IBAX's Consensus Mechanism

As a data structure that stores data in chronological order, the blockchain can support different consensus mechanisms. On the blockchain, everyone will have a ledger that records all transaction data on the chain. When a new transaction is generated on the chain, the time for each person to receive this information is different, so some people who are deliberately unpredictable have it. At this time, some wrong information may be released deliberately. At this time, a person is required to verify the information received by everyone and finally announce the most correct information.

"Consensus mechanism is the soul of blockchain." The consensus mechanism is a very important component of blockchain technology. It is a code in the blockchain world, which maintains the normal operation of the blockchain world. It is also the behind-the-scenes hero that allows the blockchain to gradually be accepted and endorsed by the world. It allows the Internet and strangers too, All transactions that take place without a third party as credit endorsement become possible, and it endows the cold mechanical code with humanity and temperature.

In the current blockchain world, the consensus used by most blockchains is mainly PoA, PoC, PoS, PoW, and other consensus mechanisms.

However, from the perspective of commercial application scenarios and real-world environments, IBAX network has constructed a brand-new consensus mechanism-DPoA (Decentralization Proof of Attorney).

DPoA, authorization authority certification mechanism. A self-consensus algorithm to ensure high performance. By selecting the most authoritative node as the representative, the representative is elected through the authority evaluation chain.

The idea of the DPoA consensus mechanism is actually very simple. Whenever transaction data is generated, everyone no longer synchronizes the data with each other for the first time but sends it to the authority selected by the node. There are multiple authorities. They will verify the transaction. After the Validator verifies and signs the transaction, ordinary nodes synchronize data from the validator.

DPOA has the following advantages:

1. No high-performance hardware is required. Compared with PoW consensus, DPoA consensus does not require nodes to spend computing resources to solve complex mathematical logic;
2. The time interval for generating new blocks is predictable. For PoW and PoS consensus, this time can be budgeted;
3. High transaction rate, authorized network nodes generate blocks in sequence at specified time intervals, which improves the speed of transaction verification;
4. Tolerate attacked and malicious nodes, as long as 51% of the nodes are not attacked. The mechanism for prohibiting nodes and revoking block generation rights is realized.