How did BED realize POS mechanism which is pursued by eth2.0

PRO BED
3 min readJan 27, 2021

At the end of 2020, after Ethereum released BeaconChain, and under the fierce blessing of DEFI concept, the price of ETH has pumped. In the roadmap of Ethereum 2.0, the ultimate goal is turning to POS, but after ETH2.0 Phase0, POW and POS will existence together for a long time. According to this, POW +POS hybrid consensus algorithm mechanism adopted by BED will become an development direction in the near future. Let’s know details of BED mixed mechanism.

1. Secret voting mechanism

When POW miners of BED find a valid block, they will broadcast it on the network. In order for the block to be valid, the block must be verified by most POS holders, that is, every block must be approved by 3/4 of the holders.

Specifically, in POS mechanism of BED, 1008 blocks are a cycle (approximately 7 days), corresponding to 1008 tickets and 1008 ticket holders, and the current purchased ticket can only work in the next block. At each block time, 1008 vote holders are assigned to 21 voting groups based on a random function (48 vote tickets for each voting group), and each group votes to elect a representative of the group, then 21 voting groups can elect. The representative voted on the validity of the block submitted by the POW miners. If the block is approved by 3/4 of the representatives, the block is added to the main network as a valid block. And if the block does not get 3 /4 represents the approval of the representative, the block is abandoned, and the POW miners re-mine based on the previous block.

For each voting group, the representative must be approved by 3/4 of the group members. If the group cannot successfully elect a representative within the specified time, they cannot participate in the round of block voting .

At the same time, in order to prevent POW miners and POS ticket holders from colluding to attack the main network, all tickets will be encrypted, marked and grouped, and the identity of the ticket holder will be hidden (but the corresponding identity relationship will be encrypted and recorded in the network), and all representatives selected is also encrypted and concealed.

In POS consensus algorithm of BED, ticket holders represent the interests of most token holders in the entire network, and also represent the greatest interests of the BED network ecology. In this way, BED ticket holders are used to determine the validity of the block, contain the power of POW miners, and achieve ecological balance.

2. Ticket pricing mechanism

The price of the ticket is determined by a market-like mechanism, and the goal of the system is to obtain a certain number of tickets. In each round of mining cycle, token holders will bid for the next round of tickets.

The bidding rules are: each round has 1,008 tickets, and the holders will bid for them in BED tokens as a whole. In addition, the system sets the minimum price of the ticket. If the price of some of the tickets is lower than the minimum price, the corresponding bidder must make up the difference, otherwise the ticket cannot be obtained. If the number of votes in this round of bidding is less than 1008, the next round of fares will be the minimum fare set by the system. If the number of votes in this round of bidding is greater than 1008, the next round of ticket prices will be dynamically adjusted to a certain value. In addition, multiple people can entrust the mining pool to merge bidding tickets together. The tickets formed by participating in the auction will be released dynamically by the miners in the next round.

Both the secret voting mechanism and the ticket pricing mechanism are the key points to BED realization of POS. The faster and cheaper transaction experience of POS, 24 hours running, low cost and strong continuity are one of the main reasons why ETH wants to convert consensus algorithm to POS, and BED already has these high-quality features. BED is still in its infancy. For a high-quality project, early participation is undoubtedly the best choice.

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