What is the Byzantium Fault Tolerance consensus algorithm, and how does it contribute to the security of the Venom blockchain?
Venom Blockchain uses a special way to agree on transactions and secure the blockchain. It combines two algorithms: proof-of-stake (PoS) and Byzantine fault tolerance (BFT).
In the PoS algorithm, certain validators are chosen to take part in confirming transactions and creating new blocks. These validators are selected based on the amount of cryptocurrency they already hold. They have the responsibility to agree on the valid transactions and add them to the blockchain.
To make sure that these selected validators all agree on the state of the blockchain, the BFT algorithm is used. It ensures that they come to a consensus and have the same view of the blockchain. This way, the blockchain remains consistent and secure.
This combination of PoS and BFT algorithms makes Venom Blockchain very efficient. It allows for fast confirmation of transactions, meaning that they are processed quickly. Additionally, once a transaction is confirmed, it becomes irreversible and cannot be undone.
Overall, Venom Blockchain’s hybrid consensus protocol provides a reliable and fast way to agree on transactions and secure the blockchain.