Stealth Cryptocurrency Introduces Novel Reputation System for Stakers Based on NFTs

Stealth’s reputation system means that chain trust and block rewards are truly meritorious and based purely on objective performance statistics

default
ADVERTISEMENTSBlockchain Education
Ammbr Blockchain Technology
Evident
Tymlez

The Stealth R&D team has rolled out a new system that they say, fairly recognizes and rewards transaction validators on the Stealth blockchain.

Stealth Quantum Proof-of-Stake (qPoS) has a unique approach to transaction validation, the core functionality of any blockchain system. Using XST, (Stealth’s native currency), transaction validators purchase their rights to process transactions and collect rewards for doing so.

donate to Blockchain News

These rights are tokenized as Non-Fungible Tokens (NFTs) called “stakers”, each of which is given specific slots in a schedule of block validation.

“Stealth is the first blockchain system to have scheduled validators that are purchased”, explained Dr. James Stroud, co-founder and lead developer of Stealth. “Unlike other scheduled block validation systems like BitShares, Lisk, and Eos, Stealth’s reputation system means that chain trust and block rewards are truly meritorious and based purely on objective performance statistics, uninfluenced by the whims of powerful stakeholders.”

Stealth qPoS also has a novel reputation system for stakers. As stakers sign blocks according to the schedule, they accrue a reputation score called “staker weight”. Weight increases with the square root of the net number of blocks a staker has validated, where “net blocks” means the number of blocks validated minus the number of blocks missed in the schedule. Stakers earn increased rewards proportional to weight. Typically, the more blocks a staker signs, the more it will earn for each block. Additionally, stakers with more weight are considered more trustworthy, and they influence chain trust also proportional to their weight.

Stealth Quantum Proof-of-Stake (qPoS), currently in testnet, the team says, is the fastest cryptographically private digital currency possible and is an economic-driven consensus mechanism that provides privacy using state of the art cryptography in combination with streamlined blockchain execution. Stealth’s qPoS addresses many of the current concerns about slow confirmation times that exist with other blockchain technologies, especially privacy coins.

The Stealth blockchain was launched in 2014 and quickly recognized for its StealthText technology. QPoS extends Stealth’s history of blockchain innovations, fusing two different types of blockchain ledgers to improve privacy, speed, and throughput.

Stealth R&D will be presenting an exclusive presentation on the new Quantum Proof-of-Stake technology and their reputation system for stakers at the upcoming Consensus conference in New York in May.

Stealth R&D LLC is a registered Delaware (USA) limited liability corporation.  For more information visit https://stealth.org/

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

Visit Website
View All Articles

Also published on Medium.

advertisementsBlockchain Education
Blockchain Expo North America 2020

blocktv

LIVE!

BLOCKTV is the premier televised news source for the blockchain and cryptocurrency community. They are a live, 24/7, TV news channel dedicated to premium reporting on the blockchain and cryptocurrency markets.