Pools for blockchain: what are they for, what are they doing and how do they work? Many people can not answer these questions today, despite the rapid flow of information on this topic. And, actually, the development and technology of different companies can significantly differ from each other in terms of functionality.
"We are faced with the genuine interest of subscribers on our pages on social networks to what are emission pools, and how are they developed in Blockchain Ventureon? Therefore, we decided to write detailed material on this topic and are ready to explain the basic principles of work and tasks, whose solution is assigned to the pools of our blockchain, "said Igor Brikov, the leading IT developer of the Blockchain Ventureon project.
Let’s start with the hierarchy of the system
"It is necessary and sufficient (N&S)" - this is the principle we were guided in the design of the blockchain. And that’s what happened. The whole hierarchy of the system is constructed of three components:
- Ventureon blockchain
- The emission pool (EP) - the currency issue (mining) occurs here
- User’s wallet
The tasks of the Ventureon blockchain emission pools
Based on the same principle of N&S, we decided on the tasks facing the emission pools, which have to:
- Accept the transaction from the user’s wallet
- Process the transaction
- Ensure the transfer of the transaction to the blockchain
- Accept the transaction processing result from the blockchain
- Send to the user’s wallet the transaction processing result
- Ensure the filling of blocks with transactions
- Ensure the consensus and synchronization of the blockchain
- Ensure the storage of the whole blockchain
- Ensure the issue of coins VNN
- Ensure that the VNN course is maintained in the specified safe range
Importantly! These 10 items, if we speak quite simply, it is a system smart contract.
Min and max working configuration Blockchain Ventureon
Next, we decided on the minimum and maximum working configuration of the blockchain. A range of 32 to 2583 emission pools was obtained (red.: Further - EP). It should be noted that there is nothing more in the blockchain. However, a little later, there will be several servers for the infrastructure (for example, the server of atomic swaps), but they do not have anything to do with the blockchain.
Architecture peculiarities as a factor
With such a blockchain architecture, a critical parameter affecting the throughput and speed of transaction confirmation is the time it takes for the request to go through the network from one EP to another, rather than the computing power of the farms or "asiks". Due to this, there is no need to experience megawatts of electricity in mega-, giga- and terahashes, and the EP owners stay out of competition. The required high network speeds can only be provided by dedicated or virtual servers, rather than by ISP channels, so there is no question of home placement.
So, each EP has its own address assigned to it (for example, https://2583.vnn.money), IP-address, purse in the system and the owner (or owners) this EP. The owner has the right to choose the location of his server and the tariff plan that ensures the efficiency of the pool. We, from our part, provide software and auto-update EP.
- One person can not own more than 25 EPs
- One country can not have more than 250 EPs
- Each EP purse must have a irreducible minimum balance of 50 VNN
Let’s summarize and add to the above said
- Emission pool is the basic unit, ensuring the functioning of the Blockchain Ventureon. Without EP blockchain does not work!
- 32 EPs are the minimal working configuration of the blockchain. Only EPs are the source of VNN coin issue. VNN coins are not issued and are not released into circulation
- the EP operates only on a dedicated or virtual server
- The server’s lease payment is substantially lower than the payment for electricity consumed by the mining farm or "asik".
- The quantity of EPs is strictly limited by the system smart contract and can be increased only when the network is overloaded, by the common decision of the owners of pools with mandatory approval of the Notary
- By purchasing EP, the owner gets it for life use.
- Closer to the launch of the blockchain, we will help all EP owners in the choice of servers and installation of software
- The EP issues VNN when it is turned on and running. This is the only thing that you need to monitor and control as the owner of the pool. The rest will be made by a system smart contract
- EPs are of two types: Basic, with a daily emission of 2.5 VNN and Light, with a daily emission of 1 VNN
- EP will pay off itself an average of 200 days from the date of purchase at the current cost of VNN equal 20 euros
- The term of the full VNN issue is about 50 years
- The EP can be alienated only by the decision of the owner, confirmed by the Notary Ventureon, or by the decision of the same Notary in case of a systematic shutdown of the EP for more than 90 days.
The Ventureon developments were interested in the Park of High Technologies. The creators of the Blockchain Ventureon project will participate in the SMART TALER 2018, the annual conference on trends in the fintech sphere, blockchain and crypto-currencies. The event will be held on May 26 this year in Minsk in the Park of High Technologies.