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BR2EX’S PROTOCOL OPERATION

1. CLO Blockchain

1.1. The CLO Blockchain was developed based on the following restrictions:

  • To be based on blockchain technology, aiming to provide transparency and allow instantaneous international payments without intermediaries;
  • Its operational system allows BRX LTD to have full access, at any time, to a set of “validating nodes”. No other entity has the authority to change this set of nodes;
  • No entity is entitled to remove from BRX LTD the authority to define the set of validating nodes;
  • The set of validating nodes can be changed at any time;
  • The blockchain must support smart contracts;
  • BR2EX must be this blockchains currency;
  • High scalability.

Given the previous key points, restrictions 2 and 3 already rule out the use of any protocol that uses Proof of Stake (PoS) algorithms, Proof of Work (PoW) or any other hybrid model, due to the fact that, in these models, validating nodes are those that have the greatest participation or processing power.

Thus, there are only two concepts of algorithms left: the classic versions of BFT (Byzantine Fault Tolerance) and the Proof of Authority algorithm (PoA). As a result, unlike “non-enabled” blockchains such as bitcoin, only specific nodes are allowed to participate in the consensus mechanism.

Due to restriction 4, the use of the BFT (Byzantine Fault Tolerance) protocol had to be discarded, even though changing the set of validating nodes is possible, it is not a standard option. For if the BFT protocol was used, when the need to reconfigure the validating nodes arises the performance could be drastically harmed.

Given the restrictions, only the Proof of Authority protocol meets all of them. Taking into account restriction 5, which determines the use of Smart Contracts, the best option was then to make use of an Ethereum fork with Proof of Authority.

1.2. Block explorer

As a block explorer, the Blackscout project was chosen and a fork was made. The reason for this choice was the project's maturity and familiarity with the needs of the CLO BLockchain project. The explorer indicates:
https://explorer.cloinvestimentos.com/

If the transactions hash is inserted into the search bar, you will be able to obtain information regarding the transaction, including the sender, recipient, transaction value, fee spent, the block in which the transaction was included, and so on.

1.3. Genesis Block

The Genesis block can be found on this website:
https://explorer.cloinvestimentos.com/blocks/0/transactions

1.4. Coinbase Transaction

The first transaction registered in CLO Blockchain with BR2EX’s initial balance can be found on this website:
https://explorer.cloinvestimentos.com/address/0xc43e260fdba6b1e903e9c0277003a9944db8fc96/transactions

1.5. Wallet

For the wallets was used the MyCrypto open source project. This project was chosen due to the fact that is based on the latest wallet-related technology, therefore making it easier to maintain the project in the long run.

The existing wallets, as well as their respective addresses and balances can be found on the following website:
https://explorer.cloinvestimentos.com/accounts

1.6. Transactions Estimated Speed

The transactions confirmation speed is 5 seconds per block, and can be found on:
https://explorer.cloinvestimentos.com/

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