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Consensus

Proof-of-Metadata (PoM) and Proof-of-Authority (PoA)

Allfeat's blockchain uses two complementary consensus mechanisms: Proof-of-Metadata (PoM) and Proof-of-Authority (PoA). Each serves a specific role in maintaining the integrity, security, and functionality of the network, creating a balanced environment for metadata management and blockchain operations.

Proof-of-Metadata (PoM)

PoM is the core mechanism behind Allfeat's unique functionality as a decentralized metadata registry for the music industry. It allows for the submission, verification, and certification of Music Industry Decentralized Data Structures (MIDDS), such as artists, tracks, and releases.

  • Role in Metadata Certification: PoM focuses on ensuring that metadata submitted by providers is thoroughly verified before becoming a certified record on the blockchain. Providers can lock AFT tokens when submitting their metadata, representing the weight and value of the data they add to the chain. This ensures a balanced approach to maintaining the technical and economic sustainability of the data.

  • Process Overview: After submitting a MIDDS, the provider has the ability to complete or adjust the metadata until it is ready for certification. Once the provider marks the MIDDS as complete, it can be reviewed by a community-elected certifier. Only one certifier is required for the certification process. Upon certification, the metadata becomes a permanent, immutable part of the Allfeat blockchain.

  • Community-Driven Certifier Selection: Certifiers are elected through a staking process managed by the community. Members of the community stake their AFT tokens to nominate candidates for the role of certifier, encouraging the election of qualified individuals. This system aligns the interests of nominators and certifiers, ensuring that those who are most capable of verifying metadata are chosen, while rewarding nominators for their participation.

  • Incentive Mechanism: PoM is supported by a (X)% annual inflation mechanism, with rewards distributed among providers, certifiers, and nominators. This ensures that all participants have a vested interest in maintaining the integrity and quality of the metadata, fostering a collaborative and transparent ecosystem.

Proof-of-Authority (PoA)

While PoM governs the certification of metadata, PoA is responsible for the technical operation and validation of transactions within the network. PoA is well-suited for industry-specific blockchains like Allfeat, where a trusted group of validators is selected to ensure the network's security and efficiency.

  • Validator Selection: Validators in the PoA system are chosen through a trusted selection process. These validators are responsible for processing transactions, adding new blocks to the blockchain, and maintaining the overall health of the network. Over time, additional validators can be added through a DAO (Decentralized Autonomous Organization) governance process, allowing for flexibility as the network grows.

  • Reward Distribution: Validators are compensated through transaction fees collected from network users. A portion of these fees is directed to the protocol’s treasury, supporting further development and network sustainability. This setup ensures that inflation rewards remain focused on the PoM process, while validators are incentivized to maintain network security and efficiency.

  • Adaptability for Growth: The PoA approach allows Allfeat to maintain a high level of security with a limited number of trusted validators while remaining adaptable. As the need for scalability increases, the DAO can facilitate the onboarding of additional validators to accommodate network growth.

Synergy Between PoM and PoA

The combination of PoM and PoA provides Allfeat with a unique balance of decentralized metadata management and efficient blockchain validation. PoM ensures that the quality and authenticity of metadata are maintained through a community-driven process, while PoA provides the necessary infrastructure for a secure and reliable blockchain network.

This dual-consensus model enables Allfeat to meet the specific needs of the music industry, providing a transparent, verifiable, and scalable platform for metadata certification and usage.