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Decentralized cryptocurrency revolution: looking closely near the protocol (close)
The cryptocurrency world has undergone significant growth in recent years, and it seems that new projects and platforms are providing users around the world. One of these projects stands out for an innovative approach to unanimous mechanisms – near the protocol (close). In this article, we deal with almost the characteristics and benefits of protocol, emphasizing the mechanism of unique consensus aimed at disrupting the traditional blockchain.
What is cryptocurrency?
Cryptocurrencies are digital or virtual currencies that use cryptography for safety and are decentralized, which means that a single government or financial institution does not control them. The best known cryptocurrency is Bitcoin (BTC), but there are many more on the market, such as Ethereum (ETH) and Litecoin (LTC).
What is cryptocurrency unanimous?
The consensus mechanism refers to a system that provides all network assembly that is the same in a single version of the data, which is essential for the integrity and safety of the blockchain. In conventional cryptocurrencies such as bitcoin, the mechanisms of consensus are based on evidence of evidence of work or evidence of evidence algorithms that require significant computational power.
Challenges with traditional consensus mechanisms
Traditional consensus mechanisms have many restrictions:
1
Energy Consumption : Proof of work (POW) algorithms generally used in cryptocurrency requires significant energy consumption.
- Power Centralization
: POW algorithms are sensitive to centralization, where a small group of nodes controls most network energy and resources.
3
Dimension Problems : Traditional consensus mechanisms can be slowly scaled and can lead to increased transaction costs.
near the protocol (closure)
Responding to these challenges, there was an innovative unanimous mechanism near the protocol, which was called a new architecture, called Byzantine Tolerance (BFT). The purpose of this approach is to provide a more energy efficient and customizable solution to decentralized applications.
Mechanism of consensus
The POS consensus mechanism used in almost protocol is as follows:
1
Participation of the node : The network consists of nodes involved in the consensus process.
2.
3
Close : New blocks are formed by network validators controlled nodes.
- Valid : The validation process ensures that each node is the same in a data competition.
Byzantine guilt tolerance (bft)
The BFT mechanism used in almost protocol is based on Byzantine damage tolerance (BFT), which allows the mechanisms of effective and resistant consensus, even in the presence of malignant actors. This approach ensures that the network remains safe and functional, even if some nodes are endangered.
Benefits of proximity protocol
Benefits of a tight protocol:
1
Energy Efficiency : POS consensus mechanism is more energy efficient than conventional algorithms such as POW.
- Scalability : Approach the Protocol Byzantine Damage tolerance (BFT) allows the network to more efficiently and process many transactions.
3
Safety : Using BFT, the network is safe even in the presence of malicious actors.
Conclusion
In summary, it is an important result in blockchain technology near the protocol. The innovative mechanism of consensus, based on the evidence of the Byzantine guilt -tolerance (BFT) ratio (POS), offers many benefits over traditional algorithms.
