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.
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 single board computers such as the Raspberry Pi (for example).
Alongside the PoS mechanism, Feirm has service nodes, which are unique nodes that provide more features, performance and security on the Feirm network. The purpose of service nodes on the Feirm network is to process budget governance, facilitate data storage and much more in the future. Feirm service nodes can be operated with a fixed collateral of 30,000 XFE; the node must be online 24/7, meaning that operators have a larger incentive for their efforts.