2.3.3 PoVC Arithmetic Contribution Value Consensus

PoVC (Proof of Valuable Computing) consensus algorithm is a consensus mechanism used by BOBchain L2 (Layer 2 network). This algorithm allows nodes to contribute arithmetic power by performing task dispatches from the root node through smart contracts. Each node's arithmetic contribution is recorded and converted to a credit value. A new RAC value (Recent Average Credit) is then calculated for all nodes based on a time window (604800 seconds per week). The RAC value is calculated according to the formula provided, which is d(t) = e^(-ln(2) * t / 604800).

At the end of each block (every 3 seconds), the RAC values of all nodes are used to randomly select a node to get a new task. A node with a high RAC value will have a higher probability of being selected and receiving a task reward. This mechanism ensures that the contribution of a node is proportional to its probability of getting a task reward.

Proof of Value Arithmetic (PoVC) is a consensus mechanism similar to Proof of Stake (PoS). In PoVC, nodes compete for the right to obtain tasks by collateralizing the arithmetic power of their miners on the block network and are rewarded with tokens. Unlike the PoS mechanism where tokens are used as collateral, nodes in PoVC collateralize their arithmetic contribution on the block network to receive token rewards.

This mechanism encourages nodes to contribute computational resources and increases the transparency, security and decentralization, and data privacy of the AI block network.

This avoids the POW consensus mechanism in which miners, by consuming a lot of computing power and time, just go and keep trying different random numbers until they solve a complex maths problem. This leads to a lot of wasted consumed energy, including computer and graphics card resources. It also avoids the POS mechanism where a few people holding a large number of tokens have a competitive advantage and the rich get richer. In addition, it leads to the risk of centralization of the block network, with "oligopoly attacks" affecting decision-making and reward distribution.