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INTRODUCTION
The general mode of operation on every blockchain technology is based on the decentralized ledger technology. This approach involves a general consensus mechanism. Notably, the blockchain consists of nodes that represents the network’s contributing parties. The need for a consensus algorithm is to beat the regulatory polices of the traditional financial institutions. This policies include the anti-money laundering and the know your client policies. Therefore, to establish network reliability and transactions transparency, a consensus mechanism was set up.
Bitcoin utilizes the proof of work consensus mechanism. More so, this has gradually become the most popular blockchain agreement protocol. It helps any network it is incorporated to grow members, exponentially. A newer consensus protocol is the proof-of-stake mechanism. This entails when the creator of the next block is chosen via various combinations of random selection and wealth or age (i.e., the stake). The proof of stake has been discovered to aid network sustainability. Newer cryptocurrencies like DASH and Tevos utilize the POS mechanism.
THE AZBI NETWORK CONSENSUS MECHANISM
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The AZBI network is a hybrid of the PoW and PoS mechanism. It aims at growing participation and maintaining long term sustainability. The sole purpose of the consensus mechanism will be to facilitate transactions verification. This will ease the process of accessing the multiple external chain that the AZBI network targets. Notably, transactions within the AZBI network will be verified and executed in serial number without any concern for the consensus agreed upon by either of the consensus mechanisms.
The AZBI realizes the popularity of the PoW based blockchain and is ready to harness it. However, as seen in bitcoin, confirming transactions through mining and the PoW protocol can take a lot of time. Therefore, the system aims at coupling the speed of the PoS protocol with the popularity of the PoW protocol. Notably, The best result is that the entirety of the network is able to exploit on node’s worth of power, thus creating a situation that cannot be improved easily since the structure cannot be expanded.
The Proof of stake mechanism on the AZBI network is used for each chain within the network to increases the efficiency in creating blocks and completing transactions. Through this, the time lost to mining and cryptographic algorithm solving is eliminated. Through the implementation of some programming languages like jave, NodeJs and others, blockchain developed smart contracts using a number of approaches. This smart contracts models the functionality of the blockchain by a set of self-run encoded rules.
Furthermore, the AZBI network supports the use of the Ethereum virtual machine. The coupled with the earlier states consensus mechanism form the basis of the smart contracts operations. The EVM completes business logic, taking control of instructions and being able to stop any type of malicious code logic.
CONCLUSION
Understanding the importance of consensus mechanism in every blockchain system is important. The AZBI network is a hybrid product of the popular proof of work and proof of stake consensus. It also utilizes the Ethereum virtual machine to take control of encoded rules in the smart contract. Also, since AZBI will be dealing with a number of third party developers, it is important to establish a system that is resistant to malicious attacks. The combination of these three protocols will serve that purpose. The AZBI smart contracts operations will change the way smart contracts are managed in the crypto industry.
USEFUL LINKS
website: https://azbi.io/
Whitepaper: https://azbi.io/stake/azbi_wp_2020.pdf
Medium: https://medium.com/@azbi
Linkedin: https://www.linkedin.com/company/42436236
Twitter: https://twitter.com/azbi_io
Telegram Official: https://t.me/azbi_io
Telegram Bounty: https://t.me/azbi_bounty
AUTHOR’S DETAILS
Bitcointalk Username: Nancyo
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2759950;sa=summary