Ontorand Consensus Engine (Ontology) Definition
The Ontorand Consensus Engine (OCE) is the sterling consensus mechanism used by Ontology blockchain. It makes use of Verifiable Random Function (VRF), Byzantine Fault Tolerance (BFT) protocols, and VBFT, a combined consensus algorithm. The OCE enables the Ontology network to achieve high TPS, scale, and maximum security, all the while ensuring fast finality and system robustness.
Ontorand Consensus Engine (Ontology) Key Points
- OCE is the primary consensus mechanism of Ontology blockchain network.
- This system integrates three consensus protocols: Verifiable Random Function, Byzantine Fault Tolerance, and VBFT.
- It ensures high TPS (transactions per second), scalability, fast finality, and maximum security for the network.
- The Ontorand Consensus Engine is pivotal to Ontology’s functionality and reliability in digital identity and data exchange operations.
What is Ontorand Consensus Engine (Ontology)?
The Ontorand Consensus Engine is an advanced consensus mechanism employed by the Ontology blockchain network. Ontology was developed by a Chinese company called Onchain and it’s a high-performance public blockchain that includes a series of complete distributed ledgers and smart contract systems.
This platform particularly focuses on digital identity, data exchange, and other trust cooperation scenarios. As such, it demands a reliable and robust consensus mechanism – That’s where the Ontorand Consensus Engine comes into play.
Why was Ontorand Consensus Engine (Ontology) Created?
The Ontorand Consensus Engine was created to meet the specific needs of the Ontology network. Ontology aims to provide a platform that can handle vast transaction traffic securely with scalability and reduced-latency. To these ends, it necessitated a consensus mechanism that is fundamentally different from the typical Proof of Work (PoW) or Proof of Stake (PoS) system.
How Does Ontorand Consensus Engine (Ontology) Work?
The working of Ontorand Consensus Engine is marginally complex as it involves the integration of three consensus methods. First, the Verifiable Random Function provides a random selection of consensus nodes. This ensures that every node in the network gets a fair chance of participating in the block validation process and enhances security by decreasing risks of attacks.
Further, it incorporates Byzantine Fault Tolerance, a system that allows a blockchain network to continue operating even if some nodes fail or act maliciously. Lastly, the VBFT, a combined consensus algorithm is used, ensuring high performance and security, and enabling the network to accomplish fast finality.
Who Uses Ontorand Consensus Engine (Ontology)?
The Ontorand Consensus Engine is utilized by the Ontology blockchain. It’s this consensus mechanism that allows the Ontology platform to achieve its goals of providing fast, secure, and reliable digital identity and data exchange functions. As such, its usage is integral to developers, businesses, and users interacting with the Ontology network.
When and Where is Ontorand Consensus Engine (Ontology) Used?
The Ontorand Consensus Engine is used throughout every operation on the Ontology blockchain. From identity verification to the transfer of digital assets, data exchange to the deployment of complex smart contracts, the secure, high-performance VBFT consensus plays a key role.
