Proof-of-importance (PoI) is a consensus mechanism developed by NEM that is used to determine which network participants (nodes) are eligible to add a block to the blockchain, a process NEM calls ‘harvesting’.
PoI uses network theory to assign a rating to each account's importance to the blockchain network. The design goal of this system is to empower regular token holders to participate in adding blocks to the blockchain while disincentivizing mining farms and token hoarding.
The benefits of proof-of-importance include:
- Minimal environmental impact (similar to proof-of-stake)
- Doesn't require specialized hardware
- Allows 'harvesting' / mining while computer is off
- NEMNEM is a peer-to-peer cryptocurrency platform written in Java.
- DeepBrain ChainDeepBrain Chain is a decentralized neural network and artificial intelligence computing platform based on blockchain technology
- Proof-of-stakeProof-of-stake (PoS) is a system in which a network (e.g., a cryptocurrency blockchain) aims to achieve distributed consensus.