Mithra — Market for Trust
There are 7 proprietary innovations that deliver Partisia Blockchain’s complete Layer 1+2 Blockchain. In this blog, we present the final and the seventh innovative feature — market for trust — we call it Mithra.
For an overview of all of the 7 features see the Zeus blog. We present each of the 7 innovations with a unique post leading up to TGE on May 31, 2022.
Mithra — Market for Trust
As any decentralized network, Partisia Blockchain relies on efficient node operators and no dominating numbers of malicious nodes. To grow a strong network of highly trusted efficient nodes, the Partisia Blockchain will gradually evolve into a market for trust — a market that rewards nodes that efficiently validate and propagate information and run zero-knowledge computation and token bridges trusted by the users.
The first part of the market for trust is to incentivize good performance by the individual nodes running basic blockchain services. This covers P2P propagation of information, validation and execution of transactions. The initial incentive provision will adjust the simple proportional reward sharing with direct observable measures such as the number of blocks produced as Sequencer. This rewards the best nodes performing the very basic operation as Sequencer. This basic incentive provision will be extended with an advanced incentive scheme that rewards nodes for revealing the otherwise hidden activities in the P2P network. The collected information is made public and used to reward the nodes that are the most active propagators of information in the P2P network. The intuition for this model is illustrated below.
The second part of the market for trust focuses on the ZK and Oracle services that are operated by subsets of ZK and Oracle nodes. As the network of ZK Oracle nodes grows the users will be able to impact the selection nodes for zero-knowledge computation and token bridges. This selection process will gradually involve a market where quality is rewarded and the most trusted nodes will be paid a higher price for the services performed.
In conclusion, on one hand, the basic blockchain involving all baker nodes is incentivized through relative performance and local information in the P2P network. On the other hand, the services performed by subsets of nodes are incentivized through competition driven by the users. In combination, this two-sided incentive provision sets a new standard for how to incentivize a decentralized network by creating a comprehensive and transparent market for trust for the greater good.
For more details, please check out the yellow paper, software documentation and the Medium blogs.
This concludes the blog series that briefly introduced the 7 main features defining the Partisia Blockchain mainnet, called ZEUS:
Poseidon — Provable Fast Track Consensus
Hermes — Collateralized Token Bridging
Apollo — Unified Public and Private Smart Contracts
Mithra — Market for Trust
Please let us know what you think and thank you to everyone in our community for your support!