In the difficult economic times that we live in today, what’s needed most is a global vision that will integrate businesses and social circles to create a sustainable and all-inclusive society; a self-sufficient community is the building block of a prosperous ecosystem. It is time to push the boundaries and build a sustainable society with the amalgamation of technology and skills. One such technology to look up to is blockchain, and it is amazing to see how every aspect of human endeavour is being transformed by this truly disruptive technology.
HyperionX: Bringing a Community Together
HyperionX leverages the power of blockchain and peer-to-peer transactions to open up the world to the benefits of decentralization, making it secure and incorruptible. HyperionX seeks to connect the global population so as to help individuals become self-sufficient. The organization's first project, Peerion, is an entrepreneurial collaboration platform that uses the Proof-of-Passion (PoP) consensus algorithm to bring people together, and offer a new perspective and experience to society. The PoP algorithm is one of the foundational pillars among the ten pillars of Decapod, the framework supporting the Peerion platform.
What are Peerion and Decapod?
Developed with the intention to contribute towards the inception of a decentralized internet, or Internet of Blockchains, Peerion at its core is a decentralized, autonomous, free-market ecosystem. The platform harnesses the power of smart contracts for autonomously managed peer-to-peer interactions to create a decentralized “Smart Market”.
Coming back to Decapod, the framework comprises of ten pillars that make up the Gemunomic (gamified economic solution) Solution. The ten standing pillars of the Decapod framework are:
Partner Ambition Loop
Augmented Reality/Virtual Reality
The PoP consensus algorithm maintains the balance and rationality of the Peerion ecosystem along with providing a stable network for peers. The algorithm is sensible in comparison to Proof-of-Stake and Proof-of-Work, as it incentivizes masternodes based on uptime and reputation, rather than wealth (Proof-of-Stake) or advanced hardware (Proof-of-Work).
Proof-of-Passion: Foundational Pillar of Decapod
HyperionX’s solution is driven by a motive to solve issues within the current economic markets through the easy and seamless use of progressive technologies. Even the Proof-of-Passion consensus algorithm is designed with this vision to solve the fundamental issues caused by existing Proof-of-Work and Proof-of-Stake algorithms. It is quite evident that the PoW and PoS algorithms are not practical with their execution as PoW favors the nodes with advanced hardware while PoS favors the nodes that hold more tokens or wealth. In contrast to this, PoP rewards the nodes with incentives based on their support and reputation in the network.
The Proof-of-Passion consensus algorithm satisfies numerous criteria for being advantageous:
(a) it is energy efficient
(b) it is independent of user’s hardware
(c) it is rational i.e. it incentivizes users to stay online
(d) it is fair i.e. it rewards validating nodes to remain honest.
Creating a Self-sufficient Community
The PoP algorithm paves the perfect path for the creation of a self-sufficient community within the Peerion ecosystem through the use of the Decapod Framework, and the nodes can be considered the heartbeat.
Masternodes (computers that support the network) are the core of the PoP algorithm, as they are responsible for validating transactions and the creation of new blocks. The PoP algorithm also requires a node to send a special transaction in order to become a masternode. The request is approved only if the candidate node holds a sufficient amount of tokens and is reachable on the provided IP address.
The algorithm holds the ability to create self-sufficiency as it regulates and monitors the actions of masternodes so that they function with honesty.
This pillar of Decapod helps to create a cooperative and honest community, rewarding nodes for supporting the network and punishing those in the case of misconduct. If a masternode misbehaves, the culprit is eliminated from the global masternode list through a process similar to Vitalik Buterin's “Slasher Algorithm.”
The characteristics of the Proof-of-Passion algorithm make it stand out as a balanced and fair algorithm. PoP gives equal opportunity to every node, incentivizing them for their service and reputation. The algorithm puts forward the idea of a self-sufficient community that support and reward nodes for their integrity and maintenance of the network. Thus, utilizing the Proof-of-Passion consensus algorithm in a community-driven ecosystem provides an exceptional fit for all who reside.
To learn more about PoP and the various components that make the HyperionX Ecosystem unique, please consult their Whitepaper.