The Feirm blockchain is vital for fueling the Feirm ecosystem. It provides a strong foundation where functionality is built upon with the use of Kayda service nodes and the native $XFE cryptocurrency itself.
Proof of Stake
The Feirm blockchain utilises Proof of Stake as a way to reach consensus. Proof of Stake is where rewards are given to participants depending on their stake throughout the network, and as an effort for processing transactions in a block. Compared to PoW, some say that PoS is a more effective way to reach consensus throughout the network. Advantages include more cost effective transactions, better energy efficiency and a more secure network as 51% attacks are more costly to execute.
The network becomes more secure as it grows because nodes need to be online and holding $XFE in order to participate in the minting process. Following this, the network reaches further decentralisation as no expensive hardware is required to operate a node. The Feirm blockchain can run on anything from a high-end server, all the way down to a Single Board Computer (SBC) such as the Raspberry Pi.
Alongside the PoS mechanism, Feirm has service nodes, which are unique nodes that provide more features, performance and security on the Feirm network. At this moment in time service nodes only handle budget governance, but in the future they will facilitate data storage and other services to be developed by the Feirm project.
Anyone can operate a service node as long as they meet the minimum staking requirement of 30,000 $XFE.
As a way of rewarding service node operators for providing their services and keeping the network secure, they receive rewards paid out in the $XFE cryptocurrency.