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The Soma Network uses a unique consensus mechanism called Proof of Randomness (PoR) to validate transactions on its blockchain. Unlike other consensus mechanisms like Proof of Work (PoW) and Proof of Stake (PoS), which rely on energy-intensive computations or staking of cryptocurrency, PoR uses a lottery-based system to randomly select validators for each block.
Here's how PoR works in more detail:
- 1.Block Creation: A new block is created on the Soma Network and is broadcast to the network.
- 2.Validator Selection: A group of validators is randomly selected from the network to validate the new block. The number of validators selected for each block is predetermined and can vary depending on the network's needs.
- 3.Validation Process: The selected validators then compete to validate the new block. They do this by running a PoR algorithm that generates a random number. The validator with the highest random number is chosen to validate the block.
- 4.Block Confirmation: Once a validator is selected, they validate the new block and add it to the blockchain. Other validators then confirm the block to ensure its accuracy.
- 5.Block Reward: Validators who successfully validate a block are rewarded with Soma Coins for their efforts.
The PoR consensus mechanism provides several advantages over other consensus mechanisms. For one, it's much more energy-efficient than PoW, as it doesn't require intensive computations to validate transactions. It also provides a fair and secure way to select validators, as each validator has an equal chance of being selected.