Aram Jivanyan, Technical Advisor of the Bahamut Foundation, and his colleagues Karen Terjanyan and Vladimir Igitkhanyan attended the 2nd International Conference on Big Data and Privacy Computing (BDPC 2024) held in Macau, during which they presented the preferred consensus algorithm of the Bahamut blockchain, Proof of Stake and Activity (PoSA), and the wide opportunities it provides. Their presentation has been selected as an excellent presentation of the event.
PoSA is an innovative consensus algorithm that rewards validators based on the use of smart contracts deployed by them on the network. Simply put, the more contracts are applied, the higher the validator's chance of receiving a reward. This is an incentive for smart contract developers to create high quality and widely used contracts.
While in the case of Bitcoin's preferred algorithm Proof of Work (PoW) complex mathematical calculations are performed, and in the case of Ethereum's consensus mechanism Proof of Stake (PoS) competition is ensured by the amount of money frozen by the members of the network, in the case of PoSA, along with the frozen amount, the activity displayed in the network is also calculated.
The consensus algorithm, with its unique solutions, greatly supports and promotes scientific and technological innovation. Having a peer-reviewed work and presenting it at a scientific and technological conference is a great achievement. It proves that, although this approach is new, it is based on a large amount of research and has been highly appreciated by professionals in the field.
During BDPC 2024, experts also shared their achievements, with special reference to blockchain technology advancements, highlighting Bahamut's significant contribution to blockchain innovation. Committed to constant progress, the Bahamut Foundation intends to continue its beneficial activities with the PoSA consensus algorithm, boosting the development of science.