Phaeton Protocol Core and Energy Efficiency
Blockchain is often considered to be in a nascent stage. Some limitations expected to be optimised in the future or because of its vast potential to evolve. However, only a few people realise that this future is already here with Blockchain platforms such as Phaeton.
Blockchain was introduced to the world through Bitcoin. The Proof of Work (PoW) consensus algorithm was implemented to make Bitcoin function. Even though PoW solved many problems such as double spending, it was realised that this consensus model requires a tremendous amount of electrical energy.
In essence, the PoW consensus works on the principle of mining wherein a computer node, connected to the Blockchain, solves a complex mathematical puzzle to validate a transaction. The complexity of this mathematical puzzle has been increasing exponentially with the growing use of Bitcoin. As a result, the mining power required has also increased, which means that better computer systems with high computational power are needed for this process. Almost 72,000 GW (or 72 Terawatts) of energy is required to mine a Bitcoin considering the average power usage provided by ASIC miners.
This realisation is why the Blockchain world has been experiencing constant innovation. Many Blockchain platforms have emerged in the market, introducing a better alternative. One such prominent platform is Phaeton.
Phaeton: The energy efficient Blockchain
Phaeton Blockchain is based upon the delegated proof of stake consensus algorithm. Unlike the proof of work algorithm that requires validation of a transaction through solving a complex mathematical puzzle, the delegated proof of stake consensus algorithm implements real-time voting to select a validator.
A node is selected from the whole Blockchain network at random (through voting by other participants), and this node is responsible for creating the next block. However, this validator is not just anyone on the Phaeton Blockchain but is selected from the nodes who own Phaeton’s native token, PHAE. Therefore, this process allows the Blockchain network to maintain unquestionable governance.
Energy efficiency is not the only reason why Phaeton is considered one of the best Blockchain platforms. Phaeton’s core abilities, such as the availability of sidechains, make it a suitable environment for modern decentralised applications.
A sidechain is a small separate Blockchain linked with the main Blockchain. The purpose of having a sidechain is to distribute the traffic off the main chain among smaller sidechains whilst providing a private environment. It leads to a network free from congestion and the resulting high transaction fee. A decentralised application can be created on a sidechain for faster transactions, and then the transactions can be pushed to the main Blockchain for more decentralisation.
The availability of sidechains allows Phaeton to combat the problems faced by other Blockchain platforms, such as scalability and security.
Furthermore, Phaeton is a sustainable Blockchain platform because it offers an interoperable network. In a world moving towards isolated Blockchain applications, interoperability makes Phaeton a strong contender for being the de facto Blockchain platform.
The Phaeton ecosystem can create three types of networks: Public, Private, and Hybrid. Using sidechains, any decentralised application can be created in a siloed network, providing a private ecosystem, and can be connected to the main network, providing a public global network. To accommodate this ecosystem, users are allowed to host individual nodes with their desired configurations. These nodes can either support the main Phaeton Blockchain or can support only a private sidechain network.
There are many energy-efficient alternatives of the proof of work regarding consensus algorithms, which begs the question, why Phaeton?
The traditional proof of stake becomes a centralised network as it allows the person with the highest stake to become the validator. Another example is the practical delegated byzantine fault tolerance which works efficiently only if there are a small number of nodes due to the high communication overhead.
Among all these is Phaeton’s delegated proof of stake, providing a truly decentralised digital ecosystem. Phaeton’s core has been built explicitly to be a future-ready solution. Interoperability, hybrid networks, no network congestion, a fair ecosystem, and a plethora of other factors make Phaeton a major Blockchain platform.