The Novo currency is built on the Novo blockchain.

Next generation blockchain

Decentralized network

Open source code

Scalable and expandable

Mineable with a desktop

Security with low energy consumption

Proof of Work +
Proof of Holding

Holder

A holder is a Novo user that locks his/her Novo in the desktop application for a certain period of time. Holding secures the blockchain and in return the holder is rewarded Novo.

Blocks that are mined by a miner can only be part of the blockchain after a holder has verified them.

Holders are anonymous and are chosen randomly. Therefore, for verification purposes, the miner must broadcast its block to the entire network. The holder also transmits the verified block to the entire network.

This means that a miner cannot extend the blockchain without sharing the block with the entire network. This solves several problems of a standard Proof of Work blockchain and enables additional functionality such as a secure 0-confirmation transaction layer (Novo 2.0).

PoW

Miners compete to be the first to form a valid block with the last transactions. The Novo mining algorithm ensures a healthy pool of competing miners.

PoW

A miner finds a potentially valid block. Each uniquely valid block is predestined to belong to only one holder from the large varied pool of holders.

PoH

The holder signs the block to confirm that it is a valid block that extends the blockchain.

PoW + PoH

The blockchain has now been extended with a new block. The combination of miner/holder is impossible to determine in advance and is rarely repeated, thus achieving ultimate safety.

300 sec.

Benefits

Ultimate security in a sustainable way.

Protection against double spending requires 100,000x less hashrate compared to Proof of Work.

Prevents transaction censorship

Holders can insert transactions into the block they are signing, so miners cannot prevent transactions from ending up in the blockchain.

High chain throughput (TPS)

Miners have a financial motive to minimize empty/small blocks for profit maximization. For holders this motive cannot play a role, they will in fact make sure that each block is as full as possible.

Stable blockchain

In a standard system, miners can give their block an incorrect time stamp. The block difficulty level is then manipulated to find more blocks for less work. Holders add a second timestamp, rendering manipulation impossible.

Mining for everyone

Novo's mining algorithm is resistant to the use of specialized mining hardware. As a result, anyone with the Novo desktop application can mine. This ensures decentralization of the network and an even distribution of the mining rewards.

By using this site, you agree to the use of cookies as described in our cookie policy .