Elrond: Secure Proof of Stake - Making PoS secure and compelling

Elrond has proposed a novel approach to consensus called “Secure Proof of Stake” combining eligibility through stake and rating, random validator selection and an optimal dimension for the consensus group.

The consensus protocol starts by randomly sampling a smaller consensus group out of all eligible validators in the shard (for reduced communication) using a randomness source derived from the previous block’s signature. The randomness source is unpredictable before the signing of the previous block. The sampling is deterministic, meaning that every node can compute the list of validators in the consensus group and the first node to be selected is the block proposer.

The block proposer aggregates transactions into a new block and sends this block to the validators in the consensus group for verification. Each validator will verify the validity of the block, process the transactions and if everything checks out will participate in the pBFT consensus. The voting in the pBFT is done for every validator by sending a signature for a multisignature scheme. If the proposer collects more than 2/3 + 1 signatures from the consensus group members, the block is considered validated, the aggregated signature can be added to the block and the block disseminated in the entire shard. The next consensus group will be randomly sampled using the new signature.

Elrond Community: https://community.elrond.com
Official website: www.elrond.com