Deliverable Value Point (DVP) - This is defined as an input metric showing the value of a transaction determined by some verifiable objective points.
Cost of Living Adjustment (COLA).
Quality Factor based on required Skill Level and Effort.
The stages involved include:
1 Submitting draft proposal.
2 Valuating and gaining consensus on deliverables.
3 Voting on proposal.
4 Bidding on deliverables.
5 Performing work as defined.
6 Completing the iterations by submitting the work and get compensated accordingly. In case of disputes, the system also has inbuilt resolution mechanisms.
In essence, PoV is a "step-by-step" kind of consensus mechanism that produces value based on quantifiable factors. The ingenious idea is to add a unit of scalability to work and such a unit is a mathematical function of the consensus algorithm.
Speaking of problems associated with traditional business organizations, a casual glance at BBOS shows that it could solve a lot of these. For example, every participant will be aware of his/her own performance, contribution and reward on the network. Income inequality, lack of transparency, unnecessary bureaucracy, hierarchical deficiency, and sundry work-related irregularities would be in the past.
Again, as seen on the whitepaper, the developers intention is to make BBOS a fully decentralized, merit-based network in which anyone can participate regardless of age, race, background, or any social inhibition.
PoV Compared with Other Consensus Algorithms
Example:
Pow- Bitcoin Pos- Blackcoin, NXT
DPoS- Steemit, EOS
PoV- Blackbox
Consensus Algorithms | Energy Efficiency | Cheap Transactions | Decentralization | Security | Scalability |
|---|---|---|---|---|---|
PoW | ❌ | ❌ | Yes | High | ❌ |
PoS | ✅ | ❌ | Yes | High | ✅ |
DPoS | ✅ | ✅ | Partially | Low | ✅ |
PoV | ✅ | ✅ | Yes | High | ✅ |
Potential Advantages of PoV on BBOS
- In combination with the Deliverable Value Points protocol, it ensures that the platform is incentivized with value rewards to contributors.
By premising the consensus process on reputation or contribution, PoV enables the system to maintain transparency, accuracy, and meritocracy, with clear expectations.
The DVP protocol reduces the time and energy wasted to reach consensus on other blockchain platforms like Bitcoin.
It allows for greater global participation in the future of work especially by those in the 3rd world countries.
Real time feedbacks from participants also provide greater opportunities for improvements by using AI and other emerging technologies.
ConclusionThe PoV consensus on Blackbox OS is a potent mechanism that could truly help maintain the platform on merit basis and make it a global phenomenon.
For more information about the Blackbox OS, feel free to visit any of the following links below.
USEFUL LINKS
ETH ADDRESS : 0x2F8ab4f0E64f2C108fCC0739c6bd8414e03Ef32E
Thank you for reading !
Questions regarding this innovative decentralized platform, Blackbox are welcomed from our esteemed readers.
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Hello ,,I am a big fan of you. ,I want to become like you and want to participate in your all group and want to get work with you please give me a chance for this and send me the group links thanks
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There are inherent disadvantages associated with the current work system for distributed companies , projects, and teams like expenses and quality of work to name a few. Blackbox OS will address these problem by gathering all workers in one platform putting measure and parameters to filter the best worker for organization via their superb rating and reputation systems insuring only the best people for your project, team and company thus saving you a lot of money in return.
Hi Gwen, when I first found the blackbox project, I went through the Whitepaper which was complicated, I couldn’t understand so I decided not to go further l, but I really enjoyed reading your article, it was interesting and made it easier for me to understand , you also introduced some new concepts, Just joined telegram adding it to the list of projects on my radar to watch out for , glad I saw this project before the end of the ICO.
Hello @rumayani, am happy you’ve understood what blackbox entails, Please do read more about blackbox and you will find that you are not only investing to gain material profits but also investing in the Future of Work which will eventually be the norm of the future.
All I see on the website is the hard cap for the presale, any idea of what blackbox plans to raise in total by this I mean both the presale and public sale?
Details regarding the main ICO sale will be announced in all their communication platforms as soon as the specifics become available. So stay tuned.
From the comparison you made above( old consensus algorithms vs PoV ), Blackbox PoV stands out by achieving scalability, security, energy efficiency and cheap transactions all combined. I guess I would stick to Blackbox then
Excellent people surround their selves with like minds. The team has shown that they have come to change the whole cryptosphere with outstanding features to solve humanity's problem. Don't miss the opportunity to become a part of the open minded community of this project!
how will the blackbox platform function and who will potentially benefit from using it?
While every member is independent , Blackbox is designed to enable each person to benefit from efficiencies of scale and access to resources beyond anything possible as a solo-entrepreneur, consultant, practitioner, or contractor. You can check their Ecosystem. members are a combination of traditional organizations, self-organized groups, and individuals who are able to join the Blackbox Network. They are selected based on the needs of the organization ranging from skills including robotics, IoT, design, marketing, and information architecture.
It is time for these communities to realize that blackbox is restructuring the workforce they should be competing aggressively to attract and retain.