IBAX Network with one of the best team in blockchain has huge future prospects. Here is an article about consensus mechanism on IBAX.
Consensus is the cornerstone of mutual trust in a collaborative society. We follow the traffic rules, stop at the red light, and move at the green light, which is essentially a consensus ensuring our personal safety. In the economy, the U.S. dollar is the major settlement currency in international trade. This is another consensus ensuring commodity trading and economic development.
Does consensus exist naturally, or is it created? When there was no traffic consensus established, traffic accidents were common as we could not read the mind of others and could only guess or predict by actions or eye contact. In the past, people would trade freely with gold and silver but not with US dollars (we will not dive into the evolution of currencies, but this is a reference to consensus we are discussing). We are willing to use US dollars instead of gold and silver for many reasons, but consensus is the most important one that cannot be neglected. Our consensus is mutual recognition of the dollar’s value.
You can see that consensus does not exist naturally. It is developed in the process of mutual recognition. In the blockchain world, mainstream consensus mechanisms include Proof of Authority (PoA), Proof of Contribution (PoC), Proof of Stake (PoS), and Proof of Work (PoW). There are many others, too. If you analyze it deeply, each consensus mechanism suits a specific scenario and specific rules. There is no universal consensus applicable to all environments, just as the traffic consensus is not interoperable with the economic consensus.
Considering commercial application scenarios and real-world environments, IBAX Network has built a new consensus mechanism, DPoA (Decentralized Proof of Authority). On the IBAX platform, you can design your own consensus mechanism or integrate any group of consensus mechanisms in one to meet your requirements for any ecosystem (ecoLib). For example, you may use any of the mainstream consensus mechanisms, such as PoA, PoS, PoC, and PoW, or integrate them as one. IBAX is, and perhaps should be (we say it modestly), the world’s first platform that supports coexistence of multiple consensus economies in a blockchain network environment. For the first time, various types of consensus economies are equal and coexist at the basic level of the system!
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