A New-Generation Blockchain To Counter Cross-Chain and Scalability Issues
Most blockchain projects today struggle with issues like scalability, interoperability, security, and sustainability. It results in slow and costly transactions. Ethereum, for example, is waiting for ETH2.0 to solve this problem because the new update will use a new consensus mechanism to validate the transactions instantly. Bitcoin uses the Lightning network to enable off-chain transactions. Phaeton, on the other hand, takes a unique approach to counter scalability and interoperability concerns. What if you could create the order in your blockchain? Let us find out more about Phaeton!
What is Phaeton?
All the Phaeton’s side chains are customizable to suit the requirements of dApps built on Phaeton’s network. Besides, developers can use the platform’s resources, such as software development kits, coding libraries, and Phaeton’s native token, PHAE.
How Phaeton Works?
Developers create decentralized applications in sidechains that are connected to the parent chain of Phaeton. These side chains are entirely customizable to fit the purpose. Developers can also launch a dApp with its token, which they can trade on a crypto exchange.
Each sidechain requires master nodes to generate new blocks. The master nodes are Phaeton nodes that help create blocks within a chain connected to its network. Only the creator of the dApp can approve parties wishing to become a master node.
Three parties play an essential role in Phaeton’s working model:
1) Full Nodes: A full node on the Phaeton network downloads the complete copy of the blockchain. It is responsible for validating transactions and blocks.
2) Delegates: Delegates run a full node on the Phaeton network and are responsible for validating transactions and creating blocks.
3) Light Nodes: Light nodes connect with full nodes to update themselves on the current state of the Phaeton blockchain. Typically, light nodes are integrated into crypto wallets to keep up with the state of the blockchain.
WHY USE PHAETON BLOCKCHAIN?
· Delegated Proof-Of-Stake: Phaeton uses a delegated proof-of-stake consensus mechanism to secure its blockchain and keep its network in sync. This consensus system leverages a real-time voting system that helps determine which node running the software can create the next block. It means everyone who holds PHAE can help run the Phaeton network. Besides, the network becomes scalable as the time to create a new block reduces significantly in DPoS.