Consensus and Validator

Proof of Staked Authority

• Beonechain uses the Proof of Staked Authority (PoSA) consensus mechanism, which combines elements of Proof of Stake (PoS) and Proof of Authority (PoA) to achieve network consensus. Validators wishing to participate in the consensus must lock a certain amount of B20 tokens in staking, granting them authority to validate transactions and verify new blocks. This way, PoSA creates an efficient and secure system where validators with more stake have more influence in the consensus process.

• The Validator Set in Beonechain consists of a group of validators selected through staking and reputation. These validators are responsible for validating transactions, producing new blocks, and ensuring the security and integrity of the network. Each validator must have a sufficient stake and good reputation to be selected in the validator set.

• Validator Election occurs periodically to choose the validators who will join the validator set. This selection process is transparent and based on the amount of tokens staked by validators and their reputation criteria within the network. The election ensures that only trusted and capable entities participate in managing and maintaining the Beonechain network.

The consensus protocol of Beonechain is designed to achieve the following key goals :

• Faster Block Time: Block times on Beonechain are optimized to be faster than Ethereum, targeting an average block time of approximately 5 seconds.

• Quick Transaction Finality: Transaction finality is confirmed within a limited time frame, aiming for 10 seconds or less, ensuring quick and efficient confirmations.

• No Native Token Inflation: The native token, BOC, does not experience inflation. Instead of generating block rewards, rewards are collected from transaction fees and distributed in BOC.

• Ethereum Compatibility: Beonechain ensures compatibility with Ethereum, enabling seamless interaction and integration with the Ethereum ecosystem.

• Modern Governance: The network incorporates a modern proof-of-stake blockchain governance mechanism, promoting decentralization and active community participation.

Validator Set

The Validator Set in Beonechain consists of a dynamic group of nodes responsible for validating transactions, securing the network, and producing new blocks. These validators play a pivotal role in maintaining the integrity and efficiency of the Beonechain ecosystem by following a fair and transparent selection process.

Selection of Validators

Validators are chosen based on the amount of Beone tokens staked. This includes the tokens staked by the validators themselves and those delegated by the community. The selection process ensures that the top validators with the highest staking amounts form the Active Validator Set, responsible for proposing and finalizing blocks. Validators not in the active set remain in the Standby Validator Set, ready to step in as staking dynamics change or if active validators become ineligible.

Becoming a Validator

Any individual or organization can participate in the Beonechain Validator Set by:

1. Creating a Validator Node: Setting up and registering a validator node on the network.

2. Securing Delegations: Accumulating sufficient Beone token delegations from themselves and the broader community to qualify for the Active Validator Set.

Validators can also choose to exit the network at any time by withdrawing their stakes and delegations. The flexibility ensures ease of participation while maintaining a competitive and fair environment.

Governance and Accountability

To maintain network integrity, Beonechain enforces strict accountability mechanisms for validators:

1. Performance Monitoring: Validators are required to remain online and participate in block production and voting.

2. Penalties for Misbehavior: Validators that exhibit malicious activity, remain offline for extended periods, or fail to adhere to protocol rules may face penalties, such as slashing. Slashing results in the loss of a portion of the staked tokens, incentivizing validators to act in the network’s best interest.

Genesis Phase Validators

At launch, Beonechain will begin with a predefined set of trusted nodes acting as the Initial Validator Set to bootstrap the network. These nodes will ensure the stability and security of the platform during its early stages. Once the network achieves stability, the validator set will transition into an open competition model, where anyone meeting the staking requirements can become a candidate for validation. This decentralized approach aligns with Beonechain's vision of inclusivity and community-driven governance.

Validator Election

In Beonechain, the validator election process defines distinct roles for validators, ensuring a fair and transparent mechanism for block production and network participation. Validators are classified into different roles based on their staking rank, which is recalculated periodically to reflect the latest staking dynamics.

Validator Roles

1. Active Validators (Core Set): The top N validators (e.g., 21) with the highest staking amounts are designated as the Active Validators. These validators are granted the primary responsibility for producing blocks and participating in consensus. They take turns proposing and voting on blocks to maintain the blockchain's security and efficiency.

2. Reserve Validators: Validators ranked immediately after the active set (e.g., positions N+1 to N+M) are known as Reserve Validators. These nodes have a smaller chance of participating in block production, acting as backups for the active set. This ensures a seamless transition in case an active validator becomes ineligible or unavailable.

3. Inactive Validators: Validators ranked below the reserve set are classified as Inactive Validators. These nodes do not participate in block production but remain part of the network and can move to the reserve or active set by increasing their staking rank.

Election Process

The validator roles are determined in a periodic election cycle, conducted every 24 hours. The process follows these key steps:

1. Snapshot of Staking Data: At a predefined interval (e.g., UTC 00:00), the system captures the latest staking data for all validators and their delegators.

2. Sorting and Ranking: Validators are ranked based on their total staked Beone tokens, which includes their self-staked amounts and delegations from the community.

3. Role Assignment:

   • The top N validators are assigned to the Active Validator role.

   • The next M validators are designated as Reserve Validators.

   • All remaining validators are categorized as Inactive Validators.

4. Consensus Engine Update: The consensus engine updates the validator set to reflect the new rankings, ensuring that block production responsibilities are assigned to the most eligible nodes for the next election cycle.

Dynamic Participation

Beonechain’s election process is designed to encourage healthy competition and active participation:

• Validators can increase their chances of joining the active set by staking additional Beone tokens or securing more delegations from the community.

• Validators dropping out of the top ranks automatically move to the reserve or inactive roles, maintaining a fluid and competitive environment.