SegWit2X Adopts the Hybrid Consensus POW & POS
There are two main mechanisms providing the consensus helping to confirm new blocks on a distributed ledger called a Blockchain. These are POW (Proof-of-Work) and POS (Proof-of-Stake). POW mining makes use of high powered computer hardware to deduce a desired sequence of numbers to create consensuses. The more efficient the mining machine is, the higher is the profit in terms of cryptocurrency rewards. When during the mining, POW only is used then the whole system is vulnerable to ‘51% Attack’. It means that whoever holds 51% of the network’s mining power could manipulate the Blockchain (cease new transaction confirmation and be able to double-spend coins). POS mining mechanism allows miners receive rewards using very minimal resources in terms of hardware and software. The new block creator is chosen in a deterministic way and the miners with larger amounts and holding tokens longer than other fellows are more likely to receive rewards.
The SegWit2X team decided to adopt the Hybrid POW+POS consensus mechanism. It will maximize user engagement and is beneficial for both parties.
How does the Hybrid B2X mining work?
- 9 out of 10 blocks are mined with the help of POW mechanism and the last one, the 10th is mined using POS. The user's stack starts participating in mining if there is no activity on the wallet address as well as "maturation", which takes place after 8 hours and 100 blocks.
- Having B2X coins on the wallet users are able to mine the 10th block. The updated B2X official wallets are already available to download but it’s important to backup wallet.dat before the installation of new wallets without fail.
- A user connects to the network, waits 8 hours and another 100 blocks, and then participates in the mining process. After receiving the award, the funds get frozen for 100 blocks.
The profitability of the Hybrid POW+POS censuses mechanism is static and equal to standard POW mining from every blocks.The most significant benefit of the hybrid consensus is that it eliminates the ‘51% Attack’ threat or at least makes it super complicated to activate.