Nexty Block Sealing Mechanism
The Dual Cryptocurrency Confirmation System (DCCS) features an NTY-coin base and a secondary NTF token. The NTF gets used in permitting an account to turn into the maintenance or sealer of the confirmation system and calculate all rewards for the block sealer. The NTF has a cumulative supply of ten million that got distributed for the original 100 billion NTY holders who joined in the Smart Staking Program.
The NTF was set as a reward to the pioneers who had a firm belief and clear vision in the Nexty Platform. Thus, it is commonly referred to as the ‘Proof of Foundation.’ The power of this thriving Nexty Platform does not, however, belong to only the NTF owners since they can get voted down by the whole Nexty community.
The community intervenes when the NTF holders get involved in cheating, conducts malicious acts aimed at centralizing the network chain, and also implementing outdated source codes in the system. Thus, NTF owners act only as block sealers for the Nexty blockchain that is wholly managed and governed by the NTY community through a decentralized voting system that gets conducted on a smart contract.
How does an account become a block sealer?
The system launches a configuration parameter that determines the minimum value necessary for the account to turn into a block sealer. Nexty has created and designed a smart contract that enables NTF token holders who have accumulated enough token to upgrade other accounts referred to as ‘executing accounts.’
They turn them into block sealers by launching an “authorized-sealer” state in the available smart contract set with the value equivalent to the address of the NTF holder. In the case, a selected address has an ‘authorized-sealer’ value already; it is not authorized to get authorization from another NTF holder until the involved holder makes the formal withdrawal from ‘authorized sealer.’
At the checkpoint block of every sealing round, the ‘authorized sealer’ list gets determined by reading the current state from the updated smart contract at that particular point in time. The ‘authorized sealer’ value gets withdrawn to its NTF owner by precisely updating the state of the involved smart contract if any of the ‘authorized sealers’ in the prevailing sealing round do not conduct at least a single sealing activity.
The withdrawal is made at the specific checkpoint block number that is assigned to the subsequent sealing round and the culprit ‘authorized sealer’ never gets involved in any other subsequent sealing rounds until it gets reinstated to become an ‘authorized sealer once again.’
Block Chain Sealing Mechanism
The Nexty DCCS block sealing protocol gets implemented systematically. First, the sealers get numbered from 1 to n (referred to as “sealing-id”). The numbering is done randomly at the start of every sealing round where n represents the number of registered “authorized sealer.” This total number gets determined by the smart contract state at the checkpoint block number found at the corresponding sealing round.
The numbering is precisely calculated by a hash, _k, to guarantee the randomness of the ‘sealing-id.’ The following formula gets used:
(1) _k _ KEC(block;_k)
Block – first block number/sealing round’s checkpoint block number.
_k – address set as the ‘authorized-sealer’ by the NTF holder in the smart contract.
KEC: is the SHA-3 Keccak-512 hash function of any input.
Every authorized sealer’s ‘sealing-id’ gets taken by the position of sealing hash, _k, in the ascending array that gets ordered by the sealing hash.
Links to project resources:
Website: https://nexty.io/
Ann Thread: https://bitcointalk.org/index.php?topic=2498919
Whitepaper: https://nexty.io/nexty-whitepaper.pdf
Twitter: https://twitter.com/nextyio
Facebook: https://facebook.com/nextycoin
Telegram: https://t.me/nexty_io
Blog: https://medium.com/@nextyio
Author: https://bitcointalk.org/index.php?action=profile;u=1334788
