One of the features of blockchain technology is the existence of consensus algorithms that have various applications. For example, one of the applications of this mechanism is the confirmation and validation of transactions. In fact, the consensus algorithm is a process that digital currencies such as Bitcoin and Ethereum use to confirm the authenticity of transactions and maintain the security of the blockchain. Therefore, the consensus algorithm controls how to validate and record transactions in the network in all nodes. Different blockchains use different consensus such as Proof of work, proof of shares, proof of authority, proof of presence, proof of elapsed time, etc. The Phantom network also uses the asynchronous version of the Byzantine fault tolerance algorithm known as Lachesis. Phantom blockchain to help Lachesis Consensus Algorithm It has become a fast, scalable and secure network. In this article, we introduce the phantom consensus algorithm and examine its advantages and disadvantages.
What is Lachsis?
Usually, different blockchains with a name problem The blockchain trilemma They struggle with speed (scalability), decentralization and security, which are difficult to achieve at the same time. In other words, to realize each of these features, other capabilities must be sacrificed.
The Phantom Blockchain solves this challenge by using the Byzantine Fault Tolerant Asynchronous Consensus (aBFT) algorithm, which allows transactions to be processed asynchronously, increasing speed and throughput. In this mechanism, no specific order is followed for the execution and confirmation of transactions, and the criterion of this process is the number of transactions in a certain period of time.
Through Lachesis, this blockchain has achieved a fair process that any user can join and leave at any time. In this mechanism, all nodes are equal and the node with more currency cannot take the lead. This feature of Phantom has turned it into a decentralized and secure blockchain that can process more than 300,000 transactions per second. According to the information provided in Fantom official siteThis network is able to process transactions within one to two seconds.
By comparing the confirmation of transactions in the Bitcoin and Ethereum blockchains with the Phantom network, we can understand the difference in this process. In the Bitcoin and Ethereum network, the transactions entered into the network are queued and their approval process is based on the time of the transaction execution request. This factor increases the time of transaction confirmation and execution. If in phantom, the transactions are divided equally among the nodes without chronological order and the confirmation process takes place.
Launchsys is the main core of the Phantom blockchain, which runs the main network of this blockchain called Opera. Opera allows users to create smart contracts that work with Ethereum EVM and Cosmas SDK set up and use are compatible.
How does Lachsis work?
Each node in Lachesis stores a Directed Acyclic Directed Graph (DAG) consisting of blocks that contain transactions. DAG which records the pre-occurrence relationship between events, is used to calculate the exact final order of events (and transactions) independently at each node.
Event Blocks are divided into confirmed and unconfirmed event blocks. New event blocks are not confirmed as soon as they are created in the network, while two to three previous blocks are confirmed and executed.
This arrangement of registering and confirming blocks does not have a time criterion, but is only applicable to maintain the order of blocks physically. In other words, the new block does not need to wait for registration and confirmation, but the phantom network distributes the new blocks among the nodes and speeds up the transaction confirmation process.
In fact, Lachsis’ operation is very simple, which can be described as follows:
- At first, the process of synchronizing nodes starts.
- Then, a special algorithm dedicated to choosing a random node to start the block generation process is executed.
- After selecting the nodes, the connection between them is established.
- The selected set of nodes synchronizes with the DAG, creates and verifies the block.
- Then the created blocks are divided between the selected nodes.
- During the execution of the previous step, the created blocks must go through the public consensus process.
- After these steps, this process is repeated to create a new block.
Advantages and characteristics of Lachsis
The use of blockchains with different consensus algorithms has various advantages and disadvantages. These advantages and disadvantages will have a direct impact on the performance of networks. By benefiting from the capabilities of the asynchronous Byzantine error consensus algorithm, Phantom has been able to become a dynamic and efficient blockchain. Next, we will introduce the benefits of Lachsis.
- Asynchronous: In this network, nodes can process the applied processes whenever they want.
- Without a leader: In the phantom blockchain, justice is established and no node is superior to another node.
- High scalability: Users do not need to wait for block confirmation and finally transactions. Transactions are confirmed in 1-2 seconds.
- Byzantine fault tolerance: This network is able to continue its work even with the presence of one third of the faulty nodes that have a destructive behavior.
- Support for smart contracts: The Phantom network is fully compatible with the Ethereum network and supports the smart contracts of this blockchain.
Lachsis, Phantom blockchain and the future of this network
Phantom and creating special innovations in this network is the result of the genius of an individual named Andre Cronje (Andre Cronje) is the founder of projects like Yearn Finance and Keep3r. Karunje, who is an expert in blockchain and especially DeFi, is known as the main advisor and director of Phantom Foundation. Using Lachsis consensus algorithm, this network has been able to solve the blockchain’s triple problem and become a safe platform for launching crypto projects. Compatibility with Ethereum virtual engine and Cosmas SDK has led to the growth of this blockchain ecosystem. In addition, the implementation of smart contracts and the ability to transfer Ethereum smart contracts on this network are also interesting features of Phantom.
Considering the capabilities and capabilities of the Lachesis algorithm, a bright future can be imagined for the phantom network. Currently, the Phantom ecosystem is growing and this network can become one of the serious competitors of powerful blockchains like Ethereum.
What is the writing of Lachesis? Getting to know the consensus algorithm of the phantom network (Lachesis) for the first time on the Wallex blog. appeared.
