How does our blockchain work? What is its purpose?
The operation of a blockchain is based on the creation of successive blocks of transactions. During the creation of these blocks, the active members of the community verify the validity of the new transactions submitted, and thus receive a reward for having rendered a service to the community.
The Ternoa blockchain is based on NPoS, which is a variant of POS (Proof-of-Stake). The particularity of NPoS is based on a selection process of validators who are authorized to participate in the consensus protocol and is similar to the Delegated-Proof-of-Stake (DPoS) used by the Tezos blockchain.
In this transaction validation system, there are Validators and Nominators who secure the Ternoa Blockchain in a complementary way.
The Validators lock (stack) CAPS and participate in the elaboration of the validation consensus of the transactions. They play a crucial role in securing transactions since they guarantee the validity of the information contained in the transaction blocks and the production of new blocks. In return for this work, the Validators receive CAPS for each validated transaction block. On the other hand, if the network notices that a Validator is trying to validate or produce erroneous information, it is sanctioned and all or part of the locked CAPS are withdrawn. The Nominators select the right Validators to delegate to them the management of the CAPS they wish to lock.
The main objective of our blockchain is to transcend the current limits of digital and physical storage of information and all its variations. Indeed, at the heart of data storage issues, we find recurring questions of data security, data durability, but also respect for the integrity of the data in all its forms (privacy & integrity). In other words, Ternoa allows its users to store information in any format and guarantees the user not only that he or she will be the only one able to manage access and availability of this data, but also that this information will always be available, even decades from now.
Open source and entirely decentralized, the Ternoa blockchain is based on Polkadot, a protocol that relies on interoperability by linking several specialized blockchains into a single unified network. It is on this interoperability that Ternoa draws its strength, allowing it to communicate with other blockchains specialized in certain data protocols.