What type of consensus algorithm does Klatyn use ?

Klaytn uses a consensus algorithm called “Proof of Authority” (PoA).

PoA is a type of consensus algorithm that is based on the concept of identity-based consensus. In PoA, a set of validators are selected to create and validate blocks. These validators are chosen based on their reputation and trustworthiness, and they are responsible for verifying transactions and creating new blocks.

The validators are incentivized to maintain the network by receiving rewards for their work. The main advantage of PoA is that it is more efficient than other consensus algorithms such as Proof-of-Work (PoW) or Proof-of-Stake (PoS). This is because PoA does not require miners to solve complex mathematical puzzles in order to create new blocks, which can be time consuming and expensive.

Additionally, PoA does not require users to stake their coins in order to participate in the network, which makes it more accessible for users who may not have large amounts of cryptocurrency. In addition to being more efficient than other consensus algorithms, PoA also provides better security since it requires validators to be trustworthy individuals or organizations with good reputations. This means that malicious actors will have a harder time attacking the network since they would need to gain control over multiple validator nodes in order to successfully launch an attack.

Overall, Klaytn’s use of the PoA consensus algorithm makes it an attractive platform for developers who want a secure and efficient blockchain platform for their projects.