Polis Gears up to Change Consensus Mechanism
The Polis team has shared some insights on its upcoming upgrade, Olympus. Following its release, Olympus will become the core codebase of the Polis blockchain. Consequently, POLIS will stop being a fork of DASH.
According to the team, the new protocol is meant to tackle some of the flaws of Proof-of-Work and Proof-of-Stake blockchains. Olympus prioritizes a quick and scalable blockchain, a highly-functional decentralized autonomous organization (DAO), and an optimized user-friendly blockchain interface.
To tackle the challenges of scalability and security, the team has revealed that Olympus will utilize a Casper consensus.
Casper is a partial consensus mechanism that uses Proof-of-Stake algorithms with Byzantine fault-tolerant consensus theory.
Some important highlights of the Olympus protocol include:
- Max supply of 25,000,000 POLIS
- Constant block time of 30 seconds
- Annual block reduction of 20%
- New block reward distribution between validators and governance. 80% to validators and 20% for governance
- Replacement of masternodes with validators
It is worth noting that the new protocol introduces block validators who replace masternode operators. Whilst the name may have changed, validators still perform similar functions with masternodes. The primary difference is that users have to lock their coins to become validators. The required collateral for becoming a validator is 100 POLIS.
The estimated timeline for the release of Olympus is Q3, 2020. The new protocol will go through phases of private and public testnets before a public release.