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Proof of Activity
Combine Proof of Work component with a Proof of Stake.
- Mining first begins in the traditional manner, with miners vying to be the first to solve a puzzle and claim their reward.
- The difference is that the blocks being mined do not contain transactions.
- They are simply templates with header information and the mining reward address.
- Once this nearly blank block is mined, the system switches to a proof of stake protocol.
- The header information is used to select a random group of validators to sign the block.
- These are coin holders (stakeholders) and the larger the stake a validator holds, the greater the chance they will be selected to sign the new block.
- Once all the chosen validators sign the block it becomes an actual part of the blockchain.
- If the block remains unsigned by some of the chosen validators after a given time, it is discarded as incomplete and the next winning block is used.
- Validators are once again chosen and this continues until a winning block is signed by all the chosen validators.
- The network fees are split between the winning miner and the validators who signed the block.
- Criticisms are the same as for both proof of work and proof of stake.