PoS Blockchain and $TASK
Last updated
Last updated
Virtus WorkChain is a bespoke Proof-of-Stake (PoS) blockchain engineered to underpin the Virtue Finance ecosystem.
Unlike traditional blockchains that rely solely on staking or computational mining to secure the network and distribute rewards, Virtus WorkChain introduces an innovative twist: it integrates task completion as a core component of its operation.
This design enables global participation, particularly empowering individuals from third-party countries to earn $TASK tokens by completing tasks—without the need for staking large amounts of tokens or energy-intensive mining hardware—while maintaining a robust and secure blockchain.
The Virtus WorkChain leverages PoS to secure its network, ensuring transaction integrity and decentralization.
However, the issuance and earning of $TASK tokens are decoupled from the staking process. Instead, $TASK tokens are exclusively rewarded to users who complete tasks that contribute to the Virtue Finance ecosystem, such as training the Virtus AI model.
Validators, meanwhile, secure the blockchain by staking tokens and earn a separate reward (not $TASK), while facilitating the inclusion of task-related data into the blockchain.
This dual-structure approach achieves two key objectives:
Security: PoS ensures the blockchain remains tamper-resistant and decentralized through validator staking.
Accessibility: Task-based rewards democratize participation, allowing anyone with basic computational resources to earn $TASK tokens.
Virtus WorkChain employs a Proof-of-Stake (PoS) consensus mechanism where validators secure the network by staking tokens.
The selection of validators to create new blocks is based on the amount of tokens they have staked, ensuring a decentralized and secure network.
Validation Process: Validators are chosen to assemble blocks containing transactions and a set of task completion certificates. Once selected, they create a block and sign it with their private key.
Task Completion Certificates: These are cryptographic proofs generated when users complete tasks via the Virtue Finance task marketplace.
Tasks include activities like data annotation, image labeling, or other AI-training workloads.
A block is valid only if it:
Is signed by a selected validator.
Includes a minimum number of valid task completion certificates (e.g., 10 per block).
Validator Rewards: Validators receive a block reward in a native blockchain token (distinct from $TASK), incentivizing network security.
Unlike traditional blockchains, $TASK tokens are not earned through staking or validation. Instead, they are distributed exclusively to task completers, ensuring that earning $TASK is tied to productive contributions rather than token ownership or computational power.
The Virtue Finance task marketplace is a decentralized platform where users—particularly from third-party countries—can participate in the ecosystem by completing tasks to earn $TASK tokens.
This mechanism eliminates the need for expensive mining rigs or large token stakes, making $TASK accessible to a global audience.
Task Assignment: Users select tasks from a decentralized queue, such as processing datasets or validating AI outputs. These tasks are lightweight and designed to run on modest hardware, ensuring inclusivity.
Task Completion: Upon completing a task, users submit their results to the network. Decentralized validators verify the accuracy and quality of the work, issuing a task completion certificate upon approval.
Earning $TASK: Task completers receive $TASK tokens in two ways:
Direct Rewards: A fixed or variable amount of $TASK is awarded immediately upon task verification, based on task complexity or value.
Block Inclusion: Validators include these certificates in blocks, and a portion of the $TASK reward pool is distributed to the task completers whose certificates are included.
Inclusivity: By requiring only basic internet access and computing devices (e.g., smartphones or laptops), the task marketplace empowers individuals in underserved regions to participate in the Virtue Finance economy.
This structure ensures that $TASK tokens are earned solely through task completion, not through staking or validation, aligning with the goal of broad accessibility.
Each block in the Virtus WorkChain contains the following components:
Standard Fields:
Index: Block number in the chain.
Timestamp: Time of block creation.
Transactions: List of financial or data transactions.
Previous Hash: Reference to the prior block.
Validator Signature: Cryptographic signature from the validator who created the block.
Task-Related Fields:
Task Certificate List: A collection of at least 10 task completion certificates.
Task Output Hash: A cryptographic hash of the task results, ensuring integrity.
The block hash incorporates both the transaction data and the task certificate list, linking security to utility.
Validation Process:
Validators are selected based on their stake to create new blocks.
The selected validator collects transactions and a set of task completion certificates from the network.
They construct a block, including the certificates, and sign it with their private key.
The signed block is broadcast to the network.
Validation:
Nodes verify the block by checking:
The block is signed by a valid selected validator.
All included task certificates are authentic and unspent (preventing double-spending).
If valid, the block is added to the chain, and rewards are distributed.
Validators earn a fixed reward (e.g., in a native token like $VWC), while task completers receive $TASK from a separate reward pool, ensuring no overlap between validation and $TASK issuance.
Block Time: 10 seconds, enabling rapid transaction processing.
Block Reward (Validators): 5 $VWC per block, halving every 4 years (subject to tokenomics adjustments).
Task Reward Pool: 10 $TASK per block allocated to task completers, dynamically adjusted based on network participation.
Validator Selection: Based on staked amount and randomness, with adjustments to ensure decentralization.
Scalability: Supports up to 1,000 transactions per second (TPS) via 16 shards, with room for future expansion.
PoS Security: The staking mechanism protects against attacks like double-spending or 51% attacks, as attackers would need to control a majority of staked tokens.
Task Validation: Decentralized validators ensure task integrity, preventing fraudulent submissions.
Decentralized Participation: The separation of validation (for security) and task completion (for $TASK rewards) fosters a diverse ecosystem of validators and task completers.
Total Supply: $TASK has a capped supply (e.g., 1 billion tokens), with issuance tied to task completion and a gradual release schedule.
Emission Rate: Approximately 31.5 million $TASK per year initially (10 $TASK per block × 8,640 blocks per day), decreasing with network growth or halving events.
Sustainability: A portion of transaction fees replenishes the $TASK reward pool, ensuring long-term viability.
The Virtus WorkChain is designed with inclusivity at its core. Individuals in third-party countries, where access to advanced hardware or large token holdings may be limited, can still participate fully in the Virtue Finance ecosystem:
No Staking Required: Earning $TASK relies on task completion, not staking power, removing barriers posed by traditional PoS systems.
Economic Opportunity: Tasks provide a source of income in $TASK tokens, which can be traded or used within the Virtue Finance platform.
Skill Development: Completing AI-related tasks enhances participants’ digital literacy and technical skills, fostering long-term empowerment.
