Among the many use cases and benefits that IAGON seeks to provide, the benefits that this platform brings specifically to miners who play such a major role in IAGON’s infrastructure are extremely important to highlight and describe.
One of the most common methods that miners use is Proof of Work or Proof of Stake, which is a mechanism that rewards a particular miner for discovering a particular block. IAGON’s decided to take a different and better approach by using a “Proof of Variance” mechanism.
The Proof of Variance essentially classifies each miner based on their contribution into a pool, allowing miners within the same pool to compete which each other. Miners from lower pools get upgraded or downgraded based on several factors but the two main factors are speed and amount of data that they are able to handle. This mechanism uses a combination of algebraic theory and probability functions to compute a miners contribution and determine which pool they can be classified under. This allows newer miners to profit from mining data while increasing their processing assets. It also allows miners who invest more to receive an immediate return on their investment.
As block tasks are distributed to miners, they need to match the data signature from the data input and find its corresponding data object in the block to return the data output. They do not need to store any of the data they process, though once it is validated to belong to the specific block, the miner is considered to have mined the block and receives incentives for it.