Ontology has announced its Triones Consensus Membership system, a governance model for the Ontology chain network. A governance model prescribes how the network operates and is core to the operation of public chains. The name Triones is the name of the seven brightest stars in the Ursa Major constellation and is called “Běidǒu” in Chinese.
The Triones Membership System was introduced to support the organic combination of multiple blockchain networks and a single economic model. In future, all additional blockchains will use the Triones Membershsip System, in addition to Ontology’s multi-chain deployment system.
Ontology will soon release the ONT main chain, which will be the first chain to adopt the Triones Membership System architecture. The goals of the Triones Membership System are to balance decentralization, high performance expansion, and incentives for network participants.
Triones Membership System Structure
Ontology will provide the necessary blockchain infrastructure for multiple chains. As such, the network is responsible for managing the value of its infrastructure though governance and incentive logic, which are the core focuses of the Ontology network.
As part of Ontology’s governance and incentive logic, there are numerous factors it must consider as part of its operations. The performances of Ontology’s nodes were underlined as being particularly important. Node performance includes network throughput and computing power for its blockchain services, whilst the proof of stake mechanism of the VBFT consensus algorithm must also be taken into account.
Both are critical for the performance of the network and are weighted into the Triones Insensitive Curve Equation for incentive distribution. Stake size is not a a criteria for distribution to avoid stake monopoly in the consensus process.
Triones Membership Governance Model
The Triones Membership Governance Model is based on fairness, effectiveness, decentralization, and incentives.
Each stake holder can participate in the network’s governance and earn incentives, regardless of the size of their stake. These incentives are at the core of the network’s consensus layer, following the Triones Incentive Curve Equation. Also, different levels of participation in the Triones Membership System will receive different levels of incentives.
As part of the consensus and bookkeeping process, a multi-layer game mechanism will be formed, including factors like hardware testing and stake comparison. This game mechanism will further enhance the fairness of incentives on the consensus cluster.
The other strategic focus of Ontology is to create a distributed trust collaboration platform. The platform will use ONT ID, a distributed identity framework in conjunction with a distributed reputation evaluation system. Its purpose is to gradually form an information certification of each node and evaluate their reputations.
The Triones Membership System is formed dynamically according to network rules. These rules are neither pre-determined nor fixed long-term. Participants can be supervised by other nodes in the network, and the overall membership system does not consume a large amount of computing resources. The consumption can be formed and adjusted within a short period of time.
The decentralization of the Triones governance model allows for a distributed and diverse degree of participation, as well as real-time participation in governance. This means that regardless of the size of the participants’ rights and interests, the Trione Membership System’s governance model can be formed in different ways. Also, instead of one-time voting, each participant can make decisions independently and dynamically.
The Triones Membership System will feature various incentives, with the potential of more being added in future. At present, the incentives will be as follows:
- Network fees.
- Storage fees.
- Smart contract deployment and operating costs.
- Other value-added service fees.
- At least 1% additional incentive per year; after three years, the incentive quota will be adjusted according to the number and size of applications on Ontology.
- No additional issuance in the initial three years. All governance incentive will come from the operational income of the ONT main chain and incentive allocation from the Ontology foundation.
For more detailed information on the above you can visit the Ontology announcement:
More information on Ontology can be found at the below links.