2. Introduction
Kivachain Brief Introduction
Globalization, digitalization, new technologies, and an increase in competition affect organizations’ strategies and daily operations. Disruptive technologies and the change in customer needs have a significant impact on corporate performance. Hence, it is essential for companies to adapt to changes and use them to foster innovation within the organization. Companies’ refusal to be innovative and creative can lower the market share and margins. Besides, stuck in the status quo of technology and customer needs affect all the stakeholders. When the competitors are more innovative, they will expand their market share and attract new customers. Therefore, companies need to be innovative in the short and long term.
Blockchain is a distributed accounting system. There can be thousands of nodes in a blockchain system, each of which independently stores the same ledger. If new transaction data is to be written into the ledger, approvals from these nodes are needed. Achieving this goal in an untrusted distributed environment is a complicated systematic quest. The blockchain system means each node in the blockchain can always keep the same ledger, provided that most nodes in the system are honest and reliable. To ensure that honest and reliable nodes can jointly supervise the transaction data written into the ledgers, each blockchain system needs to build its own consensus, which is equivalent to the constitution of the blockchain. As long as the vast majority of nodes comply with the consensus requirements, it can guarantee the results will undoubtedly be credible, even in an untrusted distributed environment. Therefore, the significance of the consensus is that the honest nodes in the blockchain can ultimately achieve the agreement of the ledgers as long as they strictly abide by this consensus.
There are several types of consensus, and the most commonly used are POW, POS, and DPoS. Different blockchain systems will have a unique way of implementation. This article will mainly introduce the DPoS consensus on which Kivachain is based. We will also explain the basic components and mechanisms of DPoS.
Blockchain, the technology underpinning cryptocurrency, has undergone rapid development and is poised to revolutionize the world economy. Its applications are stretching across different areas from finance to agriculture, especially in certain areas related to information authentication such as traceability of goods. The feasibility of this breakthrough technology has been strongly proven through a variety of advanced applications globally.
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