Ethereum is a continuously developing and perfect public chain platform. Its development route is divided into four stages: “frontier”, “Homestead”, “metropolis” and “serenity”. Every time after a big upgrade, it will enter a new stage. At present, Ethereum is in the third stage of “metropolis”.
The metropolis of Ethereum can be divided into two stages: Byzantine and Constantinople. Byzantine stage has been completed in October 2017, the rest of Constantinople is to introduce POW + POS hybrid consensus mechanism, complete the transition from POW to POS, and finally realize Casper consensus mechanism.
The process of “metropolis” has lasted for three years. In the middle of this, ETH has been adopting the state of pow + POS mixed double digging.
What is the mixed double dig state? Vitalik explained: a proof of interest protocol is superimposed on Ethereum’s proof of work protocol, that is, blocks will still be dug out through proof of work, but every 50 blocks will have a proof of interest checkpoint (POS block) to evaluate the certainty. If the verifier makes a wrong decision, they will lose money, and the verifier will also play the role of virtual mining and get block rewards. The simple summary is: first, mining machines should participate in mining; second, nodes should participate in verification. Miners can get profits from mining with physical mining machines, and money holders can get profits from virtual mining.
This happens to coincide with the two mining roles of BED under the pow + POS consensus mechanism. The miner gets the reward through the physical mining machine, and the coin holder gets the reward through the virtual mining through cooperative mining. The economic model of BED well binds the interests of miners and coin holders together, and both of them are mutually beneficial to maintain the ecology of BED.
The “pow” workload of BED proves that the mining output of BED is related to the calculation power of miners. The greater the calculation power is, the greater the probability of winning the block award is. That is to say, the more labor force one provides, the more rewards one gets.
The “POS” rights and interests of BED prove that the coin holders in BED ecology can participate in virtual mining and get blockchain rewards after cooperating with miners. The more coins the coin holders cooperate with, the longer the cooperation time, and the greater the income they will get!
The two mining forms of BED are the same as the mixed mining of POW and POS in eth, and compared with eth, they also have the characteristics of fast transfer and low handling charge. BED perfectly combines POW and POS in the chain, and realizes the mutual recognition upgrade in a simpler way. BED will implement the concept of miners and coin holders mining at the same time, and forge ahead!