Litheum’s novel consensus mechanism, Proof of Performance.
Litheum is a decentralized blockchain platform designed to provide lower transaction fees, faster transaction speeds, and increased interoperability for decentralized applications (DApps).
Litheum addresses the limitations of existing blockchain platforms by offering improved scalability, lower fees, and decentralization, making it an ideal choice for the growing DApp ecosystem.
Users can participate in the project by investing in the LTH token, available through the upcoming Initial DEX Offering (IDO) that Litheum is scheduled to conduct in 2024. Additionally, participants can engage in farming activities using these tokens within the Litheum blockchain ecosystem.
To achieve this aspect of True Decentralization, Litheum Labs is exploring routes through which to establish a fully on-chain governance mechanism for Litheum. This would mean the full automation of all aspects of the Litheum decision-making process, from a proposal being conceived by the community to the deployment of the proposal.
Litheum Labs is working to develop solutions for the challenges associated with a fully on-chain decision-making process. For example, it is crucial that code proposals are reviewed for security flaws by trusted third parties before implementation. To address this challenge, we are developing mechanisms for allowing trusted auditors to receive compensation through a fully on-chain process while remaining responsible for any mistakes they make.
As we transition to a fully on-chain governance, we will also establish a non-profit foundation to execute the decisions of the community. The Foundation’s constitution will prioritize the goal of moving the governance of Litheum entirely to on-chain and truly decentralized mechanisms.
The amount of Runner rewards is not fixed and varies based on several factors, including the number of participants and the level of activity (transactions) on the chain.
Clayton Rabenda is the founder/CEO of Litheum. Former Senior Engineer at Google, previous head of Engineering for a Tier 1 blockchain. He's focused on the state of the blockchain industry, the nature of decentralization, the origins of the scalability trilemma, and the game theory of consensus design. He is interested in educating the blockchain community and raising the conversation to the next level. He believes that decentralization can change the world but that the industry has been facing an existential dilemma since 2017 and that we need to raise the standards of the industry, both technological and philosophical, to achieve our goals.
The Litheum vision for Web3 is: 1) the openness, sovereignty, robustness, redundancy, and uncensorability that are the core features of Decentralization and 2) the impact and global scale of the traditional web, i.e., the Internet.
However, the Blockchain Trilemma, a concept created by Vitalik Buterin, claims that scalability cannot be achieved without sacrificing decentralization. This concept is widely accepted and steers the majority of scaling solutions towards some form of sharding (whether it is explicitly called sharding or not).
However, the Litheum team believes the scalability problem can be solved in a more fundamental way. The Blockchain Trilemma is only applicable to chains which have only incentivized (and thereby decentralized) a subset of their functionality. These chains rely on volunteers to provide those un-incentivized functions of the network, which is why they can’t scale safely.
The Litheum consensus, which we call Proof of Performance, is Fully Decentralized. This means that the Litheum consensus pays for all the things a blockchain needs to do
