What is Boca's stacking mechanism?

 Poca “ Boca knowledge map ” It's our entry-level article on poca from zero to one , Let's try to start with the most basic part of Boca , To provide you with a comprehensive understanding of the contents of Boca , Of course, it's a huge project , And it's full of challenges , However, we hope that through such efforts, we can make people correctly understand Boca , It also makes it convenient for people who don't know poca to master poca related knowledge quickly , Today is the third day of the column 10 period , Explain in detail the Staking What it is and how it works .


What is? Staking?

The earliest blockchain , Bitcoin uses PoW The way of consensus mechanism , Let us feel the unique charm of blockchain , However, with the continuous development of blockchain , More and more developers feel PoW The consensus mechanism is too inefficient , And it consumes a lot of energy . In order to make the whole blockchain network reach a consensus , No more PoW The efficiency and performance of consensus mechanism , So some developers invented a new consensus mechanism to replace it PoW, And this mechanism is the proof of interest PoS.


Simply speaking , Proof of interest PoS The verifier is selected according to the number of cryptocurrencies held in the node , It can be pledged by the verifier himself , It can also be pledged by other user delegated nodes .


Staking Is that cryptocurrency holders vote 、 entrust 、 A series of pledge behaviors such as locking the pass will be rewarded by the system .


Boca's Staking What is the mechanism

Staking

Boca uses a self created new PoS Mechanism ——NPoS( Nomination rights and interests proof mechanism ) As a mechanism for selecting verifiers . It designs two roles of verifier and nominee , Maximize chain security . Participants interested in maintaining the network can run the verifier node .


The mechanism encourages DOT The holder participates as a nominee . Nominees can support up to 16 A verifier as a trusted verifier candidate .


The verifier is responsible for BABE( One of Boca's consensus mechanisms ) Generate new blocks in 、 Role of verifying parallel chain blocks and ensuring final results . Nominees can choose to use their DOT To pledge to support the selected verifier .


Different from the general PoS The more you pledge, the more rewards you get , Boca in order to prevent general PoS The Matthew effect of the strong and constant strength brought by the mechanism , Designed NPoS The reward paid by the consensus mechanism to all verifiers is the same . If a verifier has more pledge amount, it does not affect the number of block rewards . However , The calculation of reward has a probability component ( It will be discussed below ), So at a particular time (era), The rewards for all verifiers may not be exactly the same .


After deducting the verifier's own part , Rewards are distributed proportionally to all nominees . In this way , The network will encourage other nominees to pledge to verifiers with fewer nominees , So as to create a set of verifiers of equal pledge .


On Boca Staking How it works

Identify roles

stay Staking in , You can either be the nominee , It can also be a verifier .


As a nominee , You can nominate a verifier candidate you trust , To help you get on the chain DOT Reward . You can check the nominee's guide and the verifier's Guide , So as to help you understand the responsibilities of the nominees and what the verifiers need to do .


Nomination stage

All nodes interested in the verifier can indicate their willingness to be a verifier candidate . Their candidacy will be made public to all nominees , The nominees will submit a list of supported candidates . The next era( For hours ), Have the most DOT A certain number of verifiers supported are selected and activated .


Here to DOT There are no special requirements for holders to become nominees , But we want each nominee to carefully track the performance and reputation of the verifiers they support . Nomination is not a “ Set it and forget ” The operation of .


Once the nomination phase is over ,NPoS The election mechanism will input nominees and their related votes , And output a set of verifiers . This “ Election plan ” Must meet specific needs , Such as maximizing the pledge amount of the nominated verifier , And distribute the pledge amount supporting the verifier as evenly as possible . The purpose of this election mechanism is to improve the security of the network , Ensure fair representation of nominees . If you want to learn more about NPoS How it works .( For example, elections , Running time complexity, etc ), Please read here .(http://research.web3.foundation/en/latest/polkadot/NPoS.html)


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Staking Distribution of awards

Want to know how rewards are allocated to verifiers and nominees , We first need to understand the verifier pool . The verifier pool consists of an elected verifier and nominees who support it .


If a nominee n Support multiple elected verifiers , for instance k A verifier ,NPoS The election mechanism will n The pledged amount is divided into s_1, s_2, ..., s_k, This will make the supporting verifier i The pledge amount is s_i. under these circumstances , Nominees n The reward you get , And being another verifier in the pool k Two nominees , Each nominee supports the verifier i Of stake Are all s_i The situation is basically the same .


For each verifier pool , All keep one with related stake List of nominees .


The general rule of reward for the verifier pool is , Two verifier pools work equally DOT The same number , in other words , Each pool is not paid in proportion to the pledge . Pledge reward has probability , For example, reward in the form of points and tips , But over time , These rewards will tend to be average .


In the verifier pool , The first reward is ( Can be set up ) The percentage is used to pay the verifier's commission fee , The rest is proportionate ( That is, in proportion to the pledge ) Paid to nominees and verifiers . Please note that , The verifier will be rewarded twice : One is the verifier's Commission reward ( If their commission rate is higher than 0%), The other is to nominate your own reward through pledge . If the verifier's commission is set to 100%, No tokens will be paid to any nominees in the verifier pool .


In order to estimate the inflation rate and how many tokens can be obtained each month as a nominee or verifier , You can use this tool (https://www.stakingrewards.com/earn/polkadot/calculate) As a reference , By changing some parameters ( for example , You want to use your DOT How many days , Total supply , Commission, etc ) Reach a more accurate estimate . because Staking Participation is dynamic , It may not be completely accurate , But as an indicator, it has a very good effect .


Reward mechanism

We highlight two features of this payment scheme : First , Because the rewards of the verifier pool are the same , Therefore, pools with fewer pledges usually pay more rewards to nominees than pools with more pledges .


therefore , We provide a financial incentive for nominees , Make the nominees gradually turn their preferences to the verifiers who get high reputation but are less pledged . And the reason for that is , We want the pledge in the verifier pool to be equally distributed as much as possible , To avoid the concentration of power in the hands of a few verifiers .


In the long run , We want all verifier pools to have roughly the same pledge , The higher the reputation of the verifier, the more collateral ( This means that nominees who are willing to take more risks to support less reputable verifiers will receive more rewards ).


The following example should illustrate the above situation . For the sake of simplicity , We have the following assumptions :

  • These verifiers are not self mortgaged
  • Each of them receives the same number of generation points
  • There are no tips for dealing with transactions
  • They don't charge any commission .
  • The total reward amount is 100 individual DOT Tokens,

at present , The lowest level of being a verifier DOT The amount is 350( Be careful , This is not real value , It's fluctuating , Just assumptions for the purpose of this example ; To understand how real value is calculated , Please refer here ).


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Two verifier pools A and B There are 4 Two nominees , The total equity is 600DOT and 400DOT.

Based on the above reward distribution principles , Because the pool A Have more total pledges , Verifier pool B The nominees in each DOT Ratio pool A Nominees in get more rewards .Sam stay A The pool is pledged 50DOT, But he only got 8.3DOT The return of , and Kitty Obtain... Under the same pledge 12.5DOT The return of .

There is an additional factor to consider in terms of rewards . Although the verifier has no limit on the number of nominees , But the verifier has a limit on the number of nominees it can pay .


stay Polkadot and Kusama in , This limit is currently {{polkadotmax_nominators}}, Although this can be modified by runtime upgrade . exceed 256 Verifiers of nominees are considered to be oversubscribed . When awards are issued , Only the top 256 Nominees ( Measured by the number of interests allocated to the verifier ) Will be rewarded . The other nominees are essentially “ waste ” Their rights —— They used their nominations to select him as a verifier , Without getting anything in return .

We also note that , When the verifier has bad behavior ( for example , The verifier is offline , Invalid verification block, etc ) when , The network will provide a fixed percentage of verifiers ( Not fixed DOT value ) To make a Slash punishment . This means that the verifier pool with more interests will lose more DOT. Again , This is done to provide a financial incentive for nominees , To change their preferences , Support verifiers who they believe are trustworthy but not so popular .

The second point to note is , Each verifier candidate is free to set a commission ( In the form of reward percentage ) To make up for operating costs . Because the rewards of each verifier pool are the same , Therefore, the pool with lower commission pays more to the nominees than the pool with higher commission . therefore , All verifiers are free to choose whether to increase the Commission and get more DOT, Or lower the Commission to attract more nominees 、 Increase the chances of being elected . In the long run , We want all verifiers to be cost-effective to maintain their competitiveness , At the same time, reputable verifiers can charge a slightly higher commission ( This is quite fair ).


Postscript

Staking It can not only maintain network security , You can also get the benefits of network expansion , and Staking It is the key to promote the ecological prosperity of the public chain , It can promote the loyalty of users and developers to the network . meanwhile ,NPoS Proof and Staking It also complements each other , And workload proof (PoW) And proof of interest (PoS) comparison , It has obvious advantages , While maintaining a high level of security , It also ensures the efficient operability of the whole network . The next issue will introduce you in detail NPoS How the mechanism works ?


*Polkadot The information provided by the Institute of ecology does not imply any investment , The published articles only represent personal views , For reference only , In view of the fact that China has not yet issued policies and regulations related to digital assets , Please Chinese mainland users pay attention Crypto The development of .

Given the proliferation of ecological projects in Boca , But poor quality projects , Scam projects are all over the place , Be wary of , On the other hand, it is very difficult to understand the overall picture of the whole ecological development of Boca only in the group of Boca project parties , Missed a lot of opportunities . therefore , We decided to Establish a Poka ecological group , It's open to all the Boca eco projects , You can share your views on each project objectively , Understand the development of various projects in Boca , We can exchange information and seize opportunities together .

Official account "Polkadot Institute of Ecology ", reply “ Into the group of ”, Talk about Boca with many fans .

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