Technical description of the platform
Blockchain is a distributed system which does not have a unified process regulator. Decentralization prevents corruption inside the system, but complicates decision making and organisation of an overall workflow.
These problems are resolved by the consensus - an algorithm which coordinates work of the blockchain particiants by means of a certain voting method. Voting in the blockchain is always performed in support of the majority: minority interests are not taken into account, and decisions that have been made become mandatory for all network participants. Anyway, voting guarantees achievement of a consensus that will be profitable for the entire network.
The Waves Enterprise blockchain platform supports three consensus algorithms:
The Waves Enterprise Mainnet uses the Leased Proof of Stake consensus algorithm for the internal decision making. To support this, the WEST technical token has been developed, which serves as a proof of the right for mining, as well as a financial motivation for the participants.
Sidechains and private networks based on the Waves Enterprise blockchain platform can use any of three supported consensus algorithms, depending on needs of a certain project. A private network consensus algorithm is configured in the node configuration file.