What is Idena?
Idena (IDNA) is a unique blockchain project that aims to solve the issue of Sybil attacks by linking each mining node to a crypto identity of a unique person with equal voting authority and mining revenue. This proof-of-person blockchain is built on democratic principles, making it the first-ever blockchain of its kind.
To start mining on Idena, users must first verify that they are unique humans, without revealing any confidential data or going through KYC. They simply need to be present online when the validation ceremony begins and solve a flip-test sequence, commonly known as CAPTCHAs.
One of the most appealing features of Idena is that it enables anyone to mine cryptocurrency and use it for transactions via smart contracts, making blockchain trading more accessible to all. The platform leverages proof-of-person Sybil managing mechanism and Byzantine Fault Tolerance (BFT) consensus based on the community, which provides fast finality and near-impossible blockchain forks. Each block mined by Idena validators is almost 100% accurate, which means traders only need to wait for two blocks to confirm a transaction's finality.
Unlike traditional proof-of-work blockchains that rely on miners' hardware and consume high amounts of electricity, the Idena blockchain is operated by an eco-friendly consensus of proof-of-person. Validators need a valid crypto identity and keep their node online to verify transactions, while mining revenue doesn't depend on the hardware used.
The Idena platform also has its native token called iDNA, which operates as a utility token. The core team has created an ecosystem where the demand for iDNA coins is based on their utility, with advertisers purchasing and burning the coins to compete for network attention. The burning of both minted and preminted coins ensures the sustainable economics of the platform. Furthermore, Idena has established a zero wallet to fund community- suggested impact projects, which collect 1% of the total minted coins.
Idena has made significant progress since its inception, with a series of peer-to-peer protocol improvements in the first quarter of 2020. Later in the third and fourth quarters of the same year, the platform was listed on several exchange platforms, further cementing its position as a unique and promising blockchain project.
In conclusion, Idena (IDNA) is a blockchain project that aims to revolutionize the concept of Sybil attacks in the blockchain space. It achieves this by linking each mining node to a crypto identity of a unique person with equal voting authority and mining revenue. With its eco-friendly consensus of proof-of-person and easy accessibility, Idena has the potential to become a game-changer in the world of blockchain technology.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
Stay ahead of the competition by accessing high-quality data, advanced tools, and expert research.Try for Free