Lachesis Definition
Lachesis is an innovative consensus protocol implemented as part of the Fantom blockchain’s protocol. This algorithm improves the speed and scalability of the Fantom network, while ensuring security. It reduces the time and complexity traditionally associated with blockchain transactions, providing a reliable platform for decentralized applications. Lachesis achieves this by moving away from traditional blockchain structure and embracing a Directed Acyclic Graph (DAG) approach.
Lachesis Key Points
- It is a consensus protocol used by the Fantom network.
- Lachesis greatly accelerates the speed and capacity of transactions.
- It provides high security to all transactions too.
- Unlike traditional blockchains, Lachesis uses a Directed Acyclic Graph (DAG) structure.
- The purpose of Lachesis is to provide a reliable platform for decentralized applications.
What is Lachesis?
Lachesis is a consensus protocol, which is essentially the process by which nodes in a blockchain network agree on the state of a distributed ledger. Developed by the Fantom Foundation, Lachesis significantly increases transaction speed and volume capacity. It is a vital part of the Fantom network, being primarily responsible for its efficiency and scalability.
Who uses Lachesis?
Lachesis is utilised by the Fantom network, which includes parties that use Fantom’s platform to build decentralized applications (dApps). With its high transaction speed and volume capabilities, Lachesis appeals to businesses and developers particularly those operating in industries which require fast, secure, and large volumes of data processing.
When is Lachesis used?
Lachesis comes into play whenever transactions are processed on the Fantom network. It works constantly behind the scenes to maintain Fantom’s performance capabilities. It is used as the primary consensus mechanism, approving transactions and inserting them into the Fantom ledger.
Where is Lachesis implemented?
Lachesis is most notably implemented on the Fantom network. However, its applications aren’t necessarily limited to Fantom. Theoretically, any blockchain system seeking to improve their transaction speed and scalability could implement a Lachesis-like protocol.
Why is Lachesis necessary?
Blockchain technology often faces problems with scalability and transaction speeds. Lachesis protocol addresses these issues, providing the means for faster, simultaneous processing of transactions. Without it, the Fantom network would be unable to process high volumes of transactions in a quick and secure manner.
How does Lachesis work?
Unlike traditional blockchains, Lachesis uses a Directed Acyclic Graph (DAG) structure. Each block or event comprises sets of transactions and includes two hashes pointing to its parent and a reference to ancestors within the graph. This structure allows for optimal efficiency, processing transactions quickly and simultaneously. This system moves away from the sequential processing of transactions, which is a common limitation in many other blockchains.
