Phaeton News and Important Technology Update: July 19th, 2022
Over the last few weeks, Phaeton’s efforts have been focused on three core projects, all of which are set to be delivered within the next few months.
While leading the development team, Chai has been working around the clock in the background to ensure the success of Phaeton’s future endeavours.
Phaeton’s Staking and Node Proliferation Model:
There have been several meetings with the Board and the core development team about Phaeton’s Staking and Node Proliferation Model about the proposed Node Reward Mechanism.
Phaeton has identified the following as a high priority.
The focus has been to serve Phaeton’s and Node Participants’ interests by spreading the rewards across the entire network with a duly weighted system whilst increasing the delegate round to secure the whole network.
Phaeton will increase the total number of nodes connected to the network, thereby making Phaeton’s Blockchain secure and delivering immunity resistance against a 51% attack, which in effect means that Phaeton will have created a staggered system.
Phaeton will not limit the total number of nodes to 86 in a delegate round.
The consensus protocol will specify who has the right to forge a new block and how it can reach an agreement on blocks.
After the forging of blocks, it is then that they are added to the Phaeton native blockchain and that all state changes induced by the block transactions are applied.
Key advantages of using the Phaeton Protocol:
Super Low transaction fees: These very low fees are now deliverable as the high traffic of any of Phaeton’s native blockchain applications does not directly affect any of its other blockchain applications. The transaction fees are, therefore, much lower than our competitors, coupled with intelligently designed breakpoints that ultimately aim to deliver highly profitable rewards (see below).
Phaeton: Unique Optimal Characteristics:
Phaeton’s native blockchain has been designed with the optimal characteristics for the specific use case (such as adjusting the block time or the number of delegates).
Infinitely Scalable blockchain:
Phaeton doesn’t suffer from potential bottlenecks in the network and has been built with the inherent capacity to handle the data from only one blockchain application whilst simultaneously and seamlessly taking an infinite number of other applications with 1M+++ tps, current throughput over the entire network.
Burning of all Transaction fees:
All transaction fees are burnt. The burning of all fees and the consensus has been designed to counterattack inflation over timing whilst specifically limiting the total supply of PHAE, thereby potentially increasing the inherent value of PHAE due to the capping total ever of collection of PHAE to 500 million tokens.
Phaeton Node Hashing Algorithm:
Phaeton’s Blake3 has been built to be lightning-fast and secure as it can be parallelised on supported systems due to the usage of the binary tree structure to process chunks of data independently. Phaeton’s Blake3 then processes the individual outputs to get single output out of them. Phaeton’s Blake3 is 5–6x faster than the traditional SHA (SHA3–256) algorithm in the Node JS environment, but we can attain 15x in Rust implementation than SHA3–256.
As you can appreciate, the new structure will take some time to come to fruition, so in the meantime, we have decided to provide the community with a reduction in node monthly fees. Starting from August 1st 2022, Phaeton Nodes will be USD 500 per month until the transition occurs. If this is something you wish to explore, please get in touch with us at Support@phaeton.io so we can assist with the set-up and ensure that you can start receiving your awards as soon as possible.
Phaeton looks forward to sharing the ongoing and far-reaching vision with you all !!l
Rewards and Fees for staking Phae coins on Phaeton Nodes to be Reset during the 2022 Phaeton Fork: Announcement to be advised in the coming weeks.