Hongkong – Jul 9, 2019 – SafePOS consensus mechanism was successfully launched on June 24, 2019, and the main network of SAFE net was upgraded to V2.6. On January 8, 2018, SAFE public chain was online in the main network. SafePay (instant payment, private payment, TOS offline payment), SafeAsset (digital asset issuance and management), SafeVote (decentralized voting), SafeSecurity (Blockchain application security detection service), SafePlay (online games based on digital assets), SafeConsult (providing overall solutions based on Blockchain for government agencies, enterprises and institutions) and SafeGem (digital asset hardware wallet) are seven application scenarios of the bottom-level technology platform of the Blockchain, which are positioned as a payment platform and an application development platform focusing on application security and privacy protection.
Blockchain is a shared, immutable ledger realized by technologies such as P2P network transmission and encryption algorithms. A complete, open, transparent, stable, and efficient node validation mechanism is required to enable each node to correctly understand and process accounting information. This mechanism is often referred to as a consensus mechanism.
POW and POS are two basic consensus algorithms for Blockchain today:
POW (Proof of Work), the workload proves that the resource consumption is high and the supervision is weak. Every time a consensus is reached, the whole network needs to participate in the calculation, and the performance efficiency is relatively low.
POS (Proof of Stake), the proof of rights and interests, the node obtains the bookkeeping right, relative to POW, to a certain extent reduces the resource consumption caused by mathematical calculations, and the performance is also improved accordingly.
After a comprehensive comparison of the existing mainstream consensus algorithm mechanisms, through the in-depth study of the SAFE team, a unique SafePOS consensus mechanism has been formed. The SafePOS Consensus first abandoned the old POW mechanism and instead sought the best solution between POS and DPoS.
Comparison between SafePOS and mainstream consensus algorithms
Different consensus mechanisms have their own advantages and disadvantages. At present, SafePOS and mainstream consensus algorithms are compared horizontally mainly according to safety, scalability and TPS performance.
What happens after SAFE upgrading from POW to SafePOS?
First, in terms of processing performance, the block output speed of the SAFE switch to SafePOS is stable at 30 seconds, which is 10 times higher than the original block output speed. The actual performance of the TPS is greatly improved, providing a basis for application upgrades.
Second, compared to the POW mechanism, SafePOS can be a green Blockchain without the need for a physical high-energy mining machine.
Third, the pool model leads to excessive concentration of computing power, 51% attack becomes possible and the new algorithm is more random and decentralized.
Fourth, reasonable distribution of token incentives that. The construction of the Master nodes will obtain 90% of the mining revenue, which can stimulate more users to build the Master nodes (currently there are more than 5,200 Master nodes in the entire network), which is conducive to the stability and security of the network.
SafePOS combines its own network characteristics and future planning to greatly improve the overall consensus on POW and POS, thus strengthening the balance among SAFE performance, decentralization and scalability. It opens up more space for extending and landing applications.
Company Name: SAFE FUNDATION LTD.
Contact Person: Bess Hu
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Address:19th Langshan Road, Nanshan District