In my last article, I explained how Nightshade works and why NEAR is one of the most advanced Layer-1 blockchain networks 👇🏼
Here is the final nail in the coffin to prove why #NEAR is the Future of Blockchains 🤙🏽
Yesterday, I went to a Pizzeria and after placing the order, I made the payment through a debit card.
As soon as I make the payment, its owner smiled at me and signaled that the transaction is finalized. He is now sure that he’ll receive the money in his account. Had I made the payment in cash, this transaction would have been finalized in a moment 💰
The finalization of the transaction signals irreversibility. It shows that once a transaction goes through, it can not be reversed and the money received won’t be lost.
In Blockchains, finalizing transactions at lightning speed becomes crucial to ensure the Safety and Scalability of the network. The lesser the Finality Time, the more transactions can be recorded and finalized in a moment.
Apart from that, **Block Time **is another important factor.
Block Time refers to the time taken to produce a block after validating from participants known as Block Producers. If there are 2B+1 block producers in the network, even if B+1 blocks are online and honest, the network will keep functioning properly.
NEAR Protocol Uses Doomslug's novel consensus mechanism to produce blocks along with Nightshade Finality Gadget for finalizing blocks.
Doomslug ensures that the blocks produced are secure and irreversible as long as there are no slashed block producers (bad actors 👀)
Suppose there are two blocks proposed at the same height, A and B. If 66.66% of stakers vote on A and 66.66% vote on B, then 33.33% of them are malicious. Slashing their stake ensures such bad actors stay away from the block production process.
Blocks produced by Doomslug are irreversible unless at least one participant is slashed. Thus, Slashing makes sure that Block Production reaches absolute finality in the shortest time possible.
To foolproof the consensus mechanism, Nightshade Finality Gadget is tasked with verifying the block production process. Most BFT consensus mechanisms require over 2/3 of honest and online validators in the network. With Doomslug + NFG, NEAR can produce blocks with just over 50% good validators.
Doomslug makes sure the blocks produced are secure and irreversible by slashing bad actors
**Nightshade Finality Gadget **ensures absolute finality is reached in the least time possible
The technology and team behind NEAR are very awesome and that’s where my belief lies. In case of any queries or suggestions, my DMs on Twitter are open ✉️
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