Blockchain Consensus
ODIN utilizes an alternative method for proving consensus through nodes ("Validators") reserving a wallet's overall balance ("Staking"). This protocol is referred to as a Proof-of-Stake ("PoS") system. This is a competition amongst shareholders based on a few factors including connectivity to the network, and random chance. Once a Validator is chosen, their submitted block is propagated ("Forged") onto the blockchain and validated by other Validators.
Compared to a Proof-of-Work consensus protocol, PoS is more energy efficient, eliminates the need for expensive hardware, and creates more incentive to hold a balance for longer periods. A PoS system thus lowers the entry barrier allowing a more open, decentralised node network.
Masternodes on the ODIN Blockchain are for validating ZeroCoin transactions which are more CPI intensive than regular transactions. Due to the higher resource requirement, the rewards for Masternode holders are higher than regular staking but will require a high collateral to be eligible – 25,000 ODIN.
When a block is staked/forged, the validator receives a static reward that follows the ODIN Reward Structure defined within the blockchain. The reward is a coin generation which slowly increases the supply of ODIN over time.
- ODIN Decentralised Platform (ØDP)
- ODIN Decentralised Applications (ØDA)
- ODIN Decentralised Extensions (ØDE)
- ODIN Decentralised Repository (ØDR)