Consensus in Tomi: Combining the Best Tech
The tomiNet system uses a combination of consensus mechanisms for the different functionalities within the tomi ecosystem. The system uses Ethereum as the primary Layer 1 solution, so the consensus mechanisms are determined within that network. The tomi Proof of Mint system creates a validation mechanism for the daily allocation of additional $TOMI tokens into the network.
What Is Consensus?
Consensus mechanisms in the blockchain allow the use of digital cash as well as validation of the truth of any transaction, issuance, or other activity where it is essential to understand the truth and origin of a claim or transaction. In the traditional centralized banking or government system, a single authority is entrusted with the maintenance of the database. These databases are managed by trusted administrators, which has worked well enough to create the technological and economic advances society enjoys today. However, the concentration of power has become immense as centralized authorities now control and surveil everything from financial transactions to global movement to health records.
Rather than using a centralized authority, blockchains use a consensus mechanism in order to validate the reliability of transactions. For digital cash, this mechanism is more reliable than centralized authorities such as financial institutions. The transparency of digital cash consensus mechanisms mean that anyone can validate the transactions that take place, eliminating the reliance on custodians and middlemen.
Similarly, transparency in democratic systems is a key factor which many governments have unfortunately foregone in the move to automated systems. At the outset of automating voting, many governments continued to also use physical papers, to create an auditing trail. By eliminating any means of voting, automated systems have become the final authority in the counting of votes, creating dissent and disagreement because the legitimacy of voting has been undermined by lack of transparency.
Public blockchains are fully decentralized, which requires them to use a consensus method for updating the database. Consensus mechanisms are the protocols and algorithms that ensure the blockchains are reliable. Consensus relies on hardware nodes that serve the purpose of validating and communicating transactions. Depending on the type of network, these nodes may be called miners, validators, relayers, or masternodes.
Consensus Mechanisms in Blockchain
Blockchain consensus methodologies have gotten attention lately with Ethereum’s move from proof-of-work to proof-of-stake in September 2022. The move from PoW to PoS was key to reducing the environmental impact of the blockchain. What most people don’t know is that there are different varieties of Proof of Stake, and that Ethereum uses a significantly different mechanism than blockchains such as Cosmos and Cardano. In fact, there are dozens of consensus mechanisms that the blockchain industry uses and different protocols are constantly experimenting to find ways to tailor consensus mechanisms to the different requirements of each blockchain.
The most common consensus mechanisms in use today are:
- Proof of Work
- Proof of Stake
- Delegated Proof of Stake
- Proof of Authority
- Proof of History
Each system has its advantages and drawbacks. As an emerging industry, Web3 is seeing the evolution of these mechanisms as the industry matures.
Consensus Mechanisms in the tomi Ecosystem
The initial release of tomiNet implements two different types of consensus mechanisms for different requirements within the system.
- Proof of Stake (PoS) for transaction approval. $TOMI tokens are issued as ERC20 tokens leveraging StarkNet as the Layer 2 solution. Therefore, $TOMI leverages the PoS consensus mechanism of the Ethereum network. As an established network, Ethereum provides an anchor for secure, wide-scale consensus.
- Proof of Mint (PoM) for creating of new tokens. For the issuance of the daily mint and the Pioneer tokens, tomi will implement a PoM mechanism. Each Pioneer is issued with a specific number of daily $TOMI tokens, and as such it is possible to identify the origin and the date of issuance of every token, therefore verifying the currency and Pioneer issuance is valid and precisely according to the monetary policy set in the whitepaper or as the governance DAO determines. tomi is a growing economy with daily token issuance as described in the whitepaper and in this article.
tomiNet uses these mechanisms leveraging existing Web3 projects, which gives tomi the advantage of highly secure and proven consensus mechanisms at the outset.
tomi’s Consensus Vision.
The tomi roadmap includes the vision of releasing the tomi blockchain as it moves to independence from existing blockchains. As the user base expands, tomi will have the weight to launch a blockchain with adequate node decentralization to secure the network. The team is currently conducting research to implement the appropriate consensus mechanisms that reflect the needs of tomiNet and the community’s requirements. tomiDAO will be in a position to discuss, propose, and select the consensus mechanisms that are best for tomi’s needs going forward.
