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Proof-of-Authority

For a better block validation performance, BR2EX's blockchain (CLO Blockchain) works with the Proof of Authority (PoA) concept.

The Proof of Authority (PoA) consists in a family of consensus algorithms for blockchains enabled with optimized performance. The PoA was originally proposed as part of the Ethereum ecosystem for private networks.

The algorithm originally has a set of 10 (ten) trusted nodes called authorities. Each authority is identified by a unique ID. At the moment, ten (10) nodes have the authority to create and validate new blocks. Out of those 10 (ten), 6 (six) are owned by the issuer, and 4 (four) of them are chosen randomly.

Once a block is created, it is replicated to all authorized nodes. They validate the transactions contained in the block. If the block is valid, the authorized nodes accept it.

The blockchain operations transparency is very important. To this regard, the nodes that aren’t allowed to create blocks can check the blockchain data. We have a set of non-mining nodes that can only synchronize with the blockchain. This means that they can only download, analyse and verify data, but not create new blocks.

The protocol includes an API, which connects to a node and allows users to send commands. For example, a user can request balance information, send transactions, create new smart contracts, among other activities.

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