The 3rd Party validators are independent users who help to validate transactions and ensure decentralization across the Coiin Network. These individuals are able to add a variety of functions to their validators such as Identity Factors, through a management interface, allowing users the ability to withdraw rewards, Stake Coiin in a noncustodial manner, validate their identity, and look up statistics.
Each of the 3rd Party validators are given part of the Coiin pool every lunar cycle (~29 days), which depends on a variety of factors. Each of these pools are then distributed based on a variety of different metrics, such as the # of transactions they validated, amount of time they have had their validator up, # of Identity factors, how much Coiin they withdrew, deposited, and converted/burned. Each of these factors plays into how many rewards they receive every ~29 days. There are also withdrawn/deposited multipliers, staking tiers, and Identity tiers that come into play to determine rewards as well.
Proxy Validator (Non-custodial delegated Proof of Stake)
The NVL Proxy Validator will allow any user to participate in the finalization of all transactions and User Actions on the Coiin Network. The NVL Proxy Validaotr will accept block signatures from any number of UAL and EAL blockchains. Every 30 minutes, the NVL Proxy Validator will create and sign a new block containing all block signatures received and make the blockhash available to all UAL, EAL, and NVL Independent Validators for future signing. This hash is what all users on the network sign with every action taken inside a business application.
Multiple Public Validator Chains will be deployed and hosted by independent parties to further decentralize all network proofs.
Every NVL Independent Validator will cryptographically sign verification records from the NVL Proxy Validator. This function allows the user to act as an independent witness to all events and verifications on the Coiin Network and for mining rewards.
Behavior Based Validator Rewards
To compete for a pro rata portion of newly minted Coiin tokens upon release, participants may either (1) Create a 3rd Party NVL validator (proxy or independent validator/non-custodial delegated proof of stake) (2) participate in the Coiin Network consensus mechanism by utilizing applications as a user, signing blocks and security the blockchain, or (3) build applications on top of the Coiin Blockchain and compete for the best overall network engagement.
The Coiin Mining algorithm calculates a score for each 3rd Party Validator, Application, and Application User of the Coiin Network via a series of measured and weighted variables tied to the value created on the Coiin Network.
The Coiin Behavior based Mining Algorithm tracks, measures and calculates the individual users and applications, and 3rd party validators along with their network activity, identity, and other economic variables.