Idena formalizes humans on the blockchain through a novel consensus mechanism employing global synchronous Turing tests called Flips. The synchronous nature of the network validations embodying solving AI-hard Flips allows formalization of humans in a way which provably proves absolute humanness and semi-absolute uniqueness of network participants without requiring any KYC or PII information.The system works through extending a limited number of 'invites' in each epoch, which is limited at the protocol level, in order to mitigate an aggressive growth of the network and to avoid the possibility of Sybil attacks. The network has epochs and these epochs progress through systemic synchronous network validations.If looked deep down enough, this could open up a range of decentralized possibilities which were not feasible before. Imagine decentralized human-centric equitable voting, governance, and quadratic tooling, Universal Basic Income, on-chain advertising, sign-ups, human oracles, light-weight smart contract logic, and above all an ability to participate and be part of the network by every Alice and Bob.The network is still in the experimental stage and the N (Validated Identities) has been healthily growing at around 20%+ every epoch. The higher the N becomes the longer the epoch times would continue to grow until a maximum cap of around 91 days. (This may change to 30 days upon the consensus of the community in the future). The last Epoch #42 resulted in 1690 validated identities and around 90% of them on average keep mining throughout the epoch.The coinnomics of Idena (DNA) is such that each day 51840 new DNAs are emitted by the protocol; 50% of that (25920 DNA) is reserved as a daily cap for the online mining nodes, the rest are accumulated daily for the the validation rewards which include validation, Flip and invitation rewards. That is the more mining and validated nodes there are the lesser each node gets. Mining does not involve expensive ASICs or GPUs (as in in PoW) or heavy financial stakes (as in PoS), but just an average laptop or PC and a reasonably fair broadband connection.This, I believe, could morph into something really needed in the cryptosphere. Please do check out their homepage idena.io to investigate and learn more.
Submitted April 15, 2020 at 06:27AM
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