Publish Date: November 5, 2019
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The Empower Network platform uses a custom Proof-of-Stake protocol, Empower Network Proof-of-Stake (PPoS), as its consensus mechanism. Proof-of-Stake (PoS) is a type of algorithm by which a cryptocurrency blockchain network aims to achieve distributed consensus. Cold staking is enabled by smart-contract functionality and lets users securely delegate staking powers to “staking nodes” which contain no coin. The purpose of these “staking nodes” is to provide a dedicated resource connected to the Empower Network blockchain and stake on behalf of another wallet without being able to spend its coins. Current Proof-of-Stake implementations have vulnerability not present in Proof-of-Work whereby they reveal the public key of staking addresses when they find and sign blocks. The most dangerous attack by quantum computers is against public key cryptography. Empower is an open source cryptocurrency focused on fast private transactions build constructed off a state-of-the-art hybrid consist of: Proof-of-Stake (PoS). The Empower blockchain is constructed off the Bitcoin Core 0.18 algorithm. The Proof-of-Stake hashing is made possible through the ShA256d algorithm. Both algorithms, when utilized in conjunction with each other, allow for increased security and stability throughout the Empower network.