What is consensus on the Casper Network?
Consensus on the Casper Network is achieved through a hybrid consensus mechanism that combines Proof-of-Stake (PoS) and Byzantine Fault Tolerance (BFT).
The PoS component of the consensus mechanism is based on a “slashing” system, which penalizes validators who attempt to cheat or double-spend. The BFT component of the consensus mechanism ensures that all validators agree on the same set of transactions. The Casper Network also utilizes a “random beacon” to select validators for each block.
This random beacon is an algorithm that randomly selects validators from a pool of potential validators. This ensures that no single entity can control the network and that all validators have an equal chance of being selected for each block. The Casper Network also utilizes a “sharding” system, which allows it to scale more efficiently than traditional blockchain networks.
Sharding divides the network into multiple shards, each with its own set of validators and transactions. This allows for faster transaction processing times and improved scalability. Overall, the Casper Network utilizes a hybrid consensus mechanism to ensure secure and reliable transactions while allowing for scalability and efficiency.
