ION 4.0: Why Ionomy Will Rebase to Dash
The ION network has revealed that is will be rebasing its consensus algorithm to Dash. Dash currently runs on both the Proof of Work and masternode model while ION uses a combination of Proof of Stake and masternodes. The ION team has however raised some valid concerns on the limitations of both models. While PoS blockchain has some technical limitations, PoW networks are vulnerable to 51% attacks.
To enhance the security of its network, ION will be migrating to a hybrid model which combines staking, masternodes, and mining. The team in an earlier post, said:
This new 'framing' will bring greater sophistication and versatility to the ION blockchain. Existing services such as tokens and GameGrid, will be more deeply integrated into the chain itself. This degree of customization will also lead to more opportunities that can be actualized, in addition to the benefits for Ionomy's existing tech.
The upcoming fork is an implementation of the ION Improvement Proposal 6 and will feature a reduction in block reward, as well as a change in distribution. Block reward will be reduced to 0.5 ION/block from a current 5.75/block. This will help lower inflation. The rewards for staking and operating masternodes will also be lowered to help preserve and possibly increase the value of ION. Consequently, half of the blocks on the network will be PoS while the other half will be PoW after the fork.