What type of consensus algorithm does Elron use ?
Elrond uses a novel consensus algorithm called Secure Proof of Stake (SPoS).
This consensus algorithm is based on the concept of stake-based voting and random selection. It combines elements from both Proof of Stake (PoS) and Byzantine Fault Tolerance (BFT) consensus algorithms. In SPoS, each validator is required to stake a certain amount of Elrond tokens in order to participate in the consensus process.
The more tokens a validator stakes, the higher their chances of being selected as a leader for the next block. The selection process is random, but weighted by the amount of tokens staked. Once selected, the leader will validate all transactions in the block and broadcast it to all other validators.
All other validators will then verify that the block is valid and agree on its contents before it can be added to the blockchain. If any validator disagrees with the contents of the block, they can challenge it by broadcasting their own version of it. If enough validators agree with this version, then it will be added to the blockchain instead.
The SPoS consensus algorithm provides Elrond with high throughput and scalability while also ensuring that all transactions are secure and immutable. It also ensures that all participants have an equal chance at being selected as a leader for each new block, regardless of their stake size or network power.
