The Electra Protocol blockchain uses a proof-of-stake consensus mechanism. The current version used is Proof-of-Stake Version 3 Enhanced (PoSv3e).
Proof-of-Stake Version 3 Enhanced provides incremental security improvements over PoSv2 for “short-range” block-time and iterative attacks. Like PoSv2, PoSv3e does not rely on “coin age” or “weight” for determining which users earn a block and staking reward. PoSv3e encourages users to stay connected to the network because if they don’t they cannot earn a block or reward that’s based partially on transaction depth and partially being randomly selected. For Electra Protocol, once a single transaction containing coins has matured and remained unspent for 12 hours, that transaction is eligible to be selected to earn a block and therefore a staking reward.
Once selected for a block and reward, a user’s reward is determined by a separate calculation specific to Electra Protocol. Currently the reward is set at 3% annually. Calculation method:
Staking reward = ((3% * # coins in the transaction selected) * (days unspent) / 365).
