Snowman

The Snowman algorithm is a consensus algorithm used in cryptocurrencies that was first introduced in 2014. It is a variation of the Proof of Stake (PoS) algorithm, and is designed to be more energy-efficient and scalable than the Proof of Work (PoW) algorithm.

In the Snowman algorithm, nodes in the network are referred to as "snowmen". These snowmen are responsible for verifying transactions and adding new blocks to the blockchain. The algorithm uses a variation of the PoS algorithm, where the probability of a snowman being chosen to create a new block is proportional to the amount of coins the snowman has staked.

To prevent centralization, the Snowman algorithm uses a mechanism called "slush mining". This means that every snowman has a chance to create a block, regardless of how many coins they have staked. The probability of a snowman being chosen to create a block is proportional to the amount of coins they have staked, but is also weighted by a "slush factor" that is based on the time since the snowman last created a block.

The Snowman algorithm also includes a feature called "transparent forging". This means that the process of creating a block is transparent, and can be monitored by any node in the network. This helps to ensure that the network is secure and that there is no malicious activity taking place.

Overall, the Snowman algorithm is designed to be more energy-efficient and scalable than the PoW algorithm, while also being more decentralized than traditional PoS algorithms. It has been used in several cryptocurrencies, including Snowgem (XSG) and Snowball (SNBL).