In Auxledger’s Auxnet ecosystem, we have categorized nodes into 2 types, which play a major role in the consensus process. On one hand, there are Stakers node, holding AuxChips in their active wallet participating to mine blocks. On the other hand, we have validator nodes, who are a part of the ecosystem to explore the Auxledger infrastructure / running applications on top of Auxnet. Acknowledging the ecosystem members of both groups is of the utmost importance, especially when it comes to securing an ecosystem.
With dedicated analysis for recording a high performance consensus method we implemented Tendermint protocol. Tendermint is a protocol for ordering events in a distributed network under adversarial conditions.
The consensus part of the Byzantine Fault Tolerance protocol occurs through a “gamified” form of block verification among Staker nodes. Staker nodes are identified by the amount of AuxChips they are holding. The network chooses a Staker node to propose a new block, the decision is made randomly with probability in equal proportion of AuxChips being held by the Staker. The chosen Staker node broadcasts its version of the blockchain to the network. If 66% of the other nodes agree with the information, then consensus is achieved. If this threshold is not to be met, then a different professional node is appointed to broadcast its blockchain version until consensus can be established.
In Auxnet, the hybrid consensus mechanism will take about 10 to 15 seconds to generate a block, the transaction throughout is measured in orders of thousands of TPS, which is excellent performance among the public chains. Through appropriate optimization, there is potential to reach 1 Million TPS, allowing it to support large-scale commercial applications