Coinage of Commitment

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A new coin for a new India, finally featuring a business icon

We will be happy to have you on board as a blogger, if you have the knack for writing. Just drop in a mail at toiblogs timesinternet. The first new coin of the year was released this week, by Prime Minister Narendra Modi.

It is unique, being the first ever Indian coin commemorating an industrialist. It marks the th birth anniversary of Jamsetji Tata, founder of the Tata Group. At a broader level, the coin is an acknowledgment of the role of industry in building our nation. Money, including coinage, is the primary store of value, hence treasured by kings and presidents alike. No wonder their images adorn coins globally. Yet before this launch, we have never had a coin featuring an icon of business. There are many lessons this coin can teach us. If slot leader missed their slot for example, when offline , the right to produce a block is lost until they are elected again.

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Slot leaders are elected from the group of all stakeholders. Electors elect slot leaders for the next epoch during the current epoch. However, an important idea of PoS is that the more stake stakeholder has, the more chances one has to be elected as a slot leader. Note: One stakeholder can be elected as a slot leader for more than one slot during the same epoch. One of the fundamental problems of the slot leader election process is its unbiasedness.

A certain degree of randomness is needed as a base for election, in this case, results of this election are random and fair. So the question is where can this randomness be obtained from? The idea is that results are randomly generated by each elector, but eventually they agree on the same final value. First of all, an elector generates a secret or special random value. In this case, everybody can check who created this commitment and which epoch this commitment relates to. Subsequently, an elector sends its commitment to other electors, so eventually each elector collects commitments from all other electors.

Note: these commitments are put into the block, that is, they become a part of the blockchain. A commitment is like a locked box with a secret in it , and the act of opening involves a key that opens the box retrieves the secret. Note: all openings are put into the block, that is, they become a part of the blockchain.

Eventually, an elector has both commitments and openings.

What is Proof of Stake?

Theoretically some electors can be an adversary and can publish its commitment but not publish its opening. We will aggressively grow our business by accessing global markets. We will work closely with our customers to exceed their demands of product quality, response time and price competitiveness. The structure of our company will encourage creativity, innovation and the acceptance of responsibility in its employees. To ensure sustainable growth for our business, we will continuously take up the challenge offered by new ideas and technology.

We will be totally committed to achieving exceptional standards of performance and productivity. Our values, which are embedded throughout our business, set the criteria for how we expect our people to behave with colleagues, clients, vendors, and the world at large.

We seek to treat everyone fairly and consistently, creating a workplace and business environment that is open, transparent and trusted. Our policies and procedures relating to the UK Modern Slavery Act are in line with our culture and values. In line with our values and the all laws of the land, we ensure that child labour, forced labour, slavery, and human trafficking is not taking place within any of our businesses and we strive to ensure the same in all parts pf our supply chain with our business partners.

We will not tolerate such activities either within the supply chain or within any part of our business.

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