EXPLORING TFSCs CONSENSUS MECHANISM:-
💎THE RAINDROP CONSENSUS PROTOCOL💎
"Raindrop protocol",some might ask,what does this realllly mean...
Fret not
I’ve got you covered
walk with me🚶
Before we delve into the raindrop protocol you have to first understand what a "Consensus protocol" is... let's go
In the Blockchain ecosystem,a consensus protocol is a system/rule that verifies a transaction and marks it as authentic, thereby keeping the network safe from malicious activities.
One of Blockchain’s largest promises is that it is a trustless system that uses the Community to help verify if transactions are genuine, different networks use different methods and these methods are referred to as CONSENSUS PROTOCOL.
CONSENSUS PROTOCOLs are the heart of a blockchain network,they are traditionally set before the blockchain itself is first created.
They give specific method for verifying whether a transaction is true or not.it provides a method of review and confirmation of what data should be added to a blockchain record.
Examples of common Consensus protocol include:- Proof of work (Bitcoin),Proof of stake (Ethereum),Proof of Authority etc
Let’s delve into some of the DRAWBACKS of popular Consensus protocols:-
Proof of work (POW) requires a large amount of energy to solve problems, which can lead to energy and resource waste. Miners with stronger computing power have a higher probability of success, which may lead to the concentration of computing power in several large mining pools, thereby increasing the risk of centralization.
Proof of stake(POS) requires holding a certain number of tokens, and those with more tokens also have a higher probability of success, which may lead to wealth inequality and centralization risks.
ETC
A lot of these protocols as much as they are effective,they have a drawback to some extent.
THE GROUNDBREAKING TFSC CONSENSUS MECHANISM;💎 RAINDROP CONSENSUS PROTOCOL💎
Let’s delve into the Raindrop protocol, outlining it’s advancement over other traditional protocols.
At present, the mainstream consensus mechanism cannot balance efficiency and decentralization. Compared with traditional POW, Raindrop Protocol is more efficient and will not generate competition for computing power.
The Raindrop Protocol solves the problems of energy waste, resource waste, and suspicion of centralization while ensuring safety.
TRDP operates using VRF (verifiable random numbers).Using VRF,each node in the main network is selected and verified through discrete random numbers.
VRF validates the random number selection of block packers, ensuring the fairness and transparency of the election process. The entire network nodes verify whether the verification nodes selected by the block packers are randomly selected through VRF.
Comparison of THE RAINDROP CONSENSUS PROTOCOL to other Traditional protocols.
In the POS mechanism, those who are holding more tokens are more likely to receive block rewards and transaction fees, which can cause wealth inequality and lead to network centralization. The fairness of the initial allocation of tokens is also very important, as it will affect the wealth distribution of the entire network. If there are issues with the initial allocation of tokens, it will lead to an unfair situation in the network.
In the POW mechanism, miners with higher computational power are more likely to receive block rewards, which leads to centralization of computational power. Oligopoly may affect the fairness and security of the network.
In Raindrop Protocol, the packaging nodes are randomly selected through VRF verifiable random numbers, and it is not a winner take all problem.
Here are some of the ADVANTAGES of TFSCs Application of VRF (The Raindrop protocol)
Security: Raindrop Protocol prevents issues such as dual payment and 51% attacks, and has the ability to protect the network from attacks and malicious behavior while ensuring decentralization and distribution.
Cost saving: Using VRF can avoid the additional overhead and risks that can exist in traditional random number generation methods, thereby effectively saving costs.
Verifiability: Anyone can use verifiable random numbers to verify whether a new block is legal and whether the transactions within it are valid
Unpredictability and unforgeability: Due to the unpredictability and unforgeability of the VRF generation algorithm, the generated random numbers have high security and trust.
Fairness and Transparency: Random numbers generated through VRF have fairness and transparency, and anyone can verify the correctness and authenticity of random numbers.
Thank you for sticking around.
with these,I’m certain you understand why TFSC is the revolution in blockchain technology.
Be sure to give them a follow on all their social media platform,keep up with the trend.
Twitter:- @TFSCChain.
