PikcioChain, a distributed exchange for personal data has announced the launch of its Proof of Usage (PoU) consensus algorithm that went live on its TestNet earlier this month. PoU is proposed as an alternative to Proof of Work (PoW) and Proof of Stake (PoS) algorithms to reward nodes in the blockchain for reaching consensus.
PikcioChain described the need for the new algorithm with the following on the platform’s GitHub: “Proof of Usage is introduced as it appears fundamental for Pikciochain to build an incentive model where data owners e.g. individuals, can be rewarded. Indeed current models around personal data monetization do not encompass users i.e. rightful data owners. Additionally the objective would be to overcome the stacking effect from PoS to encourage usage by spending over retention.”
The instructions for deploying a Proof of Usage environment were also provided here.
The next step for the rollout of PoU will be unitary tests conducted in November to improve fault discovery, and identify issues surrounding masternode desynchronisation, malicious block pushing, and transaction forging. Additionally, there will be an upcoming hackathon to test penetration attacks on the network.
A block explorer is also being built to browse transactions, certifications, and smart contract invocation on the TestNet.
Finally, PikcioChain describes the introduction of PoU as an “important step in the PikcioChain journey and bringing smart contract support to the ecosystem.”
More information on PikcioChain can be found at the links below.
About The Author: Matthew North
Matthew North is a freelance writer and journalist who resides in East Asia. He spends his time writing and learning about financial technologies like the Blockchain and digital currencies. You can follow him on twitter @fintech_matthew.
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