5ire

5ire aims to lead the 5th Industrial Revolution by bringing a paradigm shift from a for-profit to a for-benefit economy. A platform for innovation, our previous blogs have covered 5ire’s various unique features that make it better than its competitors. One such feature is Randomized Voting. At 5ire, we have introduced the concept of Randomized Voting because we believe nodes should be rewarded and punished based on an individual basis and not on a collective reward and punishment basis.Blockchain technology allows digital assets to be traded just like stocks are traded today. Each blockchain network has many validators who act as bankers by verifying each transaction. Once these transactions have been validated, they can be stored permanently on the chain. Validators examine every transaction — determining if they’re correct and legal — before storing them in a block which then gets linked together to form a permanent record.As a better alternative to elected/nominated voting, 5ireChain has introduced the idea of a Randomized Voting System. In other words, everyone votes for every node using pseudo-randomized algorithms, and rewards/punishments are given to each person based on their contributions rather than because they were selected or requested by another person. This eliminates the possibility of being coerced and having higher returns if you vote for someone else; it also prevents cartels from voting for the same nodes and getting more share in block creation than the stake they represent. With Randomized Voting, we expect fewer nodes colluding with one another — especially since their rewards are more controlled by themselves instead of relying on others.Nodes are rewarded or punished depending on their actions because it is possible that a block creator becomes compromised and creates an invalid block. PoS algorithms are designed to punish all nodes who vote for the fraudulent node even if it was not the node’s fault because there is always the possibility that a node can become compromised by malware. For this reason, 5ireChain will only slash the stakes of these malicious nodes, not those who voted for them — due to how unpredictable votes can be. The stakes of voting nodes will only be slashed if they also attest to having seen an invalid block — in which case it would be assumed they were participating in fraud.Randomized voting carries 20% weight to the consensus mechanism, which ensures that nodes with lower stakes can still be selected for the block assembly. This prevents what would otherwise be known as cartelization, network-wide collusion where nodes nominate themselves or delegate their stakes to favored individuals at all times.Take Control and Vote with your Mind.More information about 5ireChain can be found by clicking on the following links:Website: <a href="https://5ire.org/" rel="noopener noreferrer nofollow">https://5ire.org</a>White paper: <a href="https://bit.ly/3Qcsmor" rel="noopener noreferrer nofollow">https://bit.ly/3Qcsmor</a>LinkedIn: <a href="https://www.linkedin.com/company/5ireChain" rel="noopener noreferrer nofollow">https://www.linkedin.com/company/5ireChain</a>Twitter: <a href="https://twitter.com/5irechain" rel="noopener noreferrer nofollow">https://twitter.com/5irechain</a>Discord: http://discord.gg/5ireTelegram: <a href="https://t.me/OfficialFireChain" rel="noopener noreferrer nofollow">https://t.me/OfficialFireChain</a>Facebook: <a href="https://www.facebook.com/5irechain" rel="noopener noreferrer nofollow">https://www.facebook.com/5irechain</a>Instagram: <a href="https://www.instagram.com/5irechain" rel="noopener noreferrer nofollow">https://www.instagram.com/5irechain</a>

5ire Randomized Voting — Take Control And Vote With Your Mind

5ireChain

Other articles published on Nov 9, 2022

Trovio Group launches $35m Yield App-powered DeFi Fund.

Touchpoint Open Builders Program Welcomes Zokyo

US OCC Made Its Staff Available For Fintech Dialogues

TOP 10 Ways boost Your Small Business Can Save Money

VR Development Guide: Choosing the Right Engine for Game Development

1 TRILLION BabyDoge Coins Giveaway | #GabbarLetTheDogeOut

Join our free newsletter for daily crypto updates!