What is the most important aspect of any Blockchain project?
The way it reaches consensus.
The way transactions are verified.
Solving the double spend problem can be done in many different ways, some better than others...
🧵[THREAD]
The way it reaches consensus.
The way transactions are verified.
Solving the double spend problem can be done in many different ways, some better than others...
🧵[THREAD]
Proof-of-Work (PoW)
PoW is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle - AKA mining.
PoW is a decentralized consensus mechanism that requires members of a network to expend effort solving an arbitrary mathematical puzzle - AKA mining.
Proof-of-Stake (PoS)
The PoS concept states that a person can mine or validate block transactions according to how many coins they hold. This means that the more coins owned by a miner, the more mining power they have.
The PoS concept states that a person can mine or validate block transactions according to how many coins they hold. This means that the more coins owned by a miner, the more mining power they have.
Federated Byzantine Agreement (FBA)
A Byzantine Agreement is reached when a certain minimum number of nodes (known as a quorum) agrees that the solution presented is correct, thereby validating a block and allowing its inclusion on the blockchain.
A Byzantine Agreement is reached when a certain minimum number of nodes (known as a quorum) agrees that the solution presented is correct, thereby validating a block and allowing its inclusion on the blockchain.
PoW is inefficient with the #BTC blockchain alone consuming more energy than some small countries.
With miners searching for the locations where energy is cheapest, they often come from the same geographic location (China).
The addition of pooling makes 51% attacks a real risk.
With miners searching for the locations where energy is cheapest, they often come from the same geographic location (China).
The addition of pooling makes 51% attacks a real risk.
PoS has the problem of being unable to scale.
The security of the network relies on the value of the native token.
If assets held on the network exceed the market cap of the native token, an opportunity presents itself for malicious actors to attempt a 51% attack.
The security of the network relies on the value of the native token.
If assets held on the network exceed the market cap of the native token, an opportunity presents itself for malicious actors to attempt a 51% attack.
FBA is extremely fast, very cheap and also scalable.
The #FlareNetwork uses consensus protocol called Avalanche, which has been adapted to work with Federated Byzantine Agreement (FBA).
This is what puts the Flare Network far ahead of its competitors, we are extremely early...
The #FlareNetwork uses consensus protocol called Avalanche, which has been adapted to work with Federated Byzantine Agreement (FBA).
This is what puts the Flare Network far ahead of its competitors, we are extremely early...
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