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Proof of Validation (PoV)
Proof of Validation (PoV) is a specific implementation of a proof-of-stake (PoS) consensus mechanism. Here are the key characteristics of PoV:
- Validator Nodes: in a PoV system, there are validator nodes responsible for maintaining a complete copy of the blockchain’s transaction history. These nodes participate in the consensus process and play a role in block creation and validation.
- Staking and Token Ownership: users can stake their cryptocurrency tokens within the validator nodes. The number of tokens staked determines the number of nodes a validator controls.
- Block Confirmation: in PoV, a new block is confirmed when a specific group of validators, collectively possessing at least two-thirds of the network’s total voting power, sends a commit vote for that block. This ensures that the consensus process involves a significant majority of participants.
- Byzantine Fault Tolerance: PoV protocols aim to be Byzantine fault-tolerant, meaning they can remain functional even if up to one-third of the network’s nodes are compromised or act maliciously. This enhances the network’s security and resilience against potential attacks.