Meet TON. How will mining the blockchain-the project of Pavel Durov

Recently, the network published documentsdescribing the work of the network TON. A lot of them interesting, so we will examine the features of perspective network from the creators of the Telegram in a series of small notes. The first one is devoted to mining.

The author — Slava Karpenko, CTO 2Miners and 2Masternodes. In the team he is responsible for the functioning and architecture of our mining pools.

The contents

Some General words for the introduction. Telegram Open Network is a set of services, including a payment instrument, a repository and file hosting. In the future, they will join other direction. The work of the service based on the principles of the blockchain.

The project team wrote the code for the functioning of the network itself. During the creation of the developers was based on other successful projects by type Ethereum, Bitcoin and EOS. Building a blockchain deserves a separate article, we’ll focus directly on how to create and certified new blocks in the blockchain.

Source: BBC

Let’s start with the fact that mining as such in the Telegram Open Network no. Signature of the new blocks is carried out according to the principles of Proof-of-Stake (PoS), but the system assumes several different roles. Thanks to their performance, members of the network can make on the issue of new units.

Mining in Telegram Open Network

Now, the process in which the selected node — that is, computers with a sufficiently powerful processor and extensive storage space. When forming a new block in the blockchain, they shall confirm it by signing with its private key. The reward included in the transaction block and the creation of the new unit is distributed between the nodes, which participated in the signing. The distribution is proportional to the size of their Deposit into the special account system.

Nodes are also called validators. Their number is strictly limited: on the start network node to be a hundred. When the number of transactions in the network will require a lot of computing power, the number will increase to thousands.

Node-validator go out once a month for a period of one month with an automated system among everyone who submitted their contributions for a special smart contract. Translate payment in cryptocurrency GRAM can be any, but the system will choose and lock in rates among all the one hundred greatest. All others will receive bids back and will be able to try their luck through the month.

Now in simple language: nodes-validators will possess people who have the most coins GRAM for purses. Another option is services that will collect funds from the hundreds of owners of the token and to apply for the nod. By the way, 2Masternodes plans.

Bets wins the nod-validators are blocked smart contract for two months: this month of the validator and another month as a guarantee to be able to write off the gcd penalties in case of detection of unfair work. Two months later, the bet is returned together with accumulated over the month commissions. As mentioned above, the rewards per block are distributed proportionally to the bet: the more money you have made on Deposit in comparison with other nodes validators from the first hundred, the greater amount of rewards you get.

The role of the node in hashing TON

If node-validator is not working or does not confirm certain blocks, then the reward for these blocks she is not charged. If it is some time missing in the process of signature blocks, it can generally exclude from hundreds and in addition to write off some penalty from the bet. This motivates owners gcd to ensure their high availability and continuous operation.

But what about those who wanted to participate in the signing of the blocks, but were not included in the hundred “the fat”? It is obvious that in the case of the great popularity of the TON wanting to become Noda-the validator will be many, will need a Deposit big enough to afford it will be able a few. Do not worry: the philosophy of the network introduces a TON a few more roles that will allow you to get the money.

Source: Trustnodes

The first of them — “nominator” or nominee. Roughly speaking, this is any investor who “borrows” tools, node-validator, and in response receives its share of the earned valid percent. For example, half of the earned is distributed proportionately among all have made money. This role is somewhat similar to the role of miners in a mining pool, but instead of electricity and equipment the participant contributes a certain amount of tokens GRAM — the basic currency of the network TON.

Earnings on cryptocurrency Pavel Durov

The second opportunity to earn money not included in the hundred of nod, to become a “fisherman-om” or fisherman. In fact, such nodes fishermen perform a Supervisory role and check you ain’t cheatin ‘ node-validator rechecking their signed blocks. If the node-fishermen detects inconsistencies, a network of “punishing” node-validator and at first takes her to a fine. In case of repeated violations, the case even comes to exclusion from the validator and further distribution of its rewards among the finder of the discrepancy. This provides additional network protection from unfair participants. The latter can accumulate a significant amount of money and actually monopolize the process of signature blocks, pushing the obviously incorrect transaction and executing the wrong code smart contracts.

Source: Salty Girl Seafood

Finally, the concept laid an additional third role, the so — called “collators” or collator. This is a special node, which prepare the blocks for the signature to the node-validator. They take away part of the computational load and getting part of the reward for these blocks. In the early stages of network deployment required in such nodes until. The situation changes when the load reaches hundreds of thousands of transactions per second.

In the end, there are several ways of earnings on the issue of new units. In the next article we will consider principles of device blockchain and smart contracts on the network. And while you go in cryptcat of hontarov for discussion.

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