What is SPoS?
SPoS is the evolution from Proof of Work consensus to Supernode Proof of Stake (SPoS) consensus. Being based on high-performance nodes, SPoS will enable a huge rise in the speed, scalability and security of blockchain tech against a 51% attack. V SYSTEMS mainnet of 15 supernodes has been up and running since September with a high degree of resilience and industrial-level TPS — so it is speeding ahead to the next stages.
The supernodes also carry out block-minting activities at a predictable rate — currently four seconds, but this will speed up as the network expands. This gives the network an extremely stable foundation, helping with scalability and performance — essential for commercial applications. Participants who maintain the supernodes which carry out minting activities will be incentivized with greater voting power in consensus decisions. The supernode-based network will provide the bedrock on which the mass of functional blockchains will run.
SPoS has a major effect in moving V SYSTEMS toward its vision to overcome blockchain technology’s current barriers to entry, essentially freeing it up for use by masses of users — cost-efficiently, developer-friendly, and of course secure. Because the key activity of consensus will be untethered from power consumption, it becomes much less power-hungry and therefore much less expensive.