XODEX: Benefits of Using Proof of Authority as a Consensus Mechanism
2022.07.15 19:43
XODEX: Benefits of Using Proof of Authority as a Consensus Mechanism
- The PoW scrutiny paved the way for more climate-conscious alternatives, like proof-of-stake and the new proof of authority.
- Proof of authority is a consensus algorithm that delivers efficient solutions commonly used with private blockchains.
- XODEX is another platform pioneering the proof-of-authority consensus mechanism.
Many attempts have been made to create digital money, but all failed until blockchain technology was developed. The system of recording information in a way that makes it difficult or impossible to change, hack, or cheat, was the first to be successful for its ability to remove the intermediaries like banks, solving the issue of trust.
The revolutionary technology is essentially a digital ledger of transactions duplicated and distributed across the entire network of computer systems. Each block in the chain contains several transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.
One of the vital components of a blockchain is which consensus mechanism it adopts. Unfortunately, the original proof-of-work (PoW) consensus mechanism, wh …
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