The Coiin Network Protocol is powered by a unique Consensus mechanism with Independent and Proxy Validators hashing final proof of transactions and network activity via Coiin’s Network Validation Layer (NVL). Coiin Validators sign blocks and notarize a hash based proof of network consensus on top of other Public blockchains including Ethereum, Bitcoin, BNB Chain, Polygon, and Algorand, as they compete for a share of each month’s Coiin Validator Mining Rewards.
The Coiin Validator System is composed of Independent and Proxy Validators, who compete for Coiin based on distinctive identity, behavior, and economic based rewards variables including the incentivization of Validator’s self-custody staking of Coiin tokens.
Under the Hood of The Coiin Validator System
The Coiin Validator System calculates the cumulative value generated on the Coiin Network during each Monthly Token mining period. This value is derived from a variety of factors, including the number of apps/users on Coiin, the number of User Action Layer (UAL) signed blocks, the number of user actions across the network, the number of smart contract executions and token transfers, and the number of new registered identity factors. Subsequently, a corresponding number of Coiin tokens are minted based on the value of cumulative network activity over the 29.5 day minting period.
A portion of Coiin tokens are distributed to Validators proportionally based on their Validator score, which is determined by a combination of Identity, Behavior, and Economic Variables for each Independent and Proxy Validator.
Independent Nodes & Identity Behavior-Based Validator Rewards
On the Coiin Network Protocol, Validators compete for a share of the newly minted Coiin tokens via Independent and Proxy Nodes registered on the Coiin Network Console and the Raiinmaker Mobile or Web Application. Independent Validators run nodes that independently verify and sign blocks on the Protocol’s Network Validation Layer (NVL), with Nodes deployed on the Validator’s Desktop CPU, Server, or even via a Mobile Device.
Perhaps one of Coiin’s most notable technological achievements to date is the capability for Raiinmaker mobile app users to function as truly Independent Validators on the Coiin Network simply by using the Raiinmaker app. Utilizing a unique cryptographic keypair on the user’s mobile device, Raiinmaker app users sign NVL Blocks without any technical knowledge or expertise, with all Validator functions running seamlessly in the background. This enables millions of Independent Validators with no technical expertise or Blockchain IQ to secure the Network with an extreme level of decentralization.
Another novel feature of the Coiin Validator System lies in its identity and behavior-based reward distribution. The Coiin Mining algorithm calculates a score for each Validator derived from a series of measured and weighted variables including behavior, network activity, identity, and other economic variables. By rewarding Validators based on behavior that is beneficial to the health of the Network and Ecosystem (such as holding and staking Rewards and Coiin on the Network), the Protocol incentivizes users to act in a manner that benefits all stakeholders. It creates an environment where each user’s actions carry weight and collectively increase the value of the Network exponentially making the network truly decentralized and community-owned and operated.
Proxy Nodes & Self-Custody Validator Staking
In addition to the Identity and behavior-based validator rewards, Coiin introduces an innovative self-custody staking feature, adding an extra layer of incentive for users to secure the network. Validators earn rewards by staking their Coiin tokens in their personal wallets connected to their registered Independent or Proxy Validator Node. This aspect of the Validator Reward calculation is verified through time-based smart contracts, ensuring transparency and reliability, with greater rewards earned based on the duration held and amount of Coiin Tokens staked on the Network.
Proxy Nodes on the Network operate through a Non Custodial Delegated Proof of Stake mechanism, where Proxy Validators are rewarded for locking up Coiin Tokens on the Network in connection with their registered Proxy Node. The staking of the Coiin for Proxy Validators is fully liquid with users maintaining the ability to un-stake or withdraw tokens at any time. Conversely though, Validators are rewarded the longer they keep tokens staked to the network.
Network Equilibrium: Distribution of Value and Validator Rewards
Maintaining balance in the Coiin Token Economy is crucial to the long term sustainability of the protocol and ecosystem. To achieve this balance, the Coiin Network Protocol introduces universally applicable parameters tied to Identity, Behavior and Network Reputation. These variables serve as a mechanism to balance the value created on the Coiin Network and the subsequent fractional and equitable distribution of rewards to Independent and Proxy Coiin Validators. By ensuring this balance, the protocol guarantees that there are fair and adequate validator incentives to support the network.
Become a Coiin Network Validator
Get involved as a Coiin Network validator on Raiinmaker! You can sign up right on the app or on the Coiin Console and start earning rewards.
Learn more by clicking over to this Medium article.
Raiinmaker is an innovative Web3 and AI technology company that has successfully developed the Raiinmaker Mobile Application and the Coiin Network Protocol. The Raiinmaker App is a cutting-edge Web3 social creator platform that revolutionizes the monetization and distribution of social value. The Coiin Network Protocol serves as a scalable blockchain protocol and network ecosystem that redefines value creation within digital networks.
The Raiinmaker Mobile App, currently embraced by over 50,000 users, is powered by the Coiin Network, providing seamless integration with native Protocol Web3 features. These features include Identity, NFT Minting, Token Creation, and custom Behavior-based Smart Contracts, all with an impressive throughput exceeding 50,000 transactions per second.
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