The WormholesChain solves the blockchain trilemma, which entails a necessary tradeoff between scalability, security, and decentralization, by building the technology to achieve the ideal balance between these three metrics, creating a highly scalable and secure blockchain system that doesn’t sacrifice decentralization. To realize these results, the Wormholes Blockchain utilizes several main novel technologies:
Multi-Dimensional Blockchain Architecture: The Wormholes multi-dimensional blockchain architecture allows the realization of a linear increase in throughput with each additional chain and layer added to the system, allowing the Wormholes Blockchain to easily achieve high transactions per second (TPS). Furthermore, each parallel blockchain must also couple the headers of other chains, creating a system where the security increases exponentially as the system grows and additional parallel chains and blocks are added.
Dynamic Random Election (DRE)-based Consensus Mechanism: A set of practical Byzantine fault-tolerant protocols for completely asynchronous environments. Safety properties of DRE are post-quantum secure.
Multi-Level Blockchain System Structure: It consists of Transport, Blockchain, API, and Application levels, which make the Wormholes Blockchain network secure and efficient.
The PoS + DRE protocol integrates a Proof of Stake model into the DRE consensus protocol. It generates blocks asynchronously to build a weighted DAG from validator blocks. The consensus on a block is computed from the gained validating power of validators on the block. Lamport timestamps, Related-to relations between proposal blocks, graph layering, and hierarchical graphs on the weighted DAG are used to achieve deterministic topological ordering of finalized proposal blocks in an asynchronous leaderless consensus.
The PoS + DRE consensus protocol consists of nodes with their varied amount of stake. Based on the PoS + DRE protocol, any participant can join the blockchain network. Participants can increase their impact as well as their contributions over the Wormholes Blockchain Network by staking more ERBs. Likewise, validating power is based on the number of ERBs staked and used for online validation of new proposal blocks to maintain the validity of blocks.
The Wormholes Blockchain economy is backed by a two-tier token model consisting of the Wormholes fungible token ERB and non-fungible token SNFT.
The principal cryptocurrency of the Wormholes Blockchain is the Wormholes ERB. ERB is used to pay transaction fees on the Wormholes Internal Exchange and other NFT marketplaces, gas fees, and persistent storage payments. It is also used as a stake to open NFT marketplaces and increase mining revenue. Finally, ERB plays a crucial role in voting and participating in governance throughout the community, ranging from frequent tasks such as voting on the theme of each issue of SNFT to major decisions such as the disbursement of funds from the Wormholes Community fund.
Wormholes SNFTs is the second native token of the Wormholes Blockchain. SNFTs serve as the direct reward to the miners and NFT marketplace creators who secure the Wormholes Blockchain through their stakes and actions. SNFTs also have an additional utility function, granting holders the privilege of increasing their SNFT to ERB exchange rate. SNFTs are not burned or destroyed after they are exchanged for ERBs; they are returned to the Wormholes Blockchain SNFT Pool and will continue to serve as the direct reward for miners and NFT Exchange creators in the future.
The theme of each issue of SNFT is decided on by the community through voting, giving SNFTs a collectible value separate from their pure exchange to ERB value and allowing community members to participate in creating the assets that make up the Wormholes Blockchain. All SNFTs are tradable on the Wormholes Internal Exchange.