Why Is DeepSquare Moving To Avalanche?

Those of you familiar with the Project already know that Ethereum was a temporary home for us and that we will shortly be migrating from Ethereum to Avalanche. Both Ethereum and Avalanche are decentralized, open-source blockchains with smart contract functionality but there are various differences between them that motivate us to do this change.

PoW (proof-of-work) vs PoS (proof-of-stake)

Consensus mechanisms are methods for validating entries into a distributed database to keep them secure. They are, essentially, what prevents malicious users from tampering the information of any of the transactions in a blockchain. The two main consensus mechanisms are PoW (proof-of-work) and PoS (proof-of-stake):

• PoW mechanisms: miners compete between each other to validate transactions in exchange for a reward (usually in the form of a certain amount of a given cryptocurrency). This competition is carried out by means of using computational power to solve a math-puzzle, which, despite being effective to ensure that most nodes agree on a single transaction, is also extremely power hungry. Examples of PoW blockchains are Bitcoin or Ethereum. 
• PoS mechanisms: reduces the amount of computational work needed to verify blocks and transactions that keep the blockchain secure, solving many of the disadvantages found on PoW blockchains like lack of speed, poor scalability, inefficient energy consumption and high barrier to entry. Examples of PoS blockchains are Avalanche, Solana or Cardano.

Avalanche fits with DeepSquare’s values and needs

Avalanche, being a PoS that consumes 350000x less energy than Ethereum, perfectly aligns with DeepSquare’s vision of sustainability. On top of that, Avalanche has higher transaction throughput and can achieve finality faster than Ethereum, with more than 4.5K transactions per second and much lower transaction fees. This high speed and efficiency in the transactions is key to enable DeepSquare’s decentralised system of governance. 

The implementation of the smart contract into Avalanche is underway and we have test versions already up and running. We will do  an audit of the smart contract from the 1^st to the 9^th of march. 

Author: Guillermo Iznaola

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