Polis Blockchain: The next steps

Medium social icon Telegram social icon Discord social icon Youtube social icon Facebook social icon Bitcointalk social icon Twitter social icon Reddit social icon

Since the beginning of the POLIS project, it is well known that our purpose and what we continuously seek throughout all our endeavors is maintaining a sense of community with every single one of our supporters, same that is shown in each visible corner within our platforms, this is achieved by a mixture of innovation to keep us current and useful, and transparency to maintain your trust.

By preserving said elements we seek to create and improve a community based cryptocurrency that can remain updated with global advances, always keeping decentralization in mind.

All of the above, although sounds difficult, is held as part of our fundamentals to be integrated in an easy to use layout with the security measures that you have come to know, put together into our solid standard.

These goals could not have been possible with the current Polis Blockchain implementation (based on Bitcoin with Dash Masternodes system and PeerCoin Proof-of-Stake consensus). Using the current implementation will limit us on terms of scaling and innovation.

With the aforementioned principles in mind, we began developing the Olympus project a little over a year ago, and continue working nonstop to achieve the most complete integration. Said integration is the reason why we have not announced our progress, as our intention is to push the limits to its full capacity.

What is Olympus?

Olympus will become the new Polis Blockchain protocol, with a code base that completely separates our development from Dash and Bitcoin.

The main principles to cover by Olympus will be:

– A quick and scalable blockchain.
– A user friendly blockchain environment.
– A highly functional DAO system.

As it would be a protocol created by us, POLIS will then stop being a DASH fork, which should help us have an increased control on the code and a more efficient innovation method on the coin itself.

The Olympus blockchain is moving towards a new and complex consensus mechanism. Despite the advantages of Bitcoin POW and PeerCoin POS those mechanisms still have flaws on terms of scalability/security. For that reason, we are moving towards Casper consensus.

What is Casper?

Casper is a partial consensus mechanism that uses proof-of-stake algorithms with Byzantine fault tolerant consensus theory.

Casper implements new features to the way we are used to work on blockchains.

A normal interaction of a Casper mechanism will work like this:

– The user submits 1000 POLIS as a deposit to a validator.
– The validator starts voting/proposing/validating blocks.
– If the block proposed by the validator gets appended (accepted) the validator will get the block reward into the deposit.

This block producing interaction it is subject for attack vectors, for that reason, Casper implements punishing mechanisms:

– If a validator doesn’t vote/propose a block during a period of time then their deposit gets slashed (reduced by a low amount of coins)
– If a validator double votes on the same block, the network slashes the 30% of their deposit.

As you can see, Casper is designed to work in a trustless system and be more tolerant agains consensus attacks.

This is the main differentiator between any Proof-of-Stake or delegated-Proof-of-Stake consensus model. Having punishing mechanisms is one of the best ways to protect a blockchain based network.

As Hudson James and Joris Bontje note in their answers in StackExchange:

Casper designs harsher incentives to guarantee network security, including punishing miners who go offline, unintentionally or not.

This means that validators will have to be careful about their node uptime. Carelessness or laziness will lead to them losing their stake. This property reduces censorship of transactions and overall availability .Along with all that, the “slashing” property also lends Casper a distinct edge over standard proof-of-work protocols.

The beginning of the new DAO.

By observing existing DAOs, we’ve noticed a common tendency to fail on a few recurring aspects in which Olympus will prevail based on:

– Community Inclusion.
– Organization structure that will begin at the blockchain.
– Complete transparecny.

We’re currently assembling the governance manifest, which will contain every detailed aspect of the new DAO, and should be presented to the community soon.

Next steps.

Olympus protocol is almost finished, we are now on its final stages of testing!

That is why on the following days, we’ll be posting further information regarding progress, which will be divided as follows:

1. The new DAO.
2. The initial DAO members.
3. Olympus Whitepaper.
4. Olympus table of contents.
5. Olympus guides

Once these titles have been published, we’ll start preparing everything to begin migrating to the new protocol, said migration is expected to be completed by Q3 of year 2020.

Conclusion.

This step into a new protocol, is a procedure that comes natural within our plans for POLIS to become a much more useful coin that can be integrated in a day to day basis, and the drive comes from the developed need to have a cryptocurrency out there that is fast, safe, trustworthy and entirely decentralized. And achieving that is the goal for POLIS, being the first coin ever to execute it.

Medium social icon Telegram social icon Discord social icon Youtube social icon Facebook social icon Bitcointalk social icon Twitter social icon Reddit social icon