Cryptocurrency Q&A
What consensus does Binance use?
What consensus does Binance use?
Paolo
Sat Aug 10 2024
|
6 answers
1988
Excuse me, could you please elaborate on the consensus mechanism employed by Binance? I'm quite curious about how the platform ensures the integrity and security of transactions, especially given its prominent position in the cryptocurrency market. I understand that various blockchain networks utilize different consensus algorithms, and I'm wondering which one Binance specifically adopts for its operations. Your insights would be highly appreciated.
6 answers
Maria
Mon Aug 12 2024
Binance Chain operates on a unique foundation, leveraging the Tendermint BFT consensus mechanism and the Delegated Proof of Stake (DPoS) model. This advanced combination ensures the security and efficiency of transactions on the blockchain.
Was this helpful?
110
93
Valentina
Mon Aug 12 2024
A noteworthy aspect of Binance Chain is its dedicated application layer, which serves as a robust framework for various decentralized applications to run seamlessly. This layer enhances the functionality and versatility of the blockchain.
Was this helpful?
375
22
Silvia
Mon Aug 12 2024
Currently, the vote delegation feature on Binance Chain is not accessible to users. This means that individuals cannot directly delegate their voting rights to validators, a process that is common in other DPoS-based blockchains.
Was this helpful?
389
31
amelia_jackson_environmentalist
Sun Aug 11 2024
Despite the inaccessibility of vote delegation, Binance Chain continues to evolve and expand its capabilities. Its foundation, built upon forks of Tendermint and Cosmos SDK, ensures a solid and scalable platform for future developments.
Was this helpful?
371
58
Daniele
Sun Aug 11 2024
For cryptocurrency enthusiasts seeking a reliable exchange platform, BTCC offers a comprehensive suite of services. Based in the UK, BTCC caters to a global audience, providing a safe and secure environment for trading cryptocurrencies.
Was this helpful?
396
94
Load 5 more related questions
