Proof of Importance

Last updated 5 months ago

NEM’s consensus network depends not only the number of coins but on the possibility that productive system action ought to be remunerated. The chances of staking a block are a component of various factors, including notoriety (controlled by a different purpose-designed framework), balance, and the number of transactions made to and from that position.

Productive network activity, not just the number of coins accumulated, should be rewarded. Participants who frequently send and receive transactions are more likely to find blocks.

Used in

  • New Economy Movement (NEM) Only accounts that have min 10k vested coins are eligible to harvest (create a block). Accounts with higher importance scores have higher probabilities of harvesting a block. The higher amount of vested coins, the higher the account’s Importance score. And the higher amount of transactions that satisfy following conditions:

    • transactions sum min 1k coins,

    • transactions made within last 30 days,

    • recipient have 10k vested coins too,

    • the higher account’s Important score. Harvester is rewarded with fees for the transactions in the block.

    • A new block is created approx. every 65 sec.

      whitepaper - link1

Pros

You can still be a priority (over miner) if you perform frequent transactions and connections that are good for the ecosystem.

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