The Ontology consensus network consists of all consensus nodes responsible for consensus on transaction requests within Ontology, block generation, maintaining the blockchain, and distributing consensus blocks to synchronous node networks. Ontology nodes can apply for participation by placing a stake, then, by using a verifiable random number, a number of nodes are selected and take the responsibility to propose, verify, and vote for new blocks. In other words, nodes are selected, block verification nodes get set, and after confirmation nodes are set, consesus is completed by a node set.
VBFT follows parameters specifically defined by Ontology's governance model, and fully supports randomness and fairness of consensus for network construction. The mechanism supports public chains that are aiming to increase in scale and improve performance.
Ontology Launches VBFT, a Next-Generation Consensus Mechanism, Becoming one of the First VRF-Based...
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- Smart contract (blockchain)A smart contract (self-executing contract, blockchain contract) is an agreement between parties that is enforced by a program encoded onto a blockchain which executes code exactly as originally written.
- Ontology (cryptocurrency)Project providing multiple high-performance, flexible blockchain frameworks and a distributed trust collaboration platform
- Verifiable random functionVerifiable random functions are used in cryptography and are pseudo-random functions that provide publicly verifiable proofs using secrete keys, public keys, and function values.
- Proof-of-stakeProof-of-stake (PoS) is a system by which a network (e.g., a cryptocurrency blockchain) aims to achieve distributed consensus.
- Byzantine fault toleranceByzantine fault tolerance is a property of a distributed system such that it can tolerate components of a system failing in arbitrary ways, processing incorrect states, rather than simply stopping or crashing.