THE NEW CONSENSUS ALGORITHM, PROOF OF CONSUMPTION (POC)

In the block chain, it is very important to verify the accuracy of the transaction history by checking the validity of the transaction or block on the block chain network through the algorithm process, and to form a new block in the chain by checking the validity of the transaction history. In addition, what is most important is to make a decision on who will have the right to update the database through the agreement between the nodes participating in the network. The method to make an agreement among the nodes is called the consensus mechanism. There are two main types of consensus mechanisms.

Proof of Work

POW is to receive relevant coins after reaching a consensus based on the computational power of CPU and solving complex mathematical operations by using hardware. To put it plainly, this refers to a system that allows a person with a lot of hash (block fill information) to find more blocks where he/she can get coins.

Proof of Stake

POS refers to take a large portion of the coins to be issued additionally by the process where each node updates the data through proving its assets in a block and shows its stake to the relevant block. In this method, the owner that has the coin is given more rights to create the block in proportion to the amount of stake it currently owns.

Proof of Consumption

POC is a consensus algorithm with new concepts developed by YOA PROJECT. As more tokens are consumed, YOY Coin is given as a reward to the customers that frequently use the franchise. The customers are rewarded on the basis of the analysis of consumption patterns such as transaction money, frequency of purchases, and accrued amount.
This allows consumers to enjoy a variety of benefits and promotions as well as diverse effects that are most closely linked to the real economy.

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