What is NYZO?
NYZO - the blockchain of time and diversity
NYZO is a completly novel and innovative blockchain, developed from scratch to deliver a robust, fast and especially energy efficient operational network. We all know or atleast have heard about Bitcoins enormous energy consumption generated through Proof-of-Work (PoW) – NYZO solves that. With Proof-of-Diversity (PoD) a fully new approach is used to reach consensus – secured by time and diversification.
So, how does it work?
The NYZO network (Mesh) is built from “verifiers” verifying new blocks every 7 seconds in a circular order. The mesh is separated in two groups – the so called “in cycle” and the “queue”. In cycle verfiers are building the actual blockchain network and generating earnings through verifying blocks in circular order, while verifiers in the queue are waiting to join the cycle.
Every two full cycles, a new verifier is chosen to join the cycle by receiving votes from in cycle verifiers. This process is fully automatic and random and every verifier has the same probability to join the cycle. This mechanism guarantees the greatest possible diversification.
Create a mesh illustration and earn NYZO.
NYZO is 51% attack resistant
With every new verifier joining the cycle, the cycle length is increasing and therefore the time between the last join and the next join is increasing too. That will make it harder over time to get new verifiers into the cycle – and harder for an entity to try a 51% Attack. With our actual cycle length it would need multiple years and big resources to successfully attack NYZO which gives the node operators enough time to identify and prevent an attack.
To understand these differences in the consensus mechanism we’ve created a comparision table between traditional Proof-of-Work coins and NYZO.
NYZO is extremly fast and scalable. With a blocktime of 7 seconds and thousands of transactions in a single block NYZO is ready for the future and mainstream adoption.
To make sure that the Mesh stays in “shape”, every In Cycle Verifier has a performance score based on response times and time needed for producing a block. If the score crosses a certain value, the verifier is kicked out of the cycle.
With over 70 Updates just in 2019 a main priority for the NYZO Development Team is the stability and improvement of the network. Several updates have minimized the ressource usage of the verifiers, making them 50% more efficient compared to the initial release in 2018. Also the “waste” of computing power by the always growing number of queued verifiers waiting to join the mesh got eleminated by introduciong the “loose tracking mechanism“, putting them in an idle mode while waiting to join the mesh.
Every voice matters –
As an In Cycle Verifier you have a voting right which can be used to vote for future developments or approving Cycle Fund Transactions. If >50% of the Cycle agrees with a Cycle TX it is executed.
The NYZO Development Team announces their upcoming ideas for updates as so called NTTP (NYZO Team Technology Proposals).
You don’t agree with their upcoming proposal? Just don’t vote or make a statement by voting with “no”.
NYZO is built to be highly efficient. That’s why a NYZO verifier can be run on a low-tier VPS (Virtual Private Server). A small VPS with just 1 CPU Core and 512MB RAM is more than enough for the queue. But also in cycle verifiers don’t need much power. Our tests have shown that 2 CPU Core(s) and 2GB RAM are sufficient.
Secured by time and diversification, NYZO ensures that no single entity can take over the control of the project. Also strict, yet very simple rules and a democratic voting system ensures that every Cycle Pariticipant is playing fair. If they don’t, they’re risking a kick from the Cycle and losing their voting right – and of course their blockrewards.
NYZO paved the way for a new generation of blockchains with the introduction of the new consensus mechanism PoD (Proof of Diversity). But the Nyzo Development Team and the Community Devs don’t rest and are always seeking for new ways to further improve the system. With the latest NTTP-7 improvements will take place to further increase the diversification of the queue. The idea behind the linear IP lottery came from one of our Community Developers and will be implemented by the official Dev Team.
One of a kind – NYZO is really outstanding in a space of always reoccuring copies of copies only changing their name, but almost never solving the problems old blockchain technologies are dealing with.
To quote the Whitepaper:
“This is all-new code, built from the ground up to be the most efficient, most democratic, easiest-to-use cryptocurrency in the world.”