Hello Project PAI Community! Here are this week’s updates.
A New Proposal
This week, some of the contributing developers for Project PAI released a whitepaper for a proposed new PoW/PoS hybrid consensus mechanism for the PAI Blockchain. You can read it here.
When the PAI blockchain was first conceived, the contributing developers elected to utilize a Proof-of-Work (PoW) consensus mechanism with a double SHA-256 hashing protocol — the same mechanism used by Bitcoin. PoW provides many benefits including resistance to DDoS attacks (due to the significant computational resources required to participate on a PoW blockchain) and reducing the impact of an individual or group holding large amounts of coins. The use of SHA-256 also made PAI Coin mining compatible with the already large infrastructure of software and hardware designed to mine Bitcoin — providing easy entry to the PAI mining ecosystem.
But that ease of entry also opened the protocol to substantial risk. The availability of Bitcoin-compatible hash power means that PAI Coin, here in its early days, is vulnerable to several forms of attack that plague PoW protocols — most notably a 51% attack in which a single group of bad actors can take control of over 51% of the nodes and thus gain control of the blockchain itself. Currently, this threat is mitigated by a mining whitelist that enables only trusted miners to earn block rewards. However, as the PAI Coin community grows, the core contributors have been working on solutions that will allow mining to be opened.
To that end, several of the developers working on the PAI Blockchain have developed a new proposal for a hybrid Proof-of-Work, Proof-of-Stake (PoS) consensus mechanism. The whitepaper outlines how such a proposed hybrid mechanism can counter some of the vulnerabilities that PoW and PoS suffer from when used alone. Included in the paper are detailed analyses of the strengths and weaknesses of both mechanisms, and how mining and staking would work in the hybrid model.
If adopted, the mechanism in this proposal may help make mining becoming more accessible to the public, provide greater decentralization, energy efficiency, security, and lead to a more robust ecosystem overall.
In the coming weeks, Project PAI will provide a simplified summary of the proposal for all of the community members. In the meantime, those who wish to read the full whitepaper can do so at https://projectpai.com/pai-whitepaper/. Project PAI encourages everyone to review the proposal and share their thoughts with the core developers on its social pages or on PAI Forum.
The developers of PAI Up have released a new update for the digital wallet. The update — available now for Android and coming soon on iOS, introduces a newsfeed feature. Now you can read blockchain and crypto related news, included news about Project PAI, right in the app.
Download PAI Up today at paiup.com