Obelisk Consensus Algorithm
What Is the Obelisk Consensus Algorithm?
Obelisk is a blockchain consensus algorithm utilized by the Skycoin ecosystem, intended to wipe out the deficiencies of proof-of-work (PoW) and proof-of-stake (PoS) algorithms. As indicated by its makers, Obelisk likewise decreases the requirement for mining, fundamentally further develops transaction speed, and conveys enhanced security.
Grasping the Obelisk Consensus Algorithm
Blockchains operate globally as self-controlled, decentralized platforms with next to no single authority. Thusly, a real-time, solid, and secure network mechanism is required to guarantee the validness of the transactions happening on the network and arrive at a consensus about the ledger's status. This task is performed by the consensus algorithm.
While the PoW and PoS systems are the two most regularly utilized consensus algorithms, the two of them have a few disadvantages. For instance, PoW is very energy-concentrated, and PoS can advance cryptocurrency hoarding as opposed to spending.
Obelisk's Consensus Process
Obelisk endeavors to evade the issues of PoW and PoS by distributing influence over the network, as per a concept called a "web-of-trust." This concept utilizes different network nodes and goes with consensus choices relying on the influence score every node makes.
In Obelisk, all nodes have a rundown of nodes that they are subscribed to. This makes node density. The nodes with the most density have more influence on the network.
In terms of jobs and activities performed, there are two types of nodes that participate in Obelisk: block-creating nodes and consensus nodes. Nodes can take either job since they are tradable. Block-producing nodes collect new transactions, verify them, package the checked transactions in another block, and broadcast the block to the network.
Consensus nodes collect the blocks created by block-producing nodes and put them in a separate holder (apart from the blockchain). It then distinguishes the block made by the biggest number of block-generators. This block is called the nearby champ and fits the bill to be added to the blockchain. Every consensus node keeps up with vital statistics on neighborhood victors (as reported by different nodes).
At the point when neighborhood champs have been reported by the majority of the consensus nodes, it qualifies as a global victor and stays a part of the blockchain. Nonetheless, in the event that nodes choose in any case, one of the accompanying activities happens in light of the accessible data and nearby logs:
- The nodes re-synchronize with the network
- The nodes drop from participating in consensus or block-production
- The nodes keep their blockchains and request an emergency stop
How Is Obelisk Used?
Obelisk is utilized by the Skycoin ecosystem. Skycoin is planned and advertised as an alternative to centralized internet control. The intent behind the project is for consumers to control the internet by purchasing or building Skyminer machines to run Skywire — the Internet Service Provider (ISP) alternative — from their homes.
The Skywire network based upon the Skycoin ecosystem makes a lattice of internet network, which eliminates the requirement for an ISP. Skywire users are compensated in Skycoin and Coin Hours for giving bandwidth to different users.
- Obelisk endeavors to address the issues with consensus mechanisms by distributing influence over a network, as indicated by a concept called a "web-of-trust."
- The Obelisk consensus involves separate nodes for consensus and block creation.
- Obelisk is the proprietary blockchain consensus algorithm of the Skycoin ecosystem.
What Is a Consensus Node?
In the Skycoin network utilizing Obelisk consensus, a consensus node collects blocks from block-producing nodes and figures out which block was made by the biggest number of block-generators. That block is added to the blockchain.
What Is PoA Consensus?
Proof-of-Authority consensus is a blockchain consensus mechanism where new blocks must be made for the blockchain by nodes that have proven through authentication that they reserve the option to make another block.
How Does Blockchain Reach Consensus?
A wide range of consensus algorithms are intended to carry a distributed ledger to a consensus. Most are developed to have numerous transaction validators agree about the state of the blockchain and the transactions occurring.