Binance cryptocurrency exchange will soon introduce the Delegated Byzantine Fault Tolerance (dBFT) to their new Binance Chain product project. The announcement was made at the Decrypting Blockchain for Business seminar by Changpeng Zhao (exchange’s CEO). Binance Chain is expected to offer highly-scalable distributed ledger for issuing digital tokens and building products.
Delegated Byzantine Fault Tolerance
The dBFT framework is an updated version of the proof-of-stake mechanism used by EOS currencies. Previous programs require wallets for internet connection which makes them vulnerable to hacking. The networks become more challenging in the presence of several parties hence the need for dBFT-enhanced systems.
The frameworks will operate under the Byzantine General Problem game theory fallacy which applies concerted strategies to prevent catastrophic system failure even among unreliable elements. Ideally, the network would remain fully operational as long as two-thirds of the users remain faithful. Binance has yet to reveal why they chose dBFT framework.
Binance to Improve Payments
If their invention succeeds, they will face diverse challenges especially in tolerating hackers, phishers, fraudster, and other malicious attempts to affect the network.
Zhao claimed that his company is making immense efforts to increase payment options and transform digital asset decentralization. At this point, it is uncertain how the development will influence Binance or NEO’s success.
- Analysis & Opinion6 days ago
Is it Time to Start Using Satoshi as a Price Marker?
- China1 week ago
China’s New Blockchain Service Regulations – 6 Key Areas to Understand
- World News4 days ago
Belarus Allows to Buy Stocks Using Bitcoin
- World News5 days ago
Russian Claim to Buy Bitcoin is Hot Air
- Regulations3 days ago
Thai Stock Exchange (SET) Plans to Apply Cryptocurrencies
- Mithril6 days ago
How the “Incentive Token” Could Change the Face of Crypto
- China4 days ago
Chinese Blockchain and Cryptocurrency Media Gets a Boost from International Funding
- Bitmain6 days ago
Bitmain Scales Down Operations in Netherlands