Provide an Example of a Cryptocurrency That Utilizes a BFT-variant Consensus.
One prominent example is Ripple (XRP Ledger), which uses the Ripple Protocol Consensus Algorithm (RPCA), a form of BFT. Another is Cosmos, which utilizes the Tendermint BFT consensus engine.
These systems are chosen for their high transaction throughput and fast finality, making them suitable for cross-border payments and other high-speed financial applications. Ethereum 2.0's Beacon Chain also incorporates a BFT-like mechanism called Casper FFG for finality.
Glossar
Casper FFG
Framework ⎊ Casper FFG, or the Friendly Finality Gadget, represents a foundational component in Ethereum's transition to a Proof of Stake consensus mechanism.
Tendermint BFT
Consensus ⎊ Tendermint BFT functions as a Byzantine Fault Tolerant consensus engine, critical for distributed systems requiring high assurance of state replication, particularly within permissioned and public blockchain architectures.
Ripple Protocol Consensus Algorithm
Algorithm ⎊ The Ripple Protocol Consensus Algorithm (RPCA) is a distinct, iterative consensus mechanism utilized by the XRP Ledger, designed to achieve agreement among a set of designated, non-mining validator nodes.
Unique Node List
List ⎊ A specific set of approved entities or addresses permitted to participate in validating transactions or proposing governance changes on a permissioned or semi-permissioned blockchain infrastructure.
High Transaction Throughput
Capacity ⎊ High transaction throughput, within cryptocurrency, options, and derivatives markets, fundamentally represents the rate at which a system can process and settle transactions successfully.
Beacon Chain
Transition ⎊ The Beacon Chain represents the foundational consensus layer for the Ethereum network's shift from Proof-of-Work to Proof-of-Stake, initiating the mechanism for staking and validator management.