Consensus Mechanism

Lachesis Protocol and Event Blocks

Blocktify uses a consensus algorithm that is modeled around the Lachesis Protocol. The Lachesis Protocol makes use of the distinct topological ordering of the OPERA Chain in conjunction with Byzantine Fault Tolerance (BFT) consensus. This method produces quick consensus times.

The creation of event blocks, each containing fresh transactions or other data, is how this method operates. These blocks are added to the OPERA Chain after being validated as a component of the network consensus. All event blocks are linked together to create a long chain of blocks, and each block processes its corresponding transaction chain concurrently. Because of its distinct structure, it can process large numbers of transactions quickly and efficiently.

Reward and Incentive Structures

The compensation system for network users is one important way that Blocktify and BSC differ from one another. Delegators to nodes in BSC are directly rewarded for their delegation. On Blocktify, however, the reward is independent of the consensus process. The quota system, which offers gas cash-backs for the staked BTF tokens, serves as an indirect means of rewarding users instead.

The possibility of lowering the minimum quantity of BTF tokens needed to become a Validator is a major advantage of this strategy. We expect more people to participate in the network's operations as a result of reducing this requirement, which will promote a more decentralized organization. One of the fundamental tenets of blockchain technology, decentralization, is in line with this democratization of validation.

In addition to receiving block rewards, Blocktify network validators are also paid gas costs on transactions that are handled by non-stakers. With their continued vital role in network security, Validators will be incentivized to continue supporting Blocktify's stability and resilience.

Enhanced Security Measures

Elliptic Curve Encryption Technology (ECC) is used by the Lachesis Consensus protocol, which is essential to this method, to sign and validate messages sent across the network. By using this technology, security protocols are strengthened and the integrity of all network transactions is guaranteed.

Byzantine Fault Tolerance

The Byzantine Fault Tolerance (BFT) consensus mechanism, which powers Lachesis, is an algorithm that is well-suited to ward against adversarial attacks. Because of its architecture, BFT can keep a network running even in the event that any of its nodes act maliciously or stop responding. In the context of Blocktify, the system keeps working properly and reaching consensus as long as there are less than one-third of flawed or malicious validators.

Resistance to Sybil and Double Spend Attacks

The Blocktify network's implementation of the Lachesis protocol improves the scalability, security, and speed of blockchain transactions. On the other hand, a blockchain network's resilience to possible assaults is just as crucial to its operation. Blocktify offers a built-in technique to address these issues by utilizing the intrinsic qualities of the Lachesis protocol.

The Sybil assault is one kind of attack that the Lachesis protocol effectively thwarts. A malevolent actor tries to take over the network in a Sybil attack by generating a lot of pseudonymous identities in order to have a disproportionate amount of power. By assigning a 'weight' to every node according to the quantity of BTF tokens pledged, the Lachesis protocol reduces this danger. This staking system makes sure that in order for an attacker to succeed in launching an attack, they would need to possess a sizable part of all BTF tokens, which would be extremely costly and unfeasible.

The Lachesis protocol's ability to withstand Double Spending assaults is another of its advantages. A malevolent actor tries to spend the same amount of bitcoin more than once in this kind of assault. Due to the asynchronous nature of the Lachesis protocol, there is a brief window of opportunity for a double-spending attempt before transactions are processed and verified. Moreover, the protocol's Byzantine fault tolerance ensures that such assaults are effectively thwarted as long as the majority of the network's nodes remain uncompromised.