Release Date: 2023-10-24 10:36:41
Writer: Sardis Network
Blockchain technology has been a game-changer in the world of finance, offering an array of benefits such as enhanced security, transparency, and decentralization. However, for blockchain to be viable in daily use, it must offer speed, security, and low costs altogether. Even if a blockchain can process 100,000 transactions per second, any delay in finalization renders the network slow and impractical for everyday use.
Until recently, trusted blockchain networks, such as Avalanche and Solano, required between one minute to a few hours to finalize transactions. This is still slow for daily use. Visa’s transfer takes 8–15 seconds after inserting the plastic card into the point-of-sale machine, which is end-user friendly, but takes 3–5 business days to settle.
Sardis Platform is taking the blockchain world by storm with its decentralized, fast, efficient, and low-cost on-chain experience. The brand new public chain offers high throughput, low latency, security, and stability to users. One of the feautures that sets Sardis apart from other blockchain networks is its multichain architecture, which enables millions of transactions per second.
The Sardis blockchain network has implemented a consensus mechanism that reduces the chances of miners gaining a monopoly on hash power. The Sardis consensus mechanism employs a Hybrid Proof-of-Stake (HPoS) architecture that combines the benefits of both pure Proof-of-Work (PoW) and Proof-of-Stake (PoS) systems.
In the HPoS architecture, major validators validate newly mined blocks and vote on changes in the network’s consensus rules. This means that no single validator can control the network, as all validators have an equal say in decision-making. Additionally, because block generation is still controlled by the computing power used in pure PoW systems, the Sardis blockchain is less vulnerable to long-range attacks than PoS blockchains.
A major advantage of Sardis is the number of nodes supporting its mainnets. Currently, Sardis is running two mainnets with a total of 108 nodes. Each mainnet has 21 major nodes and 33 backup nodes, providing an added layer of security and preventing any one node from gaining too much power. To ensure the authenticity of all nodes, Sardis has implemented strict Know Your Customer (KYC) rules, which require nodes to undergo a comprehensive verification process. Only after they have passed the verification process are nodes whitelisted and allowed to participate in the network.
The major validators in Sardis are randomly selected to validate newly mined blocks, which are then recorded on the ledger. This consensus mechanism enhances the security of the network since it reduces the likelihood of miners gaining a monopoly on hash power. Furthermore, the major validators selected are also responsible for performing a “checkpoint” to enhance the security of the Sardis Chain.
The Sardis consensus mechanism enhances decentralization in the network, leading to increased security and trust among users. It also ensures that mining rewards are distributed fairly among validators, reducing the chances of a monopoly on mining rewards.
But perhaps the most impressive feature of Sardis is its lightning-fast transfer times. While traditional financial systems can take days to settle transactions, Sardis can finalize transfers in just three seconds. This speed, coupled with Sardis’s efficiency and low costs, makes it an attractive option for daily use.
The use of blockchain in everyday financial systems requires speed, security, and low cost. While many blockchains can process a high volume of transactions per second, the time it takes for finalization is crucial. Sardis Platform offers a decentralized, efficient, and low-cost on-chain experience with high throughput, low latency, stability, and security. Its multichain architecture allows for millions of transactions per second. With its strict KYC rules and major validators randomly selected to validate mined blocks, it reduces the likelihood of miner monopolies on hash power and long-range attacks. Taking all of these into account, Sardis has the potential to become a key player in the blockchain-based financial systems of the future.