Member-only story
The Proof of Contribution Consensus Mechanism
Blockchain technology has garnered a considerable amount of attention lately. This is due to its traits pertaining to decentralization, immutability, and traceability, which make the technology seem very promising for the creation of a variety of applications and, particularly, the directing of varied digital information. Nonetheless, the majority of existing blockchain systems have issues, including excessive computational overhead and power centralization. Another obstacle that has hampered the adoption of blockchain technology in industries other than finance is the high reliance on cryptocurrencies throughout many public blockchain-based applications. This is where Proof-of-Contribution (PoC) comes in. PoC is a novel blockchain consensus mechanism that is centered on the contributions of network participants. PoC maintains decentralization, is hard fork resilient, and does not entirely rely on cryptocurrency. This makes it more appealing than other blockchain-based consensus mechanisms such as proof-of-work (PoW), and it can have a broad array of applications that do not utilize cryptocurrency.
