iov42’s consensus algorithm builds upon 2 key concepts: ‘DRME’ and ‘DAAL’. This is possible as the number of nodes and the nodes themselves have to be well known per zone, and iov42’s model separates the concerns of using a blockchain from that of operating a node.
DRME means that you have a random election for the leader of a transaction in the system. In a setting of at least three nodes, each node creates a randomly generated string. The nodes then share strings among each other, and each node uses an algorithm that combines the received strings (as well as its own) into one string to get a combined random result. This combined random result can then be used on each node to determine the leader for a particular transaction.
DAAL performs a distributed asset allocation to allow parallel transactions on the same account, provided there are sufficient funds. DAAL is in principle a Practical Byzantine Fault Tolerance (PBFT) over a 2-phase commit, two well-proven algorithms cleverly combined. DAAL consensus is reached amongst the nodes for each transaction. The consensus votes are collated into a proof. A user receives back the consensus votes by means of a multi-signature.
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