Blocktify Protocol

Directed Acyclic Graph Architecture

Blocktify is a novel blockchain protocol that has been designed as a L2 of BSC with enhancements. With the added benefit of a quota system, it uses the same underlying Directed Acyclic Graph (DAG) architecture.

Every transaction in a DAG-based architecture is linked to every other transaction, creating a non-linear network of interlinked transactions, and is handled asynchronously. High scalability and quicker transaction speeds are made possible by this structural architecture, which permits parallel processing of transactions rather than sequential processing.

Lachesis Protocol and ECC

Blocktify s consensus method is based on the Lachesis protocol, which facilitates smart contracts and allows for fast transactions while maintaining scalability and security. To ensure authenticity and secure transactions, the Lachesis protocol employs Elliptic Curve Cryptography (ECC).

Quota System

Unlike BSC, Blocktify offers a Quota System—a special system that enables fee-free transactions for participants. The consensus process is not directly impacted by this Quota System, which sits on top of the core consensus mechanism as a distinct layer. Staking Blocktify Token (BTF ) on Blocktify allows users to reserve transaction quota, which allows them to execute transactions up to their quota limit without having to pay gas costs. Additionally, a novel cash-back mechanism is put into place, wherein the cash-back to stakeholders is financed by an inflation on the native token (BTF ).

This architectural design option has two main advantages. First of all, it makes microtransactions feasible and encourages increased network utilization by enabling users who can stake BTF to execute transactions without worrying about gas expenses. Second, it increases the staked supply, which inadvertently promotes network security by giving users an additional reason to keep and stake BTF.