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“The current crypto community is somehow unfair to simple users,” said CanonChain initiator Jin Hailong. “The industry is dominated by big miners and developers. Simple users don’t have any say to propose a change.”
Jin Hailong, founder of WiFiSONG.com, a leading company in design of intelligent hardware including Wi-Fi router, iBeacon and other edge computing devices, wants to build a truly decentralized world where anybody can participate without knowing much about encryption, the blockchain technology and the processing of crypto mining. That’s how the project CanonChain is born.
A New Consensus Mechanism
In order to deal with the issues in such popular consensus mechanisms as PoW, POS and DPOS, the CanonChain adopts the innovative POP algorithm, or Proof of Participance.
All connected devices (phones, smart phone, smart watch, vehicle, gamepad, etc) are regarded as citizens of the CanonChain. They will be rewarded CanonChain token CZR based on their participation——contributing productivity or means of production. But different from current Internet of Things (IOT) devices, the devices that operate in CanonChain are distributed. Services acquired by a CanonChain device or application is provided by one or multiple devices on the chain and cannot be identified, that’s called a foggy network.
Hardforks occur in the Bitcoin and Ethereum community when a proposal is updated or a security problem is to be fixed. In CanonChain, the governance power belongs to block producers elected through community consensus. They must represent the common interests of all accounts in CanonChain community, and community members can elect to replace block producers if they abuse power or refuse to vote Read More Here