Diora Network Explained 👀
Diora Network is a incentivised smart contract parachain, utilizing advanced PoSM with Double Validation & Randomization for security guarantees. Diora is built with Substrate which natively supports EVM, WASM (soon) and a multi-layer sharding scaling solution if needed.
We are revolutionising how blockchains are developed and how core foundations are organised within the space. Were the developers, investors, artists and users are all unified for the sole cause of creating a blockchain that is decentralized at every point and focuses on a building a network of shared rewards. We embody a movement of freedom where the future is fair and developers can benefit from their contributions and designs remotely from anywhere in the world!
Blockchain technology is rapidly changing the world as we know it, but public and private blockchain networks are mostly still operating in isolation. Decentralized finance must be connected. Polkadot is enabling financial freedom, empowerment and connectivity that we’ve never experienced in history. We seek to accelerate this change through global connectivity, simple to use dapps & making decentralized finance accessible to anyone around the world with a internet connection. We believe in a world where value flows freely, regardless of one’s geographic location. We believe our decentralized blockchain finance platform will not only unlock opportunities for blockchain companies, but also for traditional financial institutions building bridges to the new digital economy.
The main goal of Diora Network is to foster an array of diverse and sustainable cross-chain applications by empowering and rewarding developers that build on the network with baked in incentives and rewards. Baked into the network itself, Diora rewards developers based on the value and impact of their dapp, rather than their close association or connections to capital. Unlike existing versions of older layer 1s, where tokens are mostly concentrated in the hands of the first few early participants, Diora is designed to be shared across all contributors, users and stakeholders. Meaning the very talented creators and developers who are building on our network get a true stake in the growth and governance of the network itself.
Diora Network proposes the Proof of Stake Masternode (PoSM) consensus, which is a PoS/PoW hybrid consensus protocol with a fair voting mechanism, rigorous security guarantees, and uniform probability eventually. we apply PoSM with voting and Double Validation to create, verify and vote for blocks smoothly and efficiently. Whenever potentials of fork branches are detected, we employ the idea in PoW to select the longest branch with the most votes and discard the other branches. With this hybrid approach, PoSM does not only increase the performance and security of blockchain, but also reduce the fork situation in an efficient and practical manner. DPoS is similar to PoSM in the sense that masternodes (Validators or witnesses in DPoS) are elected through a voting system. However, Diora requires that masternodes need to deposit a required minimum amount of DIOR to become a masternode candidate, which puts more pressure on the masternodes to work honestly. Furthermore, the Double Validation mechanism lowers the probability of handshaking attacks and having invalid blocks. With a maximum of 150 masternodes elected (and this number of masternodes can be changed based on the decentralized governance through voting)
Diora also has the ability for dapp’s ownership rights to be traded. The developer is the default owner, but the developer can sell the ownership rights to someone else at any time. This design gives dapp developers a new option. If a developer only wants to develop an application and does not want to run and maintain a dapp, they can choose to transfer it or sell it to someone else after deployment, and focus on developing new dapps. For those who want to profit from running a dapp but can’t code can buy the dapp and earn revenue from it. The revenue of dapp consists of two parts, one is the revenue from dapp’s own economic design, and the other is the Dapp Staking block rewards baked into the core blockchain.
To scale our infrastructure further, we will present our sharding proposal for uniquely integrating multi-layer sharding into our current architecture and consensus. The implementation of sharding our chain is still just a idea and we will look to enable it in Q1 2023, after a smooth Diora Network launch. Besides sharding, we are actively researching scalability solutions like ZkProofs, Rollups, EVM parallelization and Plasma. New scaling techniques will be evaluated before being integrated into Diora’s masternode architecture.
Connect with us 👉
Lets #BUIDL the future of Web3 together in a decentralized network with baked-in shared incentives.
Diora Network wouldn't be possible without the amazing work completed by Polkadot, Kusama, Moonbeam, Astar & Acala ❤