On Jan 18, Ulord launched the second batch of the Ulord masternode election. It is a milestone in building the Ulord ecosystem and has a very positive influence.
The Ulord consensus masternode is deployed on the Ulord sidechain UOS, and provides the bookkeeping service. UOS adopts the DPOS consensus mechanism, which is quite similar to the board voting. The token holders vote to select the agent nodes for verification and bookkeeping. It can greatly reduce the number of nodes participating in verification and bookkeeping, and improve the speed to reach the second-level consensus verification. These nodes are called consensus masternode.
1. Node, Masternode, Consensus Masternode
First, you have to understand node.
Each node in the blockchain network is equivalent to a computer or server terminal that stores all block data. Nodes produces new blocks, takes transaction verification and bookkeeping and broadcasts them to the entire network.
Node, a basic executive unit in blockchain that can verify each transaction independently. Most blockchain networks are essentially P2P networks, and the “P” in P2P can be considered a node.
In the Ulord network, the master node system forms a backbone network to guarantee communication and real-time verification of transactions, and constructs a massive distributed resource pool to satisfy the content distribution mechanism, ensure high-quality network storage, and provide better data flowing service.
Ulord consensus masternode is based on the Ulord sidechain UOS, which is responsible for transaction verification, bookkeeping, block packing and confirmation of the sidechain network. It has the right to directly modify the chain parameters and the system contract. Consensus master node are responsible for generating blocks and can get richer rewards. However, ordinary nodes do not have the right to produce blocks. They can only independently verify the correctness of transactions.
2. Different Mechanisms Lead to the Same Goal
Ok, maybe you have the doubt that since the consensus masternode is so powerful, why is it on the sidechain UOS instead of the Ulord mainnet?
Although UOS is a sidechain of Ulord, it has its own independent consensus mechanism and management system. In other words, UOS and Ulord are both independent and interrelated.
Independence means that the different consensus mechanisms are adopted by UOS and Ulord. UOS adopts DPoS mechanism, which is different from the mechanism of the Ulord mainnet.
DPoS (Delegated proof of stake) mechanism, similar to a board-like authorization consensus mechanism, allows each token holder to vote on nodes of the entire system, decides which nodes can be trusted and proxy them for verification and bookkeeping, and generate less rewards. DPoS significantly increases the blockchain processing and reduces the maintenance cost, making the transaction speed close to a centralized settlement system.
The association is reflected in the token resource. The token on UOS is from Ulord and finally flows to Ulord.
UOS is a sidechain in essence. As an important concept in blockchain, sidechain is another blockchain besides the main net. It pegs one of the nodes in the main net, and maintains the sidechain authenticity through the hashrate on the mainnet to realize the value transfer between other chains. Sidechain technology expands the application range in this “low-energy” way to improve the development and innovation of the blockchain technology. UOS sidechain improves the speed of the Ulord mainnet by this low-energy way, and reaches a million TPS, which is very beneficial to extend the blockchain application to more scenarios beyond crypto investment.
At present, the TPS of UOS can reach 4000, which greatly improves the operational efficiency of the Ulord mainnet and provides a guarantee for the application landing.
In addition, the consensus masternode can also reject transactions from certain malicious users. For example, if there is a hacker that makes the blockchain unstable, the consensus masternode can directly freeze his assets. The consensus masternode firmly grasps the initiative in its own hands and provides guarantee for the stable operation of the main net.
3. Benefits of the Consensus Masternode
Part of the revenue of the consensus masternode comes from the community vote, and part from the transaction fee of bookkeeping. The design of this distribution mechanism allows the community to supervise the consensus masternode and prevent some nodes from doing evil. On the other hand, it can ensure the obligation of the consensus masternode to complete the bookkeeping. It reflects the philosophy of full participation and mutual benefit.
Since the launch of the second batch of the Ulord masternode election, many teams that really loves Ulord has participated in the election and submitted the election declaration. We look forward to the official launch of the consensus masternode and facilitate the progress in blockchain.
