MaGPoS -- A novel decentralized consensus mechanism combining magnetism and proof of stake
This addresses consensus mechanisms for decentralized blockchain networks, but appears incremental as it builds on existing proof of stake methods.
The authors tackled the problem of decentralized consensus in blockchain protocols by introducing MaGPoS, a novel mechanism combining magnetism and proof of stake, resulting in a system claimed to offer extreme reliability based on well-studied physics.
We describe MaGPoS, a novel consensus mechanism which is well suited to decentralized blockchain based protocols. MaGPoS is based on a combination of the well known physics of nano-scale magnetism, and previous implementations of proof of stake. This system has been studied by hundreds of thousands of scientists worldwide for over a hundred years, giving it an extreme level of reliability that is needed for a consensus mechanism. We start by explaining the physics, and study the properties that make it particularly beneficial for use in a consensus mechanism. We then show how to apply the physical model to a decentralized network of nodes, each with their own copy of a blockchain. After this, we describe some example calculations that a node in the decentralized network would make, and provide pseudo code for implementation. Finally, we discuss the how the model achieves all of the important properties that one expects of a consensus mechanism.