A blockchain network is a technical infrastructure that provides ledger and smart contract services to applications.
Blockchain is a combination of many components such as: Nodes, Validators / Miner, Consensus, Protocols, Algorithms and many more.
A consensus mechanism is a fault-tolerant mechanism used in a blockchain to reach an agreement on a single state of the network among distributed nodes.
Every Blockchain network has its consensus algorithm to validate the blocks. Below are few of the more notable Consensus used by different networks.
- Proof of Work (used by Ethereum, Bitcoin)
- Proof of Stake (used by Binance Smart chain)
- Proof of Authority (used by PoA)
- Delegated Proof of Stake (used by TRON)
Based on the consensus used by the respective networks, the gas fee (transaction fee) is calculated from the computation power used to mine a block in the network.
Bitcoin & Ethereum uses Proof of Work (PoW), it is a form of cryptographic zero-knowledge proof in which one party (the prover) proves to others (the verifiers) that a certain amount of a specific computational effort has been expended and it cost huge computation power to mine the blocks.
Each blockchain network has its standards for the improvements of the network, example EIP in Ethereum network.
Ethereum Improvement Proposals (EIPs) describe standards for the Ethereum platform, including core protocol specifications, client APIs, and contract standards.
FINXFLO runs on the Ethereum blockchain network. As such, deposits are only allowed on ERC20.
ERC20 is an official protocol for proposing improvements to the Ethereum (ETH) network. ERC stands for Ethereum Request for Comment, and 20 is the proposal identifier. This is a common standard for creating tokens on the Ethereum blockchain.
BEP20 & TRC20 is similar to ERC20 but implemented on Binance Smart Chain & TRON networks simultaneously.
The FXF Token is a multi-chain token, existing simultaneously on Binance Smart Chain, Ethereum and TRON networks. FINXFLO is the first to build bridges between all 3 networks, and this full interoperability enables trading previously not possible cryptocurrency pairs.
The ‘lock and unlock’ solution that we adopted, as opposed to ‘burn and mint’ token function, maintains the control of our token supply without the associated issues of burning and minting new tokens, all while allowing our users fast and inexpensive transactions.