What is the consensus mechanism used by Avalanche?
The consensus mechanism used by Avalanche is a novel consensus protocol called Avalanche.
This protocol is based on a distributed ledger technology that allows for secure, fast, and low-cost transactions. It is designed to be highly scalable and secure, and it uses a combination of Proof-of-Stake (PoS) and Byzantine Fault Tolerance (BFT) to achieve consensus. In the Avalanche protocol, each node in the network is assigned a stake in the network.
This stake is used to determine the node’s voting power in the network. The more stake a node has, the more influence it has over the network’s decisions. When a transaction is proposed, all nodes in the network vote on whether or not to accept it.
If more than two-thirds of the nodes vote yes, then the transaction is accepted and added to the blockchain. The Avalanche protocol also uses an innovative consensus algorithm called Subnet Consensus Protocol (SCP). This algorithm allows for faster transaction times by allowing multiple subnets of nodes to reach consensus simultaneously.
This means that transactions can be confirmed much faster than with traditional PoS or BFT protocols. Overall, Avalanche’s consensus mechanism provides a secure and efficient way for transactions to be confirmed quickly and securely on its blockchain platform.
