Tendermint Definition
Tendermint is a blockchain consensus engine and a software developer’s toolkit that uses Byzantine Fault Tolerance (BFT) and proof-of-stake (PoS) algorithm to secure distributed networks. It allows developers to create blockchain applications in any programming language and provides speed, security, and scalability for processing larger volumes of transactions.
Tendermint Key Points
- Tendermint can handle up to thousands of transactions per second, compared to Bitcoin’s seven transactions per second.
- It utilizes a Byzantine Fault Tolerance consensus model to ensure continuous security and operation even if part of the system fails or is compromised.
- The platform utilizes a Proof-of-Stake mechanism for validation of transactions, which makes it energy-efficient as compared to proof-of-work systems.
- Tendermint provides developers with the flexibility to build blockchain applications in any programming language.
What is Tendermint?
Tendermint is an open-source blockchain protocol that includes a consensus engine and an application interface. It is designed to make it easier for developers to build decentralized applications by addressing key challenges posed by traditional blockchain systems such as speed, scalability, and security.
Why was Tendermint Created?
Tendermint was created to democratize the blockchain technology, giving developers a simpler way to create their own blockchain applications. The conventional blockchain platforms were facing scalability issues, hence there was a need for a robust system that could handle a higher volume of transactions. This is why Tendermint was developed.
How does Tendermint work?
At its core, Tendermint runs the Byzantine Fault Tolerance (BFT) consensus algorithm and provides an Application Blockchain Interface (ABCI). The BFT helps the network to agree on the transaction order while ABCI enables the transaction execution. In short, consensus is established first before execution happens.
Where is Tendermint used?
Tendermint is used in a multitude of applications across different industries. Prominent uses are seen in financial services, supply chain, and digital identity management sectors. It’s also the core technology behind Cosmos, a network of interoperable blockchains.
Who uses Tendermint?
Tendermint is used by developers, corporations, and individuals who wish to create and run their own blockchain systems. For example, the Binance Chain, a blockchain developed by Binance cryptocurrency exchange, is based on the Tendermint protocol.
When to use Tendermint?
Tendermint should be used when developers want to create a new blockchain application that requires high transaction throughput, enhanced security, and scalability. Its Proof-of-Stake mechanism also makes it a more environmentally friendly choice compared to traditional Proof-of-Work systems.
