You may have heard of Ontology. This is a public blockchain project that aims to build a distributed trust system that can connect various blockchains and business applications.
Ontology has a unique feature that differentiates it from other blockchains, namely the Ontorand Consensus Engine (OCE). This is a consensus mechanism that uses VBFT (Verifiable Byzantine Fault Tolerance) technology.
What is VBFT and what are its advantages? VBFT is an abbreviation for Verifiable Byzantine Fault Tolerance, which is a combination of three main concepts, namely proof of stake, verifiable random function, and byzantine fault tolerance. Let's discuss them one by one.
Proof of stake is a method for selecting nodes that have the right to create new blocks on the blockchain. With proof of stake, nodes that hold more tokens have a greater chance of becoming the consensus leader.
Proof of stake can increase efficiency and fairness in the consensus process, as well as reduce the energy consumption required to run the blockchain.
A verifiable random function is a mathematical function that generates a random value that can be verified by anyone who has the public key of the node that generated it.
With a verifiable random function, nodes can generate random values that cannot be predicted or manipulated by others, which can be used to randomly select a consensus leader node.
Byzantine fault tolerance is a property of distributed systems that can reach agreement between nodes that do not trust each other. Even if some of the nodes fail or betray.
With byzantine fault tolerance, blockchain can guarantee that transactions validated by a majority of honest nodes will remain unchanged, even if any node tries to change them.
By combining these three concepts, VBFT can create a consensus mechanism that can balance scalability, security, and speed. VBFT can process thousands of transactions per second, without compromising security or fairness.
VBFT can also adapt to varying network conditions and user demands, and supports a flexible and democratic governance model.
Ontorand Consensus Engine (OCE) is an implementation of VBFT on the Ontology blockchain. OCE enables Ontology to become a blockchain that can connect various other blockchains, as well as provide distributed trust services for various business applications.
OCE also enables Ontology to support various types of digital assets, such as tokens, NFTs, or cryptos, as well as various types of smart contracts, such as NEO, Ethereum, or WASM.
What are the Benefits of Ontorand Consensus Engine (Ontology) for Users and Developers?
There are several benefits of Ontology for developers and users.Ontorand Consensus Engine (OCE) is useful for:
Accessibility
Users can access and use the Ontology blockchain easily, without having to download the entire blockchain or install special software. Users can also interact with various other blockchains through Ontology, without having to worry about compatibility or interoperability issues.
Security
Users can store and transfer their digital assets securely, without having to worry about hacker attacks, malware, or identity theft. OCE uses end-to-end encryption, random verification, and fault tolerance to protect user transactions and data from external and internal threats.
Speed
Users can enjoy fast and smooth transactions, without having to wait long confirmation times or pay high fees. OCE can process thousands of transactions per second, with an average confirmation time of less than one second, and very low or even free transaction fees.
Flexibility
Developers can create and deploy blockchain applications that suit their needs and preferences, without being limited by technical or regulatory limitations. OCE supports various types of digital assets, smart contracts and governance models, which can be adapted to various business and social scenarios.
Conclusion
Ontorand Consensus Engine (Ontology) is a consensus mechanism that uses VBFT (Verifiable Byzantine Fault Tolerance) technology, which is a combination of proof of stake, verifiable random function, and byzantine fault tolerance.
OCE can create blockchains that can connect various other blockchains, as well as provide distributed trust services for various business applications. OCE can also offer exceptional scalability, security and speed, as well as great flexibility and creativity.
By using OCE, users and developers can enjoy various benefits, such as accessibility, security, speed, and flexibility. OCE is one of the unique features that differentiates Ontology from other blockchains, and makes it one of the most exciting and innovative public blockchain projects today.
Read also:
What Is Ordinal Bitcoin NFT: Everything You Need to Know
What are Nodes and How They Work in Blockchain
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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