The implementation of zkPoS (Zerocoin Proof-of-Stake) will grant users the ability to stake zkTOPOS and receive rewards in zkTOPOS for completely private staking. Doing so ensures that no one but you can know how many coins you are staking and how much reward you will get. This privacy mechanism completely breaks the link between the sender and receiver for maximal privacy.
Since ToposWare uses PoS instead of PoW, running the network does not require any traditional computationally demanding miners, making it very environment-friendly. Due to low energy consumption, nodes can be powered by renewable energy such as solar panels or wind turbines. The Topos network can also run fully on Raspberry Pi-like devices.
With the Bitcoin blockchain, transactions require 10 minutes for confirmation! For real-life use this is not efficient at all as it takes 60 minutes (6 confirmations needed) for a transaction to become spendable. On the contrary, ToposWare transactions are confirmed within 60 seconds and are most often instant with our KhronosX.
On top of having fast transactions Topos has very low fees. To spend a transaction it costs about $0.001, compared to Bitcoin and its $0.60. It is crutial for global adoption to have low fees as it is unrealistic to pay a $0.60 fee for buying a coffee. Increasing real-world utilization to become a globally-accepted decentralized online digital currency.
More coming soon!
Proof-of-stake minting is an efficient process where stakeholders mint new blocks for the network. These blocks contain transactions that were initiated by users of the network. The role of the minter is to process these blocks of transactions and provide security for the network.
Minting is an energy and cost efficient process, which makes it possible for stakeholders to participate using many different types of devices. Stakeholders participate in minting simply by installing the version of toposware they support, loading their wallet with TOPOS, and holding them while they are occasionally selected by toposware’s protocol to mint the next block in the chain. Every minted block rewards stakeholders with new TOPOS.
More coming soon!