Consensus

The E-Money network uses the Proof-of-stake (PoS) consensus mechanism. The blockchain uses validator nodes to validate transactions and secure the chain. All validators need to stake EMYC tokens and should also get voted in by the EMYC tokens. The chain can support over 10+ validator nodes.

The E-Money network uses the Tendermint consensus protocol. This protocol is a partially synchronous BFT consensus protocol derived from the DLS consensus algorithm, which is notable for its simplicity, performance and fork accountability. The protocol requires a fixed known set of validators where each validator is identified by their public key. Validators attempt to come to a consensus on one block at a time where a block is a list of transactions. Voting for consensus on a block proceeds in rounds. Each round has a round leader or proposer who proposes a block. The validators then vote in stages on whether to accept the proposed block or move on to the next round. The proposer for a round is chosen from the ordered list of validators in proportion to their voting power.