Bitconch Chain, A Newly Distributed Web Protocol Based on an Innovative Proof of Reputation (PoR) Consensus Algorithm and Eco System
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Chen Zhiying, Liu Qiang, Joseph Sadove, Liu Gang
Bitconch chain proposed an innovative POR (Proof of Reputation) reputation consensus algorithm, which offers a new solution that leverage blockchain technology to maintain both high throughput and decentralization. According to social graphs, Bitconch blockchain mathematically models social network, time, and contribution activities to build a decentralized reputation system, which offer a chance to transform the above items into every single user’ reputation value. The higher the user's reputation, the lower the transaction cost (or even free of charge), and also has more opportunities to be selected as trust nodes to participate in the consensus and win better benefits. Users with high-reputation are defined as “Mutual Trust Nodes”, who can start “payment channels” for high-speed offline transactions through micro-transactions.
Negotiation algorithm, ecosystem, Web protocol, Bitconch chain